Question

In: Accounting

Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30,...

Financial Statements

The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $57,430 at May 1, 2018, the beginning of the year, and the owner withdrew $30,400 during the year.

Accounts payable $19,370
Accounts receivable 103,680
Cash 209,270
Fees earned 755,600
Miscellaneous expense 6,030
Rent expense 100,500
Supplies 9,010
Supplies expense 16,080
Taxes expense 10,000
Utilities expense 60,300
Wages expense 287,130

Required:

1. Prepare an income statement for the year ended April 30, 2019.

Wilderness Travel Service
Income Statement
For the Year Ended April 30, 2019
Fees Earned $
Expenses:
Wages Expense $
Rent Expense
Utilities Expense
Supplies
Taxes Expense
Miscellaneous Expense
Total expenses
$

2. Prepare a statement of owner's equity for the year ended April 30, 2019.

Wilderness Travel Service
Statement of Owner's Equity
For the Year Ended April 30, 2019
$
$
$

3. Prepare a balance sheet as of April 30, 2019. When entering assets, enter them in order of liquidity.

Wilderness Travel Service
Balance Sheet
April 30, 2019
Assets
Cash $
Accounts receivable
Supplies
Total assets $
Liabilities
Accounts payable $
Owner's Equity
Harper Borg, capital
Total liabilities and owner's equity $

4. What item appears on both the statement of owner's equity and the balance sheet?

Solutions

Expert Solution

Answer:

1)

WILDERNESS TRAVEL SERVICE

INCOME STATEMENT

FOR THE YEAR ENDED APRIL 30 2019
Fees earned 755600
expenses:
Rent expense 100500
supplies expense 16080
taxes expense 10000
utilities expense 60300
wages expense 287130
Miscellaneous expense 6030
Total expense (480040)
Net income 275560

2)

WILDERNESS TRAVEL SERVICE

statement of owners equity

FOR THE YEAR ENDED APRIL 30 2019
capital at may 1 2018 57430
Net income 275560
Withdrawls (30400)
245160
capital at April 30 2019 302590

3)

WILDERNESS TRAVEL SERVICE

BALANCE SHEET

APRIL 30 2019
Assets
cash 209270
Accounts receivable 103680
supplies 9010
Total asset 321960
Liabilities
Accounts payable 19370
owners equity
Harper borg,capital 302590
total liabilities and owners equity 321960

4)Owners capital that is Harper's borg capital at april 30 2019

ekkarill92 answered 2 years ago
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