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:

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

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

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 1 year ago

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