Question

In: Accounting

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $650,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $36,000.

Accounts

Amounts
Accounts payable $68,000
Accounts receivable 267,000
Cash 183,000
Fees earned 897,600
Land 544,000
Miscellaneous expense 6,200
Rent expense 35,000
Supplies 5,200
Supplies expense 4,200
Utilities expense 27,000
Wages expense 508,000
Required:
1. Prepare an income statement for the year ended December 31, 2019.*
2. Prepare a statement of owner’s equity for the year ended December 31, 2019.*
3. Prepare a balance sheet as of December 31, 2019.*
4. What item appears on both the statement of owner’s equity and the balance sheet?
* Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

Solutions

Expert Solution

4) Owners capital December 31 $931,200 is appeared both on statement of owners equity and Balance sheet.

ekkarill92 answered 1 year ago
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