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

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:

Prepare an income statement for the year ended December 31, 2019.*

Prepare a statement of owner’s equity for the year ended December 31, 2019.*

Prepare a balance sheet as of December 31, 2019.*

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 5 months ago

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