The amounts of the assets and liabilities of Excalibur Travel Agency at December Y the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $ on January Y the beginning of the year. During the year, James withdrew $
Accounts
Amounts
Accounts payable $
Accounts receivable
Cash
Fees earned
Land
Miscellaneous expense
Rent expense
Supplies
Supplies expense
Utilities expense
Wages expense
Required:
Prepare an income statement for the year ended December Y
Prepare a statement of owners equity for the year ended December Y
Prepare a balance sheet as of December Y
What item appears on both the statement of owners equity and the balance sheet?
Be sure to complete the statement heading. 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.
