The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5,...
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Accounting
The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $710,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $44,500.
Accounts
Amounts
Accounts payable
$ 73,500
Accounts receivable
302,000
Cash
201,900
Fees earned
967,000
Land
576,500
Miscellaneous expense
6,800
Rent expense
38,100
Supplies
5,800
Supplies expense
4,300
Utilities expense
30,200
Wages expense
540,400
Required:
1.
Prepare an income statement for the year ended December 31, 20Y5.*
2.
Prepare a statement of owners equity for the year ended December 31, 20Y5.*
3.
Prepare a balance sheet as of December 31, 20Y5.*
4.
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.
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