Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $61,100 at May 1, 20Y4, the beginning of the year, and the owner withdrew $29,900 during the year. Accounts payable $20,800 Accounts receivable 111,370 Cash 224,810 Fees earned 804,000 Miscellaneous expense 6,420 Rent expense 106,930 Supplies 9,680 Supplies expense 17,110 Taxes expense 10,000 Utilities expense 64,160 Wages expense 305,520 Required: 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel Service Income Statement For the Year Ended April 30, 20Y5 $fill in the blank a6af3709ffa1036_2 Expenses: $fill in the blank a6af3709ffa1036_4 fill in the blank a6af3709ffa1036_6 fill in the blank a6af3709ffa1036_8 fill in the blank a6af3709ffa1036_10 fill in the blank a6af3709ffa1036_12 fill in the blank a6af3709ffa1036_14 Total expenses fill in the blank a6af3709ffa1036_15 $fill in the blank a6af3709ffa1036_17 2. Prepare a statement of owner's equity for the year ended April 30, 20Y5. Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 20Y5 $fill in the blank 96bf93fbb019fb2_2 $fill in the blank 96bf93fbb019fb2_4 fill in the blank 96bf93fbb019fb2_6 fill in the blank 96bf93fbb019fb2_8 $fill in the blank 96bf93fbb019fb2_10 3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity. Wilderness Travel Service Balance Sheet April 30, 20Y5 Assets $fill in the blank 350617f53031f8f_2 fill in the blank 350617f53031f8f_4 fill in the blank 350617f53031f8f_6 Total assets $fill in the blank 350617f53031f8f_7 Liabilities $fill in the blank 350617f53031f8f_9 Owner's Equity fill in the blank 350617f53031f8f_11 Total liabilities and owner's equity $fill in the blank 350617f53031f8f_12 4. What item appears on both the income statement and statement of owner’s equity?

Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $61,100 at May 1, 20Y4, the beginning of the year, and the owner withdrew $29,900 during the year. Accounts payable $20,800 Accounts receivable 111,370 Cash 224,810 Fees earned 804,000 Miscellaneous expense 6,420 Rent expense 106,930 Supplies 9,680 Supplies expense 17,110 Taxes expense 10,000 Utilities expense 64,160 Wages expense 305,520 Required: 1. Prepare an income statement for the year ended April 30, 20Y5. Wilderness Travel Service Income Statement For the Year Ended April 30, 20Y5 $fill in the blank a6af3709ffa1036_2 Expenses: $fill in the blank a6af3709ffa1036_4 fill in the blank a6af3709ffa1036_6 fill in the blank a6af3709ffa1036_8 fill in the blank a6af3709ffa1036_10 fill in the blank a6af3709ffa1036_12 fill in the blank a6af3709ffa1036_14 Total expenses fill in the blank a6af3709ffa1036_15 $fill in the blank a6af3709ffa1036_17 2. Prepare a statement of owner's equity for the year ended April 30, 20Y5. Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 20Y5 $fill in the blank 96bf93fbb019fb2_2 $fill in the blank 96bf93fbb019fb2_4 fill in the blank 96bf93fbb019fb2_6 fill in the blank 96bf93fbb019fb2_8 $fill in the blank 96bf93fbb019fb2_10 3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity. Wilderness Travel Service Balance Sheet April 30, 20Y5 Assets $fill in the blank 350617f53031f8f_2 fill in the blank 350617f53031f8f_4 fill in the blank 350617f53031f8f_6 Total assets $fill in the blank 350617f53031f8f_7 Liabilities $fill in the blank 350617f53031f8f_9 Owner's Equity fill in the blank 350617f53031f8f_11 Total liabilities and owner's equity $fill in the blank 350617f53031f8f_12 4. What item appears on both the income statement and statement of owner’s equity?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Financial Statements

The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 20Y5, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $61,100 at May 1, 20Y4, the beginning of the year, and the owner withdrew $29,900 during the year.

Accounts payable	$20,800
Accounts receivable	111,370
Cash	224,810
Fees earned	804,000
Miscellaneous expense	6,420
Rent expense	106,930
Supplies	9,680
Supplies expense	17,110
Taxes expense	10,000
Utilities expense	64,160
Wages expense	305,520

Required:

1. Prepare an income statement for the year ended April 30, 20Y5.

Wilderness Travel Service
Income Statement
For the Year Ended April 30, 20Y5
		$fill in the blank a6af3709ffa1036_2
Expenses:
	$fill in the blank a6af3709ffa1036_4
	fill in the blank a6af3709ffa1036_6
	fill in the blank a6af3709ffa1036_8
	fill in the blank a6af3709ffa1036_10
	fill in the blank a6af3709ffa1036_12
	fill in the blank a6af3709ffa1036_14
Total expenses		fill in the blank a6af3709ffa1036_15
		$fill in the blank a6af3709ffa1036_17

2. Prepare a statement of owner's equity for the year ended April 30, 20Y5.

Wilderness Travel Service
Statement of Owner's Equity
For the Year Ended April 30, 20Y5
		$fill in the blank 96bf93fbb019fb2_2
	$fill in the blank 96bf93fbb019fb2_4
	fill in the blank 96bf93fbb019fb2_6
		fill in the blank 96bf93fbb019fb2_8
		$fill in the blank 96bf93fbb019fb2_10

3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity.

Wilderness Travel Service
Balance Sheet
April 30, 20Y5
Assets
	$fill in the blank 350617f53031f8f_2
	fill in the blank 350617f53031f8f_4
	fill in the blank 350617f53031f8f_6
Total assets	$fill in the blank 350617f53031f8f_7
Liabilities
	$fill in the blank 350617f53031f8f_9
Owner's Equity
	fill in the blank 350617f53031f8f_11
Total liabilities and owner's equity	$fill in the blank 350617f53031f8f_12

4. What item appears on both the income statement and statement of owner’s equity?

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