inancial 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 $42,030 at May 1, 20Y4, the beginning of the year, and the owner withdrew $19,800 during the year. Accounts payable $14,740 Accounts receivable 78,900 Cash 159,260 553,000
inancial 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 $42,030 at May 1, 20Y4, the beginning of the year, and the owner withdrew $19,800 during the year. Accounts payable $14,740 Accounts receivable 78,900 Cash 159,260 553,000
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 $42,030 at May 1, 20Y4, the beginning of the year, and
the owner withdrew $19,800 during the year.
Accounts payable
$14,740
Accounts receivable
78,900
Cash
159,260
Fees earned
553,000
Miscellaneous expense
4,300
Rent expense
71,610
Supplies
6,860
Supplies expense
11,460
Taxes expense
10,000
Utilities expense
42,970
204,610
Wages expense
Required:
1. Prepare an income statement for the year ended April 30, 20Y5.
Wilderness Travel Service
3:29 PM
2/21/2021
Income Statement
Transcribed Image Text:1. Prepare an income statement for the year ended April 30, 20Y5.
Wilderness Travel Service
Income Statement
For the Year Ended April 30, 20Y5
Expenses:
Total expenses
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
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Expert Solution
Step 1
Income statement forms a part of financial statements and is prepared to show the total revenues and expenses of the company and the resulting income or losses.
Statement of owner's equity is prepared to show the changes in net worth that has occurred over the period of time.
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