eBook Show Me HowQuestion Content AreaFinancial StatementsThe 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 follow. The capital of Harper Borg, owner, was $180,000 at May 1, 20Y4, the beginning of the year, and the owner withdrew $40,000 during the year.Accounts payable$25,000Accounts receivable210,000Cash146,000Fees earned875,000Miscellaneous expense15,000Rent expense75,000Supplies9,000Supplies expense12,000Taxes expense10,000Utilities expense38,000Wages expense525,000Question Content Area1. Prepare an income statement for the year ended April 30, 20Y5.Wilderness Travel ServiceIncome StatementFor the Year Ended April 30, 20Y5 $- Select -Expenses: $- Select - - Select - - Select - - Select - - Select - - Select - Total expenses fill in the blank ae637703cf87ffd_15 $- Select - Question Content Area2. Prepare a statement of owner's equity for the year ended April 30, 20Y5.Wilderness Travel ServiceStatement of Owner's EquityFor the Year Ended April 30, 20Y5 $- Select - $- Select - - Select - - Select - $- Select - Question Content Area3. Prepare a balance sheet as of April 30, 20Y5. When entering assets, enter them in order of liquidity.Wilderness Travel ServiceApril 30, 20Y5Assets $- Select - - Select - - Select -Total assets$fill in the blank f19cf40bc04cff5_7Liabilities $- Select -Owner's Equity - Select -Total liabilities and owner's equity$fill in the blank f19cf40bc04cff5_12 Question Content Area4. What item appears on both the income statement and statement of owner's equity?

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Description: eBook Show Me HowQuestion Content AreaFinancial StatementsThe 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 follow. The capital of Harper Borg, owne

The financial statements of the business are prepared using the adjusted trial balance of the…

Answered: Question Content Area Financial…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 18P

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Question Content Area

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 follow. The capital of Harper Borg, owner, was $180,000 at May 1, 20Y4, the beginning of the year, and the owner withdrew $40,000 during the year.

Accounts payable	$25,000
Accounts receivable	210,000
Cash	146,000
Fees earned	875,000
Miscellaneous expense	15,000
Rent expense	75,000
Supplies	9,000
Supplies expense	12,000
Taxes expense	10,000
Utilities expense	38,000
Wages expense	525,000

Question Content Area

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

Wilderness Travel ServiceIncome StatementFor the Year Ended April 30, 20Y5

		$- Select -
Expenses:
	$- Select -
	- Select -
	- Select -
	- Select -
	- Select -
	- Select -
Total expenses		fill in the blank ae637703cf87ffd_15
		$- Select -

Question Content Area

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

Wilderness Travel ServiceStatement of Owner's EquityFor the Year Ended April 30, 20Y5

		$- Select -
	$- Select -
	- Select -
		- Select -
		$- Select -

Question Content Area

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

Wilderness Travel ServiceApril 30, 20Y5

Assets
	$- Select -
	- Select -
	- Select -
Total assets	$fill in the blank f19cf40bc04cff5_7
Liabilities
	$- Select -
Owner's Equity
	- Select -
Total liabilities and owner's equity	$fill in the blank f19cf40bc04cff5_12

Question Content Area

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

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