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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

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

FINANCIAL ACCOUNTING
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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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.

  1. 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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