The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends byAwesome Travel Services during the year.AccountsAmountAccountsAmountAccounts payable$12,000 Retained earnings (Jan. 1)$6,000Accounts receivable14,000 Supplies1,000Cash18,000Income taxes expense1,300Common stock4,000Utilities expense8,000Computer equipment21,000Wages expense25,000Fees earned78,000Supplies expense1,700Rent expense10,000Required:Prepare an income statement, a statement of stockholder's equity, and a balance sheet as of December 31. Refer to the lists of Accountsin the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not needto enter colons (:) on the financial statements. Be sure to complete the statement heading. Prepare a balance sheet as of December 31. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exactwording of the answer choices for text entries. Be sure to complete the statement heading.Awesome Travel ServicesBalance Sheet(Label)1Assets23467LiabilitiesStockholders' Equity91011121300

Name: The account balances of Awesome Travel Services at December 31 are li
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Description: The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends byAwesome Travel Services during the year.AccountsAmountAccountsAmountAccounts payable$12,000 Retained earnings (Jan.

The balance sheet is one of the financial statements of the business, which represents the financial position of the business. INCOME STATEMENT Fees earned 78,000 Less: expenses Rent expense 10,000 Income tax expense 1,300 Utilities expense 8,000 Wages expense 25,000 Supplies expense 1,700 Total expenses (46,000) Net income 32,000 Part 2. Statement of stockholders’ equity Common stock 4,000 Beginning retained earnings (Jan 1) 6,000 Net income (Dec 31) 32,000 Ending capital 42,000 Part 3. BALANCE SHEET Liabilities Amt Assets Amt Accounts payable 12,000 Accounts receivable 14,000 Capital 42,000 Cash 18,000 Computer equipment 21,000 Supplies 1,000 54,000 54,000

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The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during the year. Accounts Amount Accounts Amount Accounts payable $12,000 Retained earnings (Jan. 1) $6,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Common stock 4,000 Utilities expense 8,000 Computer equipment 21,000 Wages expense 25,000 Fees earned 78,000 Supplies expense 1,700 Rent expense 10,000 Required:

The account balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or dividends by Awesome Travel Services during the year. Accounts Amount Accounts Amount Accounts payable $12,000 Retained earnings (Jan. 1) $6,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Common stock 4,000 Utilities expense 8,000 Computer equipment 21,000 Wages expense 25,000 Fees earned 78,000 Supplies expense 1,700 Rent expense 10,000 Required:

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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