nem Course: 2021SP Prin of Financial Accounting (ACC-120-1)C CengageNOWv2 | Online teaching and learning resource fnPrepare statement of owner's equity as of December 31.Awesome Travel ServicesStatement of Owner's EquityFor the Year Ended December 31Prepare a balance sheet as of December 31.Awesome Travel ServicesBalance SheetDecember 31Assets$Total assetsLiabilitiesOwner's EquityTotal liabilities and owner's equityPrevious%24%24%24 v2.cengagenow.comStudents HomeTn Course: 2021SP Prin of Financial Accounting (ACC-120-11)C CengageNOWv2 | Online teaching and learning resource from Cengage LearThe accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawalsby J. Trendsetter during the year.Accounts payable$12,000J. Trendsetter, capital (January 1)$10,000Accounts receivable14,000Supplies1,000Cash18,000Income taxes expense1,300Computer equipment21,000Utilities expense8,000Fees earned78,000Wages expense25,000Rent expense10,000Supplies expense1,700Prepare an income statement as of December 31.Awesome Travel ServicesIncome StatementFor the Year Ended December 31$Expenses:Total expensesPreviousNext%24%24%24

Total expenses=Rent+Utilities+Wages+Supplies+Income tax=$10,000+$8,000+$25,000+$1,700+$1,300=$46,000

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year. Accounts payable $12,000 J. Trendsetter, capital (January 1) $10,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Computer equipment 21,000 Utilities expense 8,000 Fees earned 78,000 Wages expense 25,000 Rent expense 10,000 Supplies expense 1,700 Prepare an income statement as of December 31. Awesome Travel Services Income Statement For the Year Ended December 31 Expenses: Total expenses

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year. Accounts payable $12,000 J. Trendsetter, capital (January 1) $10,000 Accounts receivable 14,000 Supplies 1,000 Cash 18,000 Income taxes expense 1,300 Computer equipment 21,000 Utilities expense 8,000 Fees earned 78,000 Wages expense 25,000 Rent expense 10,000 Supplies expense 1,700 Prepare an income statement as of December 31. Awesome Travel Services Income Statement For the Year Ended December 31 Expenses: Total expenses

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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The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million
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Sherwood, Inc., had the following current assets and current liabilities at the end of two recent years: Year 2(in millions) Year 1(in millions) Cash and cash equivalents $4,165 $4,528 Short-term investments, at cost 2,958 8,408 Accounts and notes receivable, net 9,404 8,624 Inventories 1,771 787 Prepaid expenses and other current assets 590 291 Short-term obligations (liabilities) 315 3,342 Accounts payable and other current liabilities 7,453 6,813 a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. Year 2 Year 1 Current ratio fill in the blank 1 fill in the blank 2 Quick ratio fill in the blank 3 fill in the blank 4
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