The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, lan withdrew $42,000. ACCOUNTS PAYABLE $69,500 RENT EXPENSE $36,000 ACCOUNTS RECEIVABLE 285,000 SUPPLIES 5,000 CASH 190,500 SUPPLIES EXPENSE 4,100 FEES EARNED 912,500 UTILITIES EXPENSE 28,500 LAND 544,000 WAGES EXPENSE 510,000 MIS. EXPENSE 6,400 PREPARE AN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A STATEMENT OF OWNER'S EQUITY FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A BALANCE SHEET AS OF DECEMBER 31,2020.
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, lan withdrew $42,000. ACCOUNTS PAYABLE $69,500 RENT EXPENSE $36,000 ACCOUNTS RECEIVABLE 285,000 SUPPLIES 5,000 CASH 190,500 SUPPLIES EXPENSE 4,100 FEES EARNED 912,500 UTILITIES EXPENSE 28,500 LAND 544,000 WAGES EXPENSE 510,000 MIS. EXPENSE 6,400 PREPARE AN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A STATEMENT OF OWNER'S EQUITY FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A BALANCE SHEET AS OF DECEMBER 31,2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The amounts of the assets and liabilities of Nordic Travel Agency at December
31, 2020, the end of the year, and its revenue and expenses for the year follow.
The capital of lan Eisele, owner, was $670,000 on January 1, 2020, the beginning
of the year. During the year, lan withdrew $42,000.
ACCOUNTS PAYABLE $69,500
RENT EXPENSE $36,000
ACCOUNTS RECEIVABLE 285,000
SUPPLIES
5,000
CASH
190,500
SUPPLIES EXPENSE 4,100
FEES EARNED
912,500
UTILITIES EXPENSE 28,500
LAND
544,000
WAGES EXPENSE
510,000
MIS. EXPENSE
6,400
PREPARE AN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,2020.
PREPARE A STATEMENT OF OWNER'S EQUITY FOR THE YEAR ENDED DECEMBER
31,2020.
PREPARE A BALANCE SHEET AS OF DECEMBER 31,2020.
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