The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow: Fees earned Office expense Miscellaneous expense Wages expense Prepare a statement of owner's equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an additional $43,200 in the business during the year and withdrew cash of $21,600 for personal use. Megan Cox, capital as of September 1, 20Y3, was $456,000. Zenith Travel Service Statement of Owner's Equity For the Year Ended August 31, 2014 X X $899,600 353,800 14,400 539,800 X X X X

The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow: Fees earned Office expense Miscellaneous expense Wages expense Prepare a statement of owner's equity for the year ended August 31, 20Y4. Megan Cox, the owner, invested an additional $43,200 in the business during the year and withdrew cash of $21,600 for personal use. Megan Cox, capital as of September 1, 20Y3, was $456,000. Zenith Travel Service Statement of Owner's Equity For the Year Ended August 31, 2014 X X $899,600 353,800 14,400 539,800 X X X X

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Description: Done<<Fees earnedOffice expenseStatement of Owner's EquityThe revenues and expenses of Zenith Travel Service for theyear ended August 31, 20Y4, follow:Miscellaneous expenseWages expenseA v2.cengagenow.comXXFeedbackPrepare a statement of owner's equi

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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Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $920,408 and liabilities of $272,707. During Year 2, Mason invested an additional $28,054 and withdrew $25,788 from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $985,846 and liabilities were $234,813?
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The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner, was $665,000 on January 1, 20Y5, the beginning of the year. During the year, James withdrew $41,000. Accounts Amounts Accounts payable $68,500 Accounts receivable 274,000 Cash 187,500 Fees earned 899,200 Land 544,000 Miscellaneous expense 6,500 Rent expense 40,000 Supplies 5,300 Supplies expense 4,400 Utilities expense 27,000 Wages expense 503,000 Required: 1. Prepare an income statement for the year ended December 31, 20Y5.* 2. Prepare a statement of owner’s equity for the year ended December 31, 20Y5.* 3. Prepare a balance sheet as of December 31, 20Y5.* 4. What item appears on both the statement of owner’s equity and the balance sheet? *Be sure to complete the statement heading. Refer to the information given and the lists…
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Instructions The capital accounts of Hassan Khan and Dmitri Palovich have balances of $877,500 and $710,800, respectively, on January 1, 20Y4, the beginning of the fisca year. On July 10, Khan invested an additional $25,000. During the year, Khan and Palovich withdrew $110,000 and $150,000, respectively, and net income for the year was $325,000. Revenues were $1,260,000, and expenses were $935,000. The articles of partnership make no reference to the division of net income. a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. b. Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich.
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