50.1K

Verified Solution

Link Copied!

Financial statements The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows: Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense Rent expense Supplies Supplies expense Taxes expense Utilities expense Wages expense Ahmad Harnish, capital was $180,000 as of May 1, 20Y6. During the year, the owner invested an additional $10,000 in the business and made withdrawals of $40,000 for personal use. Required: 1. Prepare an income statement for the year ended April 30, 20Y7. Wilderness Travel Service - Income Statement For the Year Ended April 30, 20Y7 Line Item Description Amount Amount Fees earned 875,000 Expenses: Wages expense Rent expense Utilities expense Supplies expense Taxes expense Miscellaneous expense Total expenses Net income $ 525,000 75,000 38,000 12,000 10,000 $25,000 210,000 156,000 875,000 15,000 75,000 9,000 12,000 10,000 38,000 525,000 15,000 Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 20Y7 Line Item Description Amount 675,000 $ 200,000 2. Prepare a statement of owner's equity for the year ended April 30, 20Y7. If an amount box does not require an entry, leave it blank. If a net loss is incurred or withdrawals were paid, enter that amount as a negative number using a minus sign.

Financial rtatements The assets and liabilities of Wilderness Travel Service on Apeil 30, 20Y7, and its revenut and expenses for the year afe as follows: Ahmad Harnish, capital was $180,000 as of May 1, 20Y6. During the year, the owner invested an additional $10,000 in the business and made withdrawals of $40,000 for personal use. Required: 1. Prepare an income statement for the year ended April 30,20y7. 2. Prepore a statement of owner's equity for the year ended April 30, 20Y7, If an amount box does not require an entry, leave it blank. if a net loss is incurred or withdrawais were paid, enter that amount as a negative number using a minus sign. 2. Prepare a statement of owner's equity for the year ended Agnt 30,20%7. If an amount box does not require an entry, leave it blank. if a net loss is incurred or withdrawais were paid, enter that amount as a negative number using a minus sign. Wilderness Travel Service Statement of Owner's Equity For the Year Ended Apria 30 , 3. Prepare a balance sheet as of Apnl 30,20y7, When entering assets, enter them in crder of liquidity. 4. Whot item appecars on both the income statement and statement of owner's equity? 2 more Chock My Work uses renaining

Answer & Explanation Solved by verified expert

See Answer