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The amounts of the assets and liabilities of Excalibur Travel Agency at December 31,20Y5, the...

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Accounting

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 $650,000 on January 1,20Y5, the beginning of the year. During the year, James withdrew $36,000.
Accounts
Amounts
Accounts payable $68,000
Accounts receivable 267,000
Cash 183,000
Fees earned 897,600
Land 544,000
Miscellaneous expense 6,200
Rent expense 35,000
Supplies 5,200
Supplies expense 4,200
Utilities expense 27,000
Wages expense 508,000
Required:
1. Prepare an income statement for the year ended December 31,20Y5.*
2. Prepare a statement of owners 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 owners equity and the balance sheet?
*Be sure to complete the statement heading. Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries.

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