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The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...

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Accounting

The amounts of the assets and liabilities of Nordic TravelAgency at December 31, 2019, the end of the year, and its revenueand expenses for the year follow. The capital of Ian Eisele, owner,was $650,000 on January 1, 2019, the beginning of the year. Duringthe year, Ian withdrew $36,000.

Accounts

Amounts

Accounts payable$68,000
Accounts receivable267,000
Cash183,000
Fees earned897,600
Land544,000
Miscellaneous expense6,200
Rent expense35,000
Supplies5,200
Supplies expense4,200
Utilities expense27,000
Wages expense508,000
Required:
1.Prepare an income statement for the year ended December 31,2019.*
2.Prepare a statement of owner’s equity for the year endedDecember 31, 2019.*
3.Prepare a balance sheet as of December 31, 2019.*
4.What item appears on both the statement of owner’s equity andthe balance sheet?
* Refer to the information given and the lists of Accounts,Labels, and Amount Descriptions provided for the exact wording ofthe answer choices for text entries. Be sure to complete thestatement heading. If a net loss is incurred or there is a decreasein owner’s equity, enter that amount as a negative number using aminus sign.

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