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The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of the year, and its revenue and expenses for the year follow. The owner withdrew $40,000 during the year.

Accounts	Amounts
	At May 1, 2015:
Harper Borg, capital	$180,000
	At April 30, 2016:
Accounts payable	$25,000
Accounts receivable	210,000
Cash	146,000
Fees earned	875,000
Miscellaneous expense	15,000
Rent expense	75,000
Supplies	9,000
Supplies expense	12,000
Taxes expense	10,000
Utilities expense	38,000
Wages expense	525,000

	Required:
1.	Prepare an income statement for the year ended April 30, 2016.*
2.	Prepare a statement of owners equity for the year ended April 30, 2016.*
3.	Prepare a balance sheet as of April 30, 2016.*
4.	What item appears on both the income statement and statement of owners equity?* * 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. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owners equity, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required.

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