Question

Midlummer Night's Dream... Cengage Setup - 2020 Fall Term (1) C. CengageNOWV2 Online teaching and.. No Fear Shakespeare: A Midsummer La Rosa Maria - M Regalo Mis Bonit eBook Show Me How Calculator Financial statements Instructions Labels and Amount Descriptions Income Statement Statement of Owner's Equity Instructions The amounts of the assets and abilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $45,000 Amounts Accounts Accounts payable Accounts receivable $71.000 268,000 Cash 191,500 Fees earned 881.000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 5.700 4,100 Supplies Supplies expense Utilities expense Wages expense 27,000 505,000 Required: 1. Prepare an income statement for the year ended December 31, 2019." 2. Prepare a statement of owner's equity for the year anded December 31, 2019. 3. Prepare a balance sheet as of December 31, 2019. Next > Check My Work 3 more Check My Work uses remaining Email Instructor Save and Edit Submit Assignment for Grading

Answer 1

Requirement 1:

Income statement
For the Year Ended December 31, 2019
Revenue
Fee earned		$     881,000
Total Revenue (A)		$     881,000
Expenses:
Miscellaneous expense	$     6,700
Rent expense	$   33,000
Supplies expense	$     4,100
Utility expense	$   27,000
Wages expense	$ 505,000
Total Expense (B)		$     575,800
Net Income (A-B)		$     305,200

Requirement 2:

Statement of owners equity
For the Year Ended December 31, 2019
Ian Eisele, capital Jan 01, 2019	$ 680,000
Add: net income	$ 305,200
Less: Ian Eisele ,drawings	$ (45,000)
Total owners equity Dec 31, 2019		$     940,200

Requirement 3:

Balance sheet
For the Year Ended December 31, 2019
Assets
Current assets:
Cash	$ 191,500
Accounts Receivable	$ 268,000
Supplies	$     5,700
Total Current Assets		$     465,200
Property,plant, and equipment:
Land		$     546,000
Total Assets		$ 1,011,200
Liabilities and stockholder's Equity
Current liabilities:
Accounts Payable	$   71,000
Total current liabilites		$       71,000
Long term liabilities:		$                -
Total Liabilities		$       71,000
Owners equity
Ian Eisele, capital	$ 680,000
Add: net income	$ 305,200
Less: Ian Eisele ,drawings	$ (45,000)
Total owners equity		$     940,200
Total liabilities and Owners's equity		$ 1,011,200