Question

Financial Statements The amounts of the stand liabilit of Wilderness Travel Service at April 30, 2019, thend of the year, and its and expenses for the year are listed below. The capital of Harper Borgw , mas $52,790 a May 1, 2018, the beginning of the year, and the war withdrow $24.800 during the year Accounts payable Accounts receivable $17,950 96,100 194,000 694,600 Fees and Miscellaneous experts 92,380 Supplies 8,360 14,780 10,000 55.430 263,950 1 Ulis Required 1. Prepare an income sta n t for the year anded April 30, 2019 2. Prepare a statement of Sequity for the year anded April 30, 2019 Wild T ervice 3. Preparaban Agril 30 2019, Wh i tsonder than in der ud Wilderness Travel Service Balance Sheet April 30, 2019 4. What appears on both the man ofw 's quity and the balance sheet

Answer 1

Ans 3 Amount $6,94,600 Ans 1 Wilderness Travel Service Income Statement For the year ended April 30, 2019 Particulars Amount Fees Earned Less: Expenses Wages Expense $2,63,950 Rent expense $92,380 Utilities Expense $55,430 Supplies Expense $14,780 Taxes Expense $10,000 Miscellaneuos Expense $5,540 Total Expense Net Income /(Loss) Wilderness Travel Service Balance Sheet April 30, 2019 Assets Cash Account Receivable Supplies Total Assets Liabilities Accounts Payable $1,94,000 $96,100 $8,360 $2,98,460 $17,950 Owners' Equity Harper Borg, Capital $2,80,510 ($4,42,080) $2,52,520 Total Liabilities & Owners' Equity $2,98,460 Ans 4 Harper Borg Capital appears on both Statement of Owners' Equity and Balance Sheet Ans 2 Wilderness Travel Service Statement of Owners' Equity For the year ended April 30, 2019 Particulars Amount Harper Borg capital May 1, 2018 Add: Net Income/(Loss) $2,52,520 Less : Withdrawal $24,800 Increase in Owners' Equity Harper Borg capital April 30, 2019 Amount $52,790 $2,27,720 $2,80,510