Question

the balance of adventure travel services accounting equation items for the year ended April 30, 2019

Printem Instructions The balances of Adventure Travel Services accounting in tems for the year ended A $40.000 for personal use. Jerome Foley capital as of May 1, 2013 was $100.000 30, 2018 are sted below. Jerome Forey. The owners and o n the business during the year and w e Accounts Fees wed $2,180,000 Omice expense Miscellaneous expense 25.000 Accounts payabile 105.000 Accounts receivable 197,000 900.000 Land Supplies Prepare a balance of as of April 30, 2018 Refer to the of Accounts Labers and Amount Descrpons provided for the act wording of the choices or e res e sure to com e heading Where Dhed y Workmore Check My Works remaining Previous Email Instructor Save and Exit Submit Assignment

Answer 1

Adventure Travel service

Balance Sheet

As on 30th April 2019

Assets	Amounts
Cash	$ 197,000
Account receivable	$ 485,000
Supplies	$ 18,000
Land	$ 900,000
Total Assets	$ 1,600,000
Liabilities
Accounts payable	$ 105,000
Owner's Equity ( see note below)	$ 1,495,000
Total owner's equity and liabilities	$ 1,600,000

Note : Calculation for closing owner's equity on 30th April 2019

Details	Amounts
Jerome's capital or owner's equity on 1st May 2018	$ 1,020,000
Add: further capital invested by Jerome	$ 60,000
Add: Net income during the year	$ 455,000
[ $ 2,180,000 - { $ 400,000 + $ 25,000 + $ 1,300,000}
Less : Drawings	$ 40,000
Jerome's capital or owner's equity on 30th April 2019	$ 1,495,000