Financial Statements The amounts of the assets and liabiliti

Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $60,620 at May 1, 2018, the beginning of the year, and the owner withdrew $28,500 during the year Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense Rent expense Supplies Supplies expense Taxes expense Utilities expense Wages expense $20,710 110,860 223,780 797,600 6,360 106,080 9,640 16,970 10,000 63,650 303,090

Solution

Income Statement: Fees earned 797600 Less: Expense Misc expense 6360 Rent expense 106080 Supplies expense 16970 Utilities expense 63650 Wages expense 303090 taxes expense 10000 506150 Net income 291450 Statement of Owner\'s equity: Beginning Capital 60620 Add: Net income 291450 Less: Withdrawals -28500 262950 Ending capital 323570 Balance Sheet Assets: Cash 223780 Accounts receivable 110860 Supplies 9640 Total Assets 344280 Total Liabilities and Equity Liabilities: Accounts payable 20710 Equity 323570 Total liabilities and equity 344280 The Account which appear both in Balance Sheet and Statement of Equity is CAPITAL Account