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 follow. The capital of Harper Borg, owner, was $180,000 at May 1, 2018, the beginning of the year, and 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 receivable210,000
Cash146,000
Fees earned875,000
Miscellaneous expense15,000
Rent expense75,000
Supplies9,000
Supplies expense12,000
Taxes expense10,000
Utilities expense38,000
Wages expense525,000
Instructions:
1. Prepare an income statement for the current year ended April 30, 2014.
2. Prepare a statement of owner’s equity for the current year ended April 30, 2014.
3. Prepare a balance sheet as of April 30, 2014.
4. What item appears on both the income statement and statement of owner’s equity?