The amounts of the assets and liabilities of Abyss Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Megan Koch, owner, was $60,000 at July 1, 2007, the beginning of the current year, and the owner withdrew $50,000 during the current year.
|
Accounts payable
|
$ 12,500
|
Supplies
|
$ 4,250
|
|
Accounts receivable
|
48,750
|
Supplies expense
|
8,250
|
|
Cash
|
99,500
|
Taxes expense
|
6,400
|
|
Fees earned
|
375,000
|
Utilities expense
|
31,200
|
|
Miscellaneous expense
|
3,150
|
Wages expense
|
145,400
|
|
Rent expense
|
50,600
|
|
|
Instructions
1. Prepare an income statement for the current year ended June 30, 2008.
2. Prepare a statement of owner's equity for the current year ended June 30, 2008.
3. Prepare a balance sheet as of June 30, 2008.