
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 45
Financial statements
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2016, the beginning of the year. During the year, Ian withdrew $42,000.
Instructions
1. Prepare an income statement for the year ended December 31, 2016.
2. Prepare a statement of owner's equity for the year ended December 31, 2016.
3. Prepare a balance sheet as of December 31, 2016.
4. What item appears on both the statement of owner's equity and the balance sheet
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2016, the beginning of the year. During the year, Ian withdrew $42,000.

Instructions
1. Prepare an income statement for the year ended December 31, 2016.
2. Prepare a statement of owner's equity for the year ended December 31, 2016.
3. Prepare a balance sheet as of December 31, 2016.
4. What item appears on both the statement of owner's equity and the balance sheet
Explanation
Answer: 1.Income Statement :-
The incom...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255