
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 49
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 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.
Instructions
1. Prepare an income statement for the year ended April 30, 2019.
2. Prepare a statement of owner's equity for the year ended April 30, 2019.
3. Prepare a balance sheet as of April 30, 2019.
4. What item appears on both the income statement and statement of owner's equity
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.

Instructions
1. Prepare an income statement for the year ended April 30, 2019.
2. Prepare a statement of owner's equity for the year ended April 30, 2019.
3. Prepare a balance sheet as of April 30, 2019.
4. What item appears on both the income statement and statement of owner's equity
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