PR 1-2A Financial statements
Following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2012, the end of the current year, and its revenue and expenses for the year. The capital of Kris Taber, owner, was $120,000 on January 1, 2012, the beginning of the current year. During the current year, Kris withdrew $10,000.
| Accounts payable | $25,000 | Rent expense | $45,000 |
| Accounts receivable | 60,000 | Supplies | 5,000 |
| Cash | 110,000 | Supplies expense | 3,000 |
| Fees earned | 200,000 | Utilities expense | 18,000 |
| Miscellaneous expense | 4,000 | Wages expense | 90,000 |
Instructions
1. Prepare an income statement for the current year ended December 31, 2012.
2. Prepare a statement of owner’s equity for the current year ended December 31, 2012.
3. Prepare a balance sheet as of December 31, 2012.
4. What item appears on both the statement of owner’s equity and the balance sheet?
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