The balances of Adventure Travel Service’s accounting equation items for the yea

Question

The balances of Adventure Travel Service’s accounting equation items for the year ended April 30, 2019, are listed below. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000. Accounts Fees earned $2,180,000 Office expense 400,000 Miscellaneous expense 25,000 Wages expense 1,300,000 Accounts payable 105,000 Accounts receivable 485,000 Cash 197,000 Land 900,000 Supplies 18,000 Prepare a balance sheet as of April 30, 2019. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. When entering assets, enter them in order of liquidity.

Explanation / Answer

ADVENTURE TRAVEL SERVICE Balance Sheet April 30, 2019 Assets Cash 197000 Accounts receivable 485000 Supplies 18000 Land 900000 Total assets 1600000 Liabilities Accounts payable 105000 Owner’s Equity Jerome Foley, capital 1495000 Total liabilities and owner’s equity 1600000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.