The amounts of the assets and liabilities of Nordic Travel Agency at December 31

Question

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. During the year, Ian withdrew $42,000.

Accounts Amounts At Jan. 1, 2016: Ian Eisele, capital $670,000 At Dec. 31, 2016: Accounts payable $ 69,500 Accounts receivable 285,000 Cash 190,500 Fees earned 912,500 Land 544,000 Miscellaneous expense 6,400 Rent expense 36,000 Supplies 5,500 Supplies expense 4,100 Utilities expense 28,500 Wages expense 510,000 Financial stateme Labels and Amount Descriptions Income Statement Statement of Owner's EquityBalance SheetFinal Question Instructions 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 Ian withdrew $42,000 . During the year Accounts Amounts At Jan. 1, 2016: Ian Eisele, capital $670,000 At Dec. 31, 2016 Accounts payable Accounts receivable Cash Fees earned Land Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense 69,500 285,000 190,500 912,500 544,000 6,400 36,000 5,500 4,100 28,500 510,000 Required: 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? *Refer to the information given and 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. Ifa net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign.

Explanation / Answer

Nordic Travel Income Statement Fees Earned $   9,12,500 Less: Expenses Misc. Expenses $         6,400 Rent expenses $       36,000 Supplies Expenses $         4,100 Utilities Expenses $       28,500 Wages Expenses $   5,10,000 Net Profit $   3,27,500 Nordic Travel Statement of stock holders equity Total Stock holders equity Balance on january 1 $   6,70,000 Net income $   3,27,500 Drawings $     -42,000 Stock holders equity $   9,55,500 Nordic Travel Balance Sheet Dec-31 Assets Liabilities Land $   5,44,000 Accounts Payable $       69,500 Cash $   1,90,500 Supplies $         5,500 Accounts Receiveble $   2,85,000 Total Liabilities $       69,500 Stock Holders Equity Stock Holders Equity $   9,55,500 Total Assets $ 10,25,000 Total Liabilities and stockholders equity $ 10,25,000

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