Sheet Learning Objective 5- Part A: Income Statement and Balance Sheet From the

Question

Sheet Learning Objective 5- Part A: Income Statement and Balance Sheet From the data below prepare first an Income Statement for Snow Excursions for the year ended December 31, 2017. Next, prepare a Balance Sheet for Snow Excursions, Inc. as of December 31, 2017 Balances 12/31/2017 $2,000 32,000 1,500 82,000 18,000 40,000 3.500 5,000 4,000 10,000 26,200 12.000 10,000 2.000 3,000 8,000 60,000 25,000 1,000 15,000 1,000 800 Description Common Stock Snow Equipment Salaries Payable Excursions Fee Revenue Merchandise Inventory Salaries expense Accounts Payable Dividends Utilities expense Ski Lift Ticket Sales Revenue Cash Accounts Receivable Paid-in-capital in excess of par value Depreciation Expense Accum Depreciation- Snow Equip Retained Earnings, January 1, 2017 Ski Lodge Apparel Sales Cost of Goods Sold Supplies Expense Office Equipment Accum Depreciation- Office Equip Office Supplies

Explanation / Answer

Income Statement for the Year 2017 Details Amonut Ski Lodge Apprael sales 60000 Ski lift Ticket sales Revenue 10000 Excursions Fee Revenue 82000 Total Revenue 152000 Less: COGS 25000 Supplies exp. 1000 Depreciation Exp. 2000 Salaries 40000 Utility Exp. 4000 Net Income 80000 Balance Sheet Statement for the Year 2017 Liabilities Assets Amonut Accounts Payable 3500 Cash 26200 Salaries payable 1500 Inventory 18000 Common Stock 2000 Accounts Receivables 12000 Paid in capital excess of par value 10000 Office Supplies 800 Retained Earning 83000 Office equipments   15000 Less-Acct. Dep.           1000 14000 Snow Equipments    32000                                                        Less-Acct. Dep.          3000 29000 Total 100000 Total 100000 Retained Earnings Opening Balance 8000 Add: Net earnings 80000 Less: Divided 5000 Ending Balance 83000

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