The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, lan withdrew $42,000. ACCOUNTS PAYABLE $69,500 RENT EXPENSE $36,000 ACCOUNTS RECEIVABLE 285,000 SUPPLIES 5,000 CASH 190,500 SUPPLIES EXPENSE 4,100 FEES EARNED 912,500 UTILITIES EXPENSE 28,500 LAND 544,000 WAGES EXPENSE 510,000 MIS. EXPENSE 6,400 PREPARE AN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A STATEMENT OF OWNER'S EQUITY FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A BALANCE SHEET AS OF DECEMBER 31,2020.
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, lan withdrew $42,000. ACCOUNTS PAYABLE $69,500 RENT EXPENSE $36,000 ACCOUNTS RECEIVABLE 285,000 SUPPLIES 5,000 CASH 190,500 SUPPLIES EXPENSE 4,100 FEES EARNED 912,500 UTILITIES EXPENSE 28,500 LAND 544,000 WAGES EXPENSE 510,000 MIS. EXPENSE 6,400 PREPARE AN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A STATEMENT OF OWNER'S EQUITY FOR THE YEAR ENDED DECEMBER 31,2020. PREPARE A BALANCE SHEET AS OF DECEMBER 31,2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...
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