CH 1 Template - Megan Koch, capital, July 1, 2007 $60,000...

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Problem 1-2B Name: kurahn harris Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. 1. ABYSS TRAVEL SERVICE Income Statement For Year Ended June 30, 2008 Fees earned $375,000 Expenses: Wages expense $145,400 Rent expense 50,600 Utilities expense 31,200 Supplies expense 8,250 Taxes expense 6,400 Miscellaneous expense 3,150 Total expenses 245,000 Net income $130,000 2. ABYSS TRAVEL SERVICE Statement of Owner's Equity For the Year Ended June 30, 2008
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Unformatted text preview: Megan Koch, capital, July 1, 2007 $60,000 Net income for the year $130,000 Less withdrawals 40,000 * Increase in owner's equity 90,000 * Megan Koch, capital, June 30, 2008 $150,000 * 3. ABYSS TRAVEL SERVICE Balance Sheet June 30, 2008 Assets Liabilities Cash $99,500 Accounts payable $12,500 Accounts receivable 48,750 Supplies 4,250 Owner's Equity Megan Koch, capital 150,000 * Total assets $152,500 Total liabilities and owner's equity $162,500 *...
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This note was uploaded on 06/04/2008 for the course ACC 101 taught by Professor Palmer during the Spring '08 term at Georgia Perimeter.

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CH 1 Template - Megan Koch, capital, July 1, 2007 $60,000...

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