Prepare an income statement for the current year

Reference no: EM13766529

The amounts of the assets and Liabilities of St Simon Travel Service are listed as of June 30, 2012, the end of the current year, and its revenues and expenses for the year are listed below. The capital of Gwen Perez, owner, was $ 150,000 at July 1, 2011, the beginning of the current year, and the owner withdrew $ 30,000 during the current year.

Account payable $ 25,000 Supplies $ 12,000
Accounts receivable $ 90000 Supllies expense $ 10,000
Cash $ 123000 Taxes expenses 8,000
Fees earned $ 500,000 Utilites expenses $ 36,000
Miscellaneous expenses $ 11,000 Wages expenses $ 280,000
Rent expense $ 75,000

Required:

1. Prepare an income statement for the current year ended June 30, 2012

2. Prepare a statement of owner's equity for the current year ended june 30, 2012.

3. Prepare a balance sheet as of June 30, 2012

4. What item appears on both the income statement and statement of owner's equity?

Reference no: EM13766529

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