Reference no: EM13535213

The amounts of the assets and liabilities of Abyss Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Megan Koch, owner, was $60,000 at July 1, 2007, the beginning of the current year, and the owner withdrew $50,000 during the current year.

Accounts payable	$ 12,500	Supplies	$ 4,250
Accounts receivable	48,750	Supplies expense	8,250
Cash	99,500	Taxes expense	6,400
Fees earned	375,000	Utilities expense	31,200
Miscellaneous expense	3,150	Wages expense	145,400
Rent expense	50,600

Instructions

1. Prepare an income statement for the current year ended June 30, 2008.

2. Prepare a statement of owner's equity for the current year ended June 30, 2008.

3. Prepare a balance sheet as of June 30, 2008.