Prob.1-2A 1. NORDICTRAVELAGENCY IncomeStatement FortheYearEndedDecember31,2019 Feesearned $912,500 Expenses: Wagesexpense $510,000 Rentexpense 36,000 Utilitiesexpense 28,500 Suppliesexpense 4,100 Miscellaneousexpense 6,400 Totalexpenses 585,000 Netincome $327,500 2. NORDICTRAVELAGENCY StatementofOwner’sEquity FortheYearEndedDecember31,2019 IanEisele,capital,January1,2019 $670,000 Netincomefortheyear $327,500 Withdrawals (42,000) Increaseinowner’sequity 285,500 IanEisele,capital,December31,2019 $955,500 3. NORDICTRAVELAGENCY Assets Cash $ 190,500 Accountsreceivable 285,000 Supplies 5,500 Land 544,000 $1,025,000 Totalassets Liabilities Accountspayable $ 69,500 Owner’sEquity IanEisele,capital 955,500 $1,025,000 Totalliabilitiesandowner’sequity 4. IanEisele,Capitalof$955,500 Prob.1-3A
Prob.1-2A 1. NORDICTRAVELAGENCY IncomeStatement FortheYearEndedDecember31,2019 Feesearned $912,500 Expenses: Wagesexpense $510,000 Rentexpense 36,000 Utilitiesexpense 28,500 Suppliesexpense 4,100 Miscellaneousexpense 6,400 Totalexpenses 585,000 Netincome $327,500 2. NORDICTRAVELAGENCY StatementofOwner’sEquity FortheYearEndedDecember31,2019 IanEisele,capital,January1,2019 $670,000 Netincomefortheyear $327,500 Withdrawals (42,000) Increaseinowner’sequity 285,500 IanEisele,capital,December31,2019 $955,500 3. NORDICTRAVELAGENCY Assets Cash $ 190,500 Accountsreceivable 285,000 Supplies 5,500 Land 544,000 Totalassets $1,025,000 Liabilities Accountspayable $ 69,500 Owner’sEquity IanEisele,capital 955,500 Totalliabilitiesandowner’sequity $1,025,000 4. IanEisele,Capitalof$955,500 Prob.1-3A
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