The records of Skymaster Airplane Rentals show the following information as of December 31, 2004 Wages...
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The records of Skymaster Airplane Rentals show the following information as of December 31, 2004 Wages expense... Advertising expense. Accounts payable.. Insurance expense. Accounts receivable.. H. Skymaster, capital, Cash...... December 31, 2003. Airplanes... Notes payable.. Hangar.. $36,000 2,000 24,000 150,000 150,000 47,000 60,000 Office Furniture... Maintenance expense. Revenues... Skymaster withdrew $52,000 during 2004 for personal expenses. (a) Using the above information, prepare an income statement for 2004. (b) Using the above information, prepare a statement of owner's equity for 2004. (c) Using the above information, prepare a balance sheet at December 31, 2004 I $75,000 22,000 11,000 15,000 39,000 217,000 (10 pts) (6 pts) (14 pts) The records of Skymaster Airplane Rentals show the following information as of December 31, 2004 Wages expense... Advertising expense. Accounts payable.. Insurance expense. Accounts receivable.. H. Skymaster, capital, Cash...... December 31, 2003. Airplanes... Notes payable.. Hangar.. $36,000 2,000 24,000 150,000 150,000 47,000 60,000 Office Furniture... Maintenance expense. Revenues... Skymaster withdrew $52,000 during 2004 for personal expenses. (a) Using the above information, prepare an income statement for 2004. (b) Using the above information, prepare a statement of owner's equity for 2004. (c) Using the above information, prepare a balance sheet at December 31, 2004 I $75,000 22,000 11,000 15,000 39,000 217,000 (10 pts) (6 pts) (14 pts)
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Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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