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.

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.

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