Question

The amounts of the assets and liabilities of St. Simon Travel Service at December 31, 2015, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Gwen Perez, owner, was $150,000 at January 1, 2015, the beginning of the current year, and the owner withdrew $30,000 during the current year.
Instructions
1. Prepare an income statement for the current year ended December 31, 2015.
2. Prepare a statement of owner’s equity for the current year ended December 31, 2015.
3. Prepare a balance sheet as at December 31, 2015.
4. What item appears on both the income statement and statement of owner’s equity?


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  • CreatedSeptember 15, 2015
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