Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31,

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Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31, 2010, the end of the current year, and its revenue and expenses for the year. The capital of Robin Egan, owner, was $45,000 on January 1, 2010, the beginning of the current year. During the current year, Robin withdrew $7,500.

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Instructions1. Prepare an income statement for the current year ended December 31, 2010.2. Prepare a statement of owner's equity for the current year ended December 31, 2010.3. Prepare a balance sheet as of December 31,2010.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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