Pr 1- 2 B Financial Statement_ St Simon Travel Service

The amounts of the assets and Liabilities of St Simon Travel Service are listed as of June 30, 2012, the end of the current year, and its revenues and expenses for the year are listed below. The capital of Gwen Perez, owner, was $ 150,000 at July 1, 2011, the beginning of the current year, and the owner withdrew $ 30,000 during the current year.

Account payable $ 25,000 Supplies $ 12,000

Accounts receivable $ 90000 Supllies expense $ 10,000

Cash $ 123000 Taxes expenses 8000

Fees earned $ 500,000 Utilites expenses $ 36,000

Miscellaneous expenses $ 11,000 Wages expenses $ 280,000

Rent expense $ 75,000

Then instructions 1 to 4 , that is readable.

1. Prepare an income statement for the current year ended June 30, 2012

2. Prepare a statement of owner’s equity for the current year ended june 30, 2012.

3. Prepare a balance sheet as of June 30, 2012

4. What item appears on both the income statement and statement of owner’s equity?