Following are the amounts of the assets and liabilities

Assignment Help Accounting Basics
Reference no: EM131126323

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.

Instructions

1. 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.  

Reference no: EM131126323

Questions Cloud

Current results of fortune magazine annual ranking : Review the most current results of FORTUNE Magazine's annual ranking of America's "100 Best Companies to Work For." Explore the website of at least three of the companies noted. Develop a two- to three- page paper that addresses the following:
How much money will the trip cost you for gasoline : Your map shows the distance to be 3,100 miles. If your car averages 25 mpg and gasoline costs $3.00 per gallon, approximately how much money will the trip cost you for gasoline?
Identify areas of concern derived from your assessment : Identify what health disparities and social determinants of health impact this population. Identify areas of concern derived from your assessment of this ethnic group.
What are the benefits and challenges of each : Support your essay with three credible references. Follow APA format.
Following are the amounts of the assets and liabilities : 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.
Describe why you think the program or project was successful : What three strategies do you think would be most beneficial when putting together a health promotion plan for the population identified in this unit's first discussion? Why?
Drive the speed of mmfs and mmfr for a person : Given a P-Pole induction machine p > 2, drive the speed of MMFs and MMFr for a person standing on the stator and the rotor. When ωr > ωe, explain what happens to MMFr that is different than when ωr
Who are the major competitors in the global wine industry : What features and capabilities should Chinese wine producers incorporate into their next product line in your opinion? Is their decision to become global well timed, given the rules of engagement in the industry?
The financial statements at the end of four corners realty : The financial statements at the end of Four Corners Realty's first month of operations are shown below and on the next page.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Morse company manufactures basketballs materials are added

morse company manufactures basketballs. materials are added at the beginning of the production process and conversion

  Unexpected problems-forces in global market

The forces affecting trade in global markets include sociocultural forces, economic and financial forces, legal and regulatory forces, and physical and environmental forces. What can business do to prevent unexpected problems in dealing with these..

  The unadjusted trial balance

A company had calculated net income to be $78,200 based on the unadjusted trial balance.

  Prepare the necessary journal entries to record the sale

Ramsden Manufacturing sold merchandise with a gross price of $25,000 to Garner's Hardware Store. Ramsden offered terms of 3/10, n/30.

  Unit sales using the equation method

a) Solve for the company's break-even point in unit sales using the equation method. b) Solve for the company's break-even point in dollar sales using the equation method and the CM ratio.

  How much interest will boston pay

On January 1, 2013, Boston Enterprises issues bonds that have a $ 3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par.

  Define debt financing

Define debt financing. What does the presence of debtfinancing in a firm's capital structure usually suggest? Whatis its purpose?

  At the beginning of the year grillo industries bought

at the beginning of the year . grillo industries bought three used machines from freeman incorporated .the machines

  Harris fabrics computes its predetermined overhead rate

harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning

  Contribution margin ratio-gross profit ratio

What are E's contribution margin ratio, gross profit ratio and operating (net) income ratios?

  Ida sidha karya company is a family-owned company located

ida sidha karya company is a family-owned company located in the village of gianyar on the island of bali in indonesia.

  Losses will affect the taxable income

Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd