Financial Accounting 1 - Problem 1-1 A and 1-1B

Assets Liabilities Owner's Equity

Accounts Accounts Salaries Supplies Miscellaneous
Cash Receivable Supplies Payable Capital Drawing Fees Earned Rent Expense Expense Expense Auto Expense Expense

a
30000 1800 1800 30000

c
10000 10000

d
-4500 -4500

e
-1250 -1250

f
16800 16800

g
-1730 -750 -980

h
-4000 -4000

i
-1120 -1120

j
-7500 -7500

Balance
21020 16800 680 550 30000 -7500 26800 -4500 -4000 -1120 -750 -980
 Financial Accounting - Problems 1-2A and 1-2B
NORDIC TRAVEL AGENCY
Income Statement
For the Year Ended December 31, 2019
1
Fees earned $912,000

Wages expense $510,000

Rent Expenses $36,000
Utilities Expenses $28,000
Supplies Expenses $4,100
Miscellaneous Expenses $6,400
Total Expenses $585,000
Net Income $327,000

2
NORDIC TRAVEL AGENCY
Statement of Owner's Equity
For the Year Ended December 31, 2019
Ian Eisele,capital, January 1,2019 $670,000
Net Income for the year $327,500
Withdrawals -42,000
Increase in owner's equity 285500
Ian Eisele,capital,December 31,2019 $955,500
 Financial Accounting - Problems 1-2A and 1-2B
NORDIC TRAVEL AGENCY
Balance Sheet
December 31,2019
Assets
Cash $190,000
Accounts Recievable 285000
Supplies 5500
Land 544000
Total Assets 1025000
Total Assets $365,000
Liabilities
Accounts payable 69500
Owner's Equity
Ian Eisele, capital 955500
Total liabilities and owner's equity 1025000

Ian Eisele, Capital of 955,500