The assets and liabilities of Chickadee Travel Service at April 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Adam Cellini, was $80,000 at May 1, 2007, the beginning of the current year.
|
Accounts payable
|
$ 12,200
|
Miscellaneous expense
|
$ 12,950
|
|
Accounts receivable
|
31,350
|
Office expense
|
63,000
|
|
Cash
|
53,050
|
Supplies
|
3,350
|
|
Fees earned
|
263,200
|
Wages expense
|
131,700
|
|
Land
|
80,000
|
|
|
Prepare an income statement for the current year ended April 30, 2008.