Using the following data for Adventure Travel Service as well as the statement of owner’s equity shown in Practice Exercise

Using the following data for Adventure Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a report form balance sheet as of April 30, 2019: 

Accounts payable $105,000

Accounts receivable 485,000

Cash 197,000

Land 900,000

Supplies 18,000

Answer:

ADVENTURE TRAVEL SERVICE

Balance Sheet

April 30, 2019

Cash$ 197,000 Accounts receivable485,000 Supplies18,000 Land900,000 Total assets$1,600,000 Accounts payable$ 105,000 Jerome Foley, capital1,495,000 Total liabilities and owner’s equity$1,600,000