The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Jennifer Burch, owner, was $45,540 at May 1, 2009, the beginning of the current year, and the owner withdrew $25,000 during the current year.
1. Prepare an income statement for the current year ended April 30, 2010.
2. Prepare a statement of owner’s equity for the current year ended April 30, 2010.
3. Prepare a balance sheet as of April 30,2010.