The Accounting Equation Elements and Their Balances of Awesome Travel

question 56

Essay

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year.? $$\begin{array} { l r l r } \text { Accounts payable } & \$ 12,000 & \text { J. Trendsetter, capital (January 1) } & \$ 10,000 \\\text { Accounts receivable } & 14,000 & \text { Supplies } & 1,000 \\\text { Cash } & 18,000 & \text { Income taxes expense } & 1,300 \\\text { Computer equipment } & 21,000 & \text { Utilities expense } & 8,000 \\\text { Fees earned } & 78,000 & \text { Wages expense } & 25,000 \\\text { Rent expense } & 10,000 & \text { Supplies expense } & 1,700\end{array}$$ Prepare an income statement, statement of owner's equity, and a balance sheet as of December 31.?

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The level of production where a company or economy is utilizing all its resources efficiently, operating at maximum capacity.

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Production Possibilities Curve

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