The balances of Up-in-the-Air Travel Service’s accounting equation items for the year ended April 30, 20Y7, are listed below. Jerome Foley, the owner, invested an additional $52,000 in the business during the year and withdrew cash of $34,000 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $876,000.
Fees earned $1,870,000
Office expense 343,000
Miscellaneous expense 21,000
Wages expense 1,115,000
Accounts payable 90,000
Accounts receivable 417,000
Cash 170,000
Land 772,000
Supplies 16,000
Prepare a balance sheet as of April 30, 20Y7. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. When entering assets, enter them in order of liquidity.