Accounting
Naldo
M1A1-ProblemSolving.pdf
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O b j / 4 p1-1 Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Utah Travel Service as of April 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $300,000, and the capital stock was $90,000 as of May 1, 20Y5, the beginning of the current year. Dividends of $75,000 were paid during the current year.
, 1 . N e t income: , Accounts payable $ 71,500
$250,000 .Accounts receivable 188,100 'Cash 428,300 .Fees earned 1,594,200 Miscellaneous expense 16,000 Rent expense 226,800 Supplies 20,100 Supplies expense 42,600
• Taxes expense 33,600 . Utilities expense 135,000 , Wages expense 890,200
Instructions
1. Prepare an income statement for the current year ended April 30, 20Y6.
2. Prepare a retained earnings statement for the current year ended April 30, 20Y6.
3. Prepare a balance sheet as of April 30, 20Y6.
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