Following are the amounts of the assets and liabilities of Greco Travel Agency at December 31, 2006,

Question:

Following are the amounts of the assets and liabilities of Greco Travel Agency at December 31, 2006, the end of the current year, and its revenue and expenses for the year. The retained earnings were $8,700, and the capital stock was $7,500 on January 1, 2006, the beginning of the current year. During the current year, dividends of $47,000 were paid.

Following are the amounts of the assets and liabilities of 119921

Instructions
1. Prepare an income statement for the current year ended December 31, 2006.
2. Prepare a retained earnings statement for the current year ended December 31, 2006.
3. Prepare a balance sheet as of December 31,2006.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting An Integrated Statements Approach

ISBN: 978-0324312119

2nd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

Question Posted: