Financial statements OBJ. 5 The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings was $145,000 at May 1, 2015, the beginning of the year, and dividends of $40,000 were paid during the year.

Accounts payable $ 25,000 Rent expense $ 75,000 Accounts receivable 210,000 Supplies 9,000 Cash 146,000 Supplies expense 12,000 Common stock 35,000 Taxes expense 10,000 Fees earned 875,000 Utilities expense 38,000 Miscellaneous expense 15,000 Wages expense 525,000 Instructions 1. Prepare an income statement for the year ended April 30, 2016.

2. Prepare a retained earnings statement for the year ended April 30, 2016.

3. Prepare a balance sheet as of April 30, 2016.

4. What item appears on both the income statement and retained earnings statement?