The amounts of the assets and liabilities of Abyss Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital stock was \(\$ 18,000\) and the retained earnings was \(\$ 42,000\) on July 1, 2007, the beginning of the current year. During the current year, dividends of \(\$ 50,000\) were paid.

{Instructions}
1. Prepare an income statement for the current year ended June 30, 2008.
2. Prepare a retained earnings statement for the current year ended June 30, 2008.
3. Prepare a balance sheet as of June 30, 2008.

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Accounts payable Accounts receivable Cash $ 12,500 Supplies $ 4,250 48,750 Supplies expense 8,250 99,500 Taxes expense 6,400 Fees earned 375,000 Utilities expense 31,200 Miscellaneous expense 3,150 Wages expense 145,400 Rent expense 50,600