eBook Show Me How 2. Prepare a retained earnings statement for the year ended December 31, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Journey Travel Agency Retained Earnings Statement For the Year Ended December 31, 2018 Retained earnings, January 1, 2018 Net income Dividends Change in retained earnings Retained earnings, December 31, 2018 54,140 280,900 29,200 X 251,700 305340 V Check My Work 2. Follow Example Exercise 1-5. Recall that the statement of retained eamings considers net income or net loss and dividends to calculate the ending retained eamings Leaming Objective 5 3. Prepare a balance sheet as of December 31, 2018. When entering assets, enter them in order of liquidity Journey Travel Agency Balance Sheet December 31, 2018 Check My Work 1 more Check My Work uses remaining All work saved Previous Save and Exit Submit Assignment for Grading eBook Show Me How Print item Financial Statements The following are the amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $54,140 on January 1, 2018, the beginning of the year. During the year, dividends of $29,200 were paid. Accounts payable $19,570 Accounts receivable 69,780 Cash 211,520 Common stock 15,000 Fees eamed 712,400 Land 50,000 Miscellaneous expense 5,540 Rent expense 92,260 Supplies 9,110 Supplies expense 14,760 $5,350 Utilities expense 263,590 Wages expense Required: 1. Prepare an income statement for the year ended December 31, 2018. Journey Travel Agency Income Statement For the Year Ended December 31, 2018 Previous Next