Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Show Me How Video Question Content Area Income Statement, Statement of stockholders equity, and Balance Sheet Viva Travel Service reported assets, liabilities, revenues and

eBook

Show Me How Video

Question Content Area

Income Statement, Statement of stockholders equity, and Balance Sheet

Viva Travel Service reported assets, liabilities, revenues and expenses for September 30, 20Y6 below. As of October 1, 20Y5, the beginning of the current year, Viva Travel Service reported retained earnings as $32,970, and common stock as $7,500. During the current year, dividends in the amount of $17,500 were paid.

Line Item Description Amount
Accounts payable $11,940
Accounts receivable 78,897
Common stock 15,000
Cash 128,993
Fees earned 433,800
Miscellaneous expense 3,370
Rent expense 56,180
Supplies 5,560
Supplies expense 8,990
Utilities expense 33,710
Wages expense 160,510

2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0". Enter negative value for dividends.

Line Item Description Common Stock Retained Earnings Total
Balances, Oct. 1, 20Y5 $Balances, Oct. 1, 20Y5 $Balances, Oct. 1, 20Y5 Balances, Oct. 1, 20Y5
CashDecrease in cashIncrease in cashIssuance of common stockNet loss - Select - - Select - - Select -
Accounts payableAccounts receivableCashNet incomeNet loss - Select - - Select - - Select -
Accounts payableAccounts receivableCashDividendsNet loss - Select - - Select - - Select -
Balances, Sept. 30, 20Y6 $Balances, Sept. 30, 20Y6 $Balances, Sept. 30, 20Y6 $Balances, Sept. 30, 20Y6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions