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Financial statements Instructions Accounts, Labels and Amount Descriptions Income Statement Instructions The assets and liabilities of Global Travel Agency on December 31, 2045, and its
Financial statements Instructions Accounts, Labels and Amount Descriptions Income Statement Instructions The assets and liabilities of Global Travel Agency on December 31, 2045, and its revenue and expenses for the year are as follows: Accounts payable $108,000 Miscellaneous expense $19,500 Accounts receivable 539,000 Rent expense 56,000 Cash 200,000 Supplies 6,000 Common stock 575,000 Supplies expense 12,700 Fees earned 940,000 Utilities expense 34,800 Land 1,500,000 Wages expense 415,000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid. ana tement Instructions Required: 1. Prepare an income statement for the year ended December 31, 2045. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of stockholdersequity for the year ended December 31, 20Y5. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. 3. Prepare a balance sheet as of December 31, 2015. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. 4. What items appears on both the statement of stockholdersequity and the balance sheet
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