Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings was $145,000 at May 1, 2017, the beginning of the year, and dividends of $40,000 were paid during the year. Accounts payable Accounts receivable Cash Common stock Fees earned Miscellaneous expense $25,000 210,000 146,000 35,000 875,000 15,000 75,000 9,000 12,000 10,000 38,000 525,000 Rent expense Supplies Supplies expense Taxes expense Utilities expense Wages expense Required: 1. Prepare an income statement for the year ended April 30, 2018. Wilderness Travel Service Income Statement For the Year Ended April 30, 2018 Fees earned $ 875,000 Expenses: Wages expense $ 525,000 Rent expense 75,000 Utilities expense 38,000 Supplies expense 12,000 Taxes expense 10,000 Miscellaneous expense 15,000 675,000 Total expenses Net Income 200,000 Feedback 2. Prepare a retained earnings statement for the year ended April 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Wilderness Travel Service Retained Earnings Statement For the Year Ended April 30, 2018 Retained earnings, May 1, 2017 $ 145,000 Net income $ 200,000 Dividends Change in retained earnings Retained earnings, April 30, 2018 3. Prepare a balance sheet as of April 30, 2018. When entering assets, enter them in order of liquidity. Wilderness Travel Service Balance Sheet April 30, 2018 Assets Cash Accounts receivable Supplies Total assets Liabilities Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback 4. What item appears on both the income statement and retained earnings statement? Net income