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Chapter 1 Homework Calculator Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 2016, the end of the current year, and its revenue and expenses for the year. The retained earnings were $44,400, and the common stock was $7,500 as of October 1, 2045, the beginning of the current year. During the current year, dividends of $21,800 were paid. . . Accounts payable $15,580 . Accounts receivable 98,389 . Common stock 15,000 . Cash 168,331 WINES ONTOWN Fees earned 584,200 Miscellaneous expense 4,660 Rent expense 77,700 Supplies 7,250 Supplies expense 12,430 Utilities expense 46,620 Wages expense 222,000 Instructions: 1. Prepare an income statement for the current year ended September 30, 20Y6. Chapter 1 Homework Calculator 1. Prepare an income statement for the current year ended September 30, 2016. Glacier Travel Service Income Statement For the Year Ended September 30, 2046 Fees earned $ 584,200 Operating expenses: Wages expense s 222,000 Rent expense 77,700 Utilities expense 46,620 Supplies expense 12,430 Miscellaneous expense 4,660 UNETTONWIN Total operating expenses 363,410 Net income $ 220,790 Feedback Check My Work Expenses are subtracted from revenues to determine a company's net income or net loss in the income statement of a company. 2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "O". Glacier Travel Service Statement of Stockholders' Equity For the Year Ender Centember 20, 2016 Chapter 1 Homework Calculator 2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0". Total 51,900 lls Glacier Travel Service Statement of Stockholders' Equity For the Year Ended September 30, 2016 Common Stock Retained Earnings Balances, Oct. 1, 2045 $ 7,500 $ 44,400 Issuance of common stock 15.000 x 0 15,000 Net income 510,840 X Dividends 21,800 Balances, Sept. 30, 2016 WINE TOWN Feedback Check My Work Keep in mind that stockholders' equity increases with additional stock issues and also when the retained earnings balance increases through net income and gains. Stockholders' equity decreases when dividends are declared and paid and also when the retained earnings balance decreases through net losses. 3. Prepare a balance sheet as of September 30, 2016. When entering assets, enter them in order of liquidity. Glacier Travel Service Balance Sheet September 30, 20Y6 Assets Chapter 1 Homework Calculator 3. Prepare a balance sheet as of September 30, 2016. When entering assets, enter them in order of liquidity. Glacier Travel Service Balance Sheet September 30, 2016 Assets Total assets UNESCONTOWN Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Foedback Check My Work The balance sheet is a formal presentation of the accounting equation and includes the assets, liabilities, and stockholders' equity accounts
