9. PR.01.02A.BLANKSHEET Financial statements Instructions The assets and liabilities of Global Travel Agency on December 31, 2015, 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, 2015. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid. Required: 1. Prepare an income statement for the year ended 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. 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 stockholders' equity for the year ended 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. 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 stockholders' equity and the balance sheet? Accounts, Labels and Amount Descriptions Accounts Accounts receivable Accounts payable Cash Common stock Fees earned Land Miscellaneous expense Rent expense Retained earnings Supplies Supplies expense Utilities expense Wages expense Labels December 31, 2015 Expenses For the Year Ended December 31, 20YS Amount Descriptions Balances, January 1, 2015 Balances, December 31, 2015 Dividends Issued common stock Net income Net loss Total assets Total expenses Total stockholders' equity Total liabilities and stockholders' equity 2 3 2 (Label) Global Travel Agency Income Statement (Label) Statement of Stockholders' Equity 2. Prepare a statement of stockholders' equity for the year ended December 31, 2015. Refer to the lists of Accounts, Labels and Amount Descriptions Ic an amount box does not require an entry, leave it blank Global Travel Agency Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings 11 12 13 10 Assets Liabilities Stockholders' Equity Balance Sheet (Label) Final Question 4. What items appears on both the statement of stockholders' equity and the balance sheet? Check all that apply. 0000000 Accounts receivable Accounts payable Cash Ending common stock Land Retained earnings Supplies