Question
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
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 $37,600, and common stock as $7,500. During the current year, dividends in the amount of $17,700 were paid.
Line Item Description | Amount |
---|---|
Accounts payable | $13,240 |
Accounts receivable | 85,871 |
Common stock | 15,000 |
Cash | 143,059 |
Fees earned | 494,700 |
Miscellaneous expense | 3,950 |
Rent expense | 65,800 |
Supplies | 6,160 |
Supplies expense | 10,530 |
Utilities expense | 39,480 |
Wages expense | 187,990 |
Instructions:
Question Content Area
1. Prepare an income statement for the current year ended September 30, 20Y6.
Line Item Description | Amount | Amount |
---|---|---|
Accounts receivableCashCommon stockFees earnedWages expense | $- Select - | |
Operating expenses: | ||
Accounts payableDividendsFees earnedSuppliesWages expense | $- Select - | |
Accounts payableAccounts receivableCommon stockFees earnedRent expense | - Select - | |
Accounts payableCashFees earnedSuppliesUtilities expense | - Select - | |
Accounts receivableDividendsFees earnedSupplies expenseSupplies | - Select - | |
Accounts payableAccounts receivableCashCommon stockMiscellaneous expense | - Select - | |
Total operating expenses | Total operating expenses | |
Net incomeNet loss | $- Select - | |
Question Content Area
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 |
Question Content Area
3. Prepare a balance sheet as of September 30, 20Y6. When entering assets, enter them in order of liquidity.
Line Item Description | Amount | Amount |
---|---|---|
Assets | ||
Accounts payableCommon stockCashRetained earningsWages expense | $- Select - | |
Accounts payableAccounts receivableCommon stockRent expenseRetained earnings | - Select - | |
Accounts payableCommon stockRetained earningsSuppliesSupplies expense | - Select - | |
Total assets | $Total assets | |
Liabilities | ||
Accounts payableAccounts receivableCommon stockRetained earningsUtilities expense | $- Select - | |
Stockholders' Equity | ||
Accounts payableAccounts receivableCommon stockCashTaxes expense | $- Select - | |
Accounts payableAccounts receivableCashMiscellaneous expenseRetained earnings | - Select - | |
Total stockholders' equity | Total stockholders' equity | |
Total liabilities and stockholders' equity | $Total liabilities and stockholders' equity |
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