Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $32,970, and common stock as $7,500. During the current year, dividends in the amount of $17,500 were paid.
Line Item Description | Amount |
---|---|
Accounts payable | $11,940 |
Accounts receivable | 78,897 |
Common stock | 15,000 |
Cash | 128,993 |
Fees earned | 433,800 |
Miscellaneous expense | 3,370 |
Rent expense | 56,180 |
Supplies | 5,560 |
Supplies expense | 8,990 |
Utilities expense | 33,710 |
Wages expense | 160,510 |
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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started