Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help completing this problem: Microsoft Excel P1-1 Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Utah
Need help completing this problem:
Microsoft Excel
P1-1 Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Utah Travel Service as of April 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $300,000, and the capital stock was $90,000 as of May 1, 20Y5, the beginning of the current year. Dividends of $75,000 were paid during the current year Obj 4 af ais ana tes n ne 1 gining 1. Net income: $250,000 Accounts payable Accounts receivable Cash Fees earned Miscellaneous expense Rent expense Supplies Supplies expense laxes expense Utilities expense Wages expense 71,500 188,100 428,300 1,594,200 16,000 226,800 20,100 42,600 33,600 135,000 890,200 Instructions 1. Prepare an income statement for the current year ended April 30, 20Y6. 2. Prepare a retained earnings statement for the current year ended April 30, 20Y6. 3. Prepare a balance sheet as of April 30, 20Y6Step 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