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P1-1. Income statement, retained earnings statement, and balance sheet. The amounts of the assets and liabilities of Glacier Travel Service as of September 30,
P1-1. Income statement, retained earnings statement, and balance sheet. The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150,000 and the common stock was $50,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10,000 were paid during the year. Accounts payable Instructions $175,000 Accounts receivable 321,000 Cash 166,000 Common stock 70,000 Fees earned 900,000 Miscellaneous expense 37,000 Rent expense 180,000 Supplies 13,000 Supplies expense 38,000 Taxes expense 30,000 Utilities expense 75,000 Wages expense 425,000 1. Prepare an income statement for the current year ended September 30, 2016. 2. Prepare a statement of stockholders' equity for the current year ended September 30, 2016. 3. Prepare a balance sheet as of September 30, 2016.
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