Req Req 3B Req 3C Prepare a balance sheet at May 31, 2016. (Enter your answers in millions, not in whole dollars. Amounts to be deducted should be indic a minus sign.) ON TIME CORPORATION Balance Sheet (in millions) Accounts Payable Accounts Payable X 0 x 0 0 $ 0 $ Req 3B Req30 ) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. On Time Corporation reported its balance sheet at May 31, 2016. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements. ON TIME CORPORATION Adjusted Trial Balance At May 31, 2016 (millions of dollars) Debit Credit $ 4,000 $ 6,100 20,700 6,000 3,800 3,500 280 40,300 4,900 1,450 1,450 210 120 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Depreciation Expense Dividends Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable Interest Revenue Notes Payable (long-term) Notes Payable (short-term) Office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Transportation Expense 130 8,800 850 7,650 1,400 3,600 3,000 16, 440 17,700 2,800 50, 800 560 13,000 $109,770 $109,770 E4-2 Part 3 3-a. Prepare an income statement for the year ended May 31, 2016 3-b. Prepare a statement of retained earnings for the year ended May 31, 2016. 3-c. Prepare a balance sheet at May 31, 2016. r 4 Homework information Complete this question by entering your answers in the tabs below. Req Req 3B Req 30 Prepare an income statement for the year ended May 31, 2016. (Enter your answers in millions, not in whole dollars.) ON TIME CORPORATION Income Statement (in millions) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 3-b. Prepare a statement of retained earnings for the year ended May 31, 2016. 3-c. Prepare a balance sheet at May 31, 2016. Complete this question by entering your answers in the tabs below. Req Req 3B Req 30 --- Prepare a statement of retained earnings for the year ended May 31, 2016. (Enter your answers in millions, not in whole dollars.) ON TIME CORPORATION Statement of Retained Earnings (in millions) Beginning Balance, 6/1/2015 Add: Net Income Less: Dividends Ending Balance, 5/31/2016 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted