Question
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
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.
Accounts payable 71,500
Accounts receivable 188,100
Cash 428,300
Fees earned 1,594,200
Miscellaneous expense 16,000
Rent expense 226,800
Supplies 20,100
Supplies expense 42,600
Taxes expense 33,600
Utilities expense 135,000
Wages expense 890,200
Prepare the income statement for the current year ended April 30, 20Y6.
Net income: $250,000
Revenue:
Sales..
Expenses:
Cost of Sales..
Selling and administrative expenses.
Interest expense.
Income taxes expense
Other Expense...
Net Income
Prepare the retained earnings statement for the current year ended April 30, 20Y6.
Retained Earnings: $300,000
Prepare the balance sheet as of April 30, 20Y6.
Balance Sheet:
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