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 Accounts receivable Cash Fees earned Miscellaneous expense Rent expense Supplies Supplies expense Taxes expense Utilities expense Wages expense 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, 20Y6.

net income - $250,000