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The assets and liabilities of Global Travel Agency on December 31, 2015, and its revenue and expenses for the year are as follows: Accounts payable
The assets and liabilities of Global Travel Agency on December 31, 2015, and its revenue and expenses for the year are as follows: Accounts payable Accounts receivable $108,000 Miscellaneous expense $19.500 539,000 Rant expense 56,000 Cash Common stock Fees eamed Land 200.000 575.000 Supplies 6,000 Supplies expense 12,700 940,000 Usities expense 34.800 1,500,000 Wages expense 415.000 Common stock was $525,000 and retained eamings was $1.250.000 as of January 1, 2015. During the year, additional common stock of $50,000 was issued for cash, and dividends of 800,000 were paid. Required: 1. Prepare an income statement for the year ended December 31, 2015 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If there is a net loss, enter that amount as a negative number using a minus sign. You will not need to enter colons () on the income statement. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20YS Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading if a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank 3. Prepare a balance sheet as of December 31, 2015 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading 4. What dems appears on both the statement of stockholders' equity and the balance sheer
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