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The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Miscellaneous expense $22,100 Accounts receivable 310,400 Rent expense 75,000 Cash 198,600 Supplies 6,000 325,000 Supplies expense 15,300 40,000 1,400,000 Utilities expense 1,350,000 Wages expense 870,000 Common stock Fees earned Land Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Prepare an income statement for the year ended December 31, 20Y5.

The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Miscellaneous expense $22,100 Accounts receivable 310,400 Rent expense 75,000 Cash 198,600 Supplies 6,000 325,000 Supplies expense 15,300 40,000 1,400,000 Utilities expense 1,350,000 Wages expense 870,000 Common stock Fees earned Land Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Prepare an income statement for the year ended December 31, 20Y5.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Accounts receivable 310,400 Rent expense Cash 198,600 Supplies 325,000 Supplies expense 1,400,000 Utilities expense 1,350,000 Wages expense Common stock Miscellaneous expense $22,100 75,000 6,000 15,300 40,000 870,000 Fees earned Land Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Prepare an income statement for the year ended December 31, 20Y5.
Transcribed Image Text:The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Accounts receivable 310,400 Rent expense Cash 198,600 Supplies 325,000 Supplies expense 1,400,000 Utilities expense 1,350,000 Wages expense Common stock Miscellaneous expense $22,100 75,000 6,000 15,300 40,000 870,000 Fees earned Land Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Prepare an income statement for the year ended December 31, 20Y5.
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