The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $ 108,000 Miscellaneous expense $ 19,500 Rent expense Supplies Supplies expense Utilities expense Accounts receivable 539,000 56,000 Cash 200,000 6,000 Common stock 575,000 12,700 Fees earned 940,000 34,800 Land 1,500,000 Wages expense 415,000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid. Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appears on both the statement of stockholders' equity and the balance sheet?

The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $ 108,000 Miscellaneous expense $ 19,500 Rent expense Supplies Supplies expense Utilities expense Accounts receivable 539,000 56,000 Cash 200,000 6,000 Common stock 575,000 12,700 Fees earned 940,000 34,800 Land 1,500,000 Wages expense 415,000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid. Instructions 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. 3. Prepare a balance sheet as of December 31, 20Y5. 4. What items appears on both the statement of stockholders' equity and the balance sheet?

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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