Income Statement, Retained Earnings Statement, and Balance Sheet
The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $37,490, and the common stock was $7,500 as of October 1, 20Y5, the beginning of the current year. During the current year, dividends of $19,900 were paid.
Accounts payable | $13,060 |
Accounts receivable | 84,901 |
Common stock | 15,000 |
Cash | 141,109 |
Fees earned | 493,300 |
Miscellaneous expense | 3,940 |
Rent expense | 65,610 |
Supplies | 6,080 |
Supplies expense | 10,500 |
Utilities expense | 39,360 |
Wages expense | 187,450 |
Instructions:
1. Prepare an income statement for the current year ended September 30, 20Y6.
Glacier Travel Service | ||
Income Statement | ||
For the Year Ended September 30, 20Y6 | ||
$ | ||
Operating expenses: | ||
$ | ||
Total operating expenses | ||
$ | ||
2. Prepare a statement of stockholders’ equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0".
Glacier Travel Service | |||
Statement of Stockholders’ Equity | |||
For the Year Ended September 30, 20Y6 | |||
Common Stock | Retained Earnings | Total | |
Balances, Oct. 1, 20Y5 | $ | $ | |
Balances, Sept. 30, 20Y6 | $ | $ | $ |
3. Prepare a balance sheet as of September 30, 20Y6. When entering assets, enter them in order of liquidity.
Glacier Travel Service | ||
Balance Sheet | ||
September 30, 20Y6 | ||
Assets | ||
$ | ||
Total assets | $ | |
Liabilities | ||
$ | ||
Stockholders' Equity | ||
$ | ||
Total stockholders' equity | ||
Total liabilities and stockholders' equity | $ |
8. PR.01-05.Algo
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Financial Statements, including Statement of Cash Flows
Pendray Systems Corporation began operations on January 1, 20Y5, as an online retailer of computer software and hardware. The following financial statement data were taken from Pendray’s records at the end of its first year of operations, December 31, 20Y5.
Accounts payable | $50,000 |
Accounts receivable | 275,000 |
Common stock | 630,000 |
Cash | ? |
Cash payments for operating activities | 1,642,500 |
Cash receipts from operating activities | 1,725,000 |
Cost of sales | 1,087,500 |
Dividends | 75,000 |
Income tax expense | 132,500 |
Income taxes payable | 20,000 |
Interest expense | 5,000 |
Inventories | 287,500 |
Note payable (due in ten years) | 125,000 |
Property, plant, and equipment | 662,500 |
Retained earnings | ? |
Sales | 2,000,000 |
Selling and administrative expenses | 200,000 |
Instructions:
1. Prepare an income statement for the year ended December 31, 20Y5.
Pendray Systems Corporation | ||
Income Statement | ||
For the Year Ended December 31, 20Y5 | ||
Revenue: | ||
$ | ||
Expenses: | ||
$ | ||
$ |
2. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. If your answer is zero enter "0".
Pendray Systems Corporation | |||
Statement of Stockholders’ Equity | |||
For the Year Ended December 31, 20Y5 | |||
Common stock | Retained Earnings | Total | |
Balances, January 1, 20Y5 | $ | $ | $ |
Balances, December 31, 20Y5 | $ | $ | $ |
3. Prepare a balance sheet as of December 31, 20Y5.
Pendray Systems Corporation | ||
Balance Sheet | ||
December 31, 20Y5 | ||
Assets | ||
$ | ||
Total assets | $ | |
Liabilities | ||
$ | ||
Total liabilities | $ | |
Stockholders' Equity | ||
$ | ||
Total stockholders' equity | ||
Total liabilities and stockholders' equity | $ |
4. Prepare a statement of cash flows for the year ended December 31, 20Y5. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. If your answer is zero enter "0".
Pendray Systems Corporation | ||
Statement of Cash Flows | ||
For the Year Ended December 31, 20Y5 | ||
Cash flows from operating activities: | ||
$ | ||
$ | ||
Cash flows from investing activities: | ||
Cash flows from financing activities: | ||
$ | ||
$ | ||
$ |
Dear student,
As per the HOMEWORKLIB POLICY, only the first question should be answered. Kindly take note of it. Each new question should be posted separately.
Part 1
Glacier Travel Service Income Statement For the Year Ended September 30, 20Y6 |
||
Fees earned |
493300 |
|
Operating expenses: |
||
Wages expense |
187450 |
|
Rent expense |
65610 |
|
Utilities expense |
39360 |
|
Supplies expense |
10500 |
|
Miscellaneous expense |
3940 |
|
Total operating expenses |
306860 |
|
Net income |
$186440 |
Part 2
Glacier Travel Service Statement of Stockholders’ Equity For the Year Ended September 30, 20Y6 |
|||
Common Stock |
Retained Earnings |
Total |
|
Balances, Oct. 1, 20Y5 |
7500 |
37490 |
44990 |
Additional issue of common stock |
7500 |
7500 |
|
Add: net income |
186440 |
186440 |
|
Less: dividend |
(19900) |
(19900) |
|
Balances, Sept. 30, 20Y6 |
$15000 |
$204030 |
$219030 |
Part 3
Glacier Travel Service Balance Sheet September 30, 20Y6 |
||
Assets |
||
Cash |
141109 |
|
Accounts receivable |
84901 |
|
supplies |
6080 |
|
Total assets |
$232090 |
|
Liabilities |
||
Accounts payable |
$13060 |
|
Stockholders' Equity |
||
Common stock |
15000 |
|
Retained earnings |
174040 |
|
Total stockholders' equity |
$219030 |
|
Total liabilities and stockholders' equity |
$232090 |
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