Question

Labels and Amount Descriptions Labels December 31, 2018 Expenses For the Year Ended December 31, 2018 Amount Descriptions Change in retained earnings Dividend:s Net income Net loss Retained earnings Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total expenses Total liabilities and stockholders' equity Total stockholders' equity

Answer 1

Ans--1- Journey Travel Agency

Income Statement

For the Year Ended December 31,2018

Particulars	Amount ($)	Amount ($)
Revenues and Gains :
Fees Earned	383,500
Total Revenue		383,500
Expenses and Losses:
Miscellaneous Expenses	14,500
Rent Expenses	22,500
Supplies Expenses	11,300
Utilities Expenses	16,700
Wages Expenses	170,.000
Total Expenses		235,000
Net Income		148,500

2-Journey Travel Agency

Statement of Retained Earnings

For the Period January 1,2018 to December 31,2018

Particulars	Amount ($)
Retained Earnings on January 1,2018	1,341,000
Add: Earned during the year	148,500
Total	1,489,500
Less: Dividend paid	75,000
Retained Earnings on December 31,2018	1,414,500

3-Journey Travel Agency

Balance Sheet

As at December 31, 2018

Assets	Amount ($)
Cash	190,500
Accounts Receivable	236,500
Total Current Assets	427,000
Land	1,500,000
Supplies	7,000
Total Assets	1,934,000
Liabilities:
Accounts Payable	69,500
Total Liabilities	69,500
Stockholder's Equity
Common Stock	450,000
Retained Earnings	1,414,500
Total Equity	1,864,500
Total Liabilities and Stockholder's Equity	1,934,000

4- Net profit appears on both Retained Earnings Statement and Balance Sheet.

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