The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid.
| Accounts payable | $ 69,500 |
| Accounts receivable | 236,500 |
| Cash | 190,500 |
| Common stock | 450,000 |
| Fees earned | 383,500 |
| Land | 1,500,000 |
| Miscellaneous expense | 14,500 |
| Rent expense | 22,500 |
| Supplies | 7,000 |
| Supplies expense | 11,300 |
| Utilities expense | 16,700 |
| Wages expense | 170,000 |
| Required: | |
| 1. | Prepare an income statement for the year ended December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required. |
| 2. | Prepare a retained earnings statement for the year ended December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided 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. The word “Less” or “Add” is not needed in the Retained Earnings Statement. |
| 3. | Prepare a balance sheet as of December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. |
| 4. | What item appears on both the retained earnings statement and the balance sheet? |
Homework Answers
Retained earning statement is prepared to compute balance of retained earning at the end of year.
Ending balance of retained earning = beginning balance of retained earning + net income - dividend paid
Add Answer to:
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $605,000 on January 1, 2018, the beginning of the year. During the year, dividends of $37,000 were paid. Accounts $ 73,000 payable Accounts 277,000 receivable Cash 191,500 Common stock 70,000 Fees earned 888,700 Land 547,000 Miscellaneous 6,000 expense Rent expense 34,000 Supplies 6,000 Supplies 4,200 expense Utilities...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
Labels and Amount Descriptions Labels December 31, 2018 Expenses For the Year Ended December 31, 2018...
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 Instructions The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and...
SHOW HOW T Calculator Financial statements Instructions Labels and Amount Descriptions Income Statement Instructions Accounts payable...
SHOW HOW T Calculator Financial statements Instructions Labels and Amount Descriptions Income Statement Instructions Accounts payable Accounts receivable Cash Common stock Fees eamed Land Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 72,000 265,000 188,000 70,000 833,000 547,000 6,000 33,000 5,300 4,200 27,500 501,000 2 (Label) Required: 1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provide for the exact wording of the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $42,000. Accounts Amounts Accounts payable $ 69,500 Accounts receivable 285,000 Cash 190,500 Fees earned 912,500 Land 544,000 Miscellaneous expense 6,400 Rent expense 36,000 Supplies 5,500 Supplies expense 4,100 Utilities...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019,...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $43,000 Accounts Accounts payable Accounts receivable Amounts $65,500 264,000 Cash 180,500 Fees earned 879,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 5,200 Supplies Supplies expense 4,100 Utilities...
Instructions The assets and liabilities of Thompson Computer Services at March 31, the end of the...
Instructions The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $115,300 and the retained earings were $70,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional 525,600 in stock Accounts Accounts payable Accounts receivable Cash Amount $2.000 10,340 21,420 74,330 47.000 157,630 Accounts Miscellaneous expense Office expense Supplies Wages expense...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $795,500 Office expense 295,100 Miscellaneous expense 10,100 Wages expense 450,800 Everett McCauley invested an additional $38,200 in the business in exchange for common stock, and $19,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $355,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019,...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $45,000. Accounts Accounts payable Amounts $71,000 Accounts receivable 268,000 Cash 191,500 Fees earned 881,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 5,700 Supplies Supplies expense 4,100 Utilities...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $605,000 on January 1, 2018, the beginning of the year. During the year, dividends of $37,000 were paid. Accounts $ 73,000 payable Accounts 277,000 receivable Cash 191,500 Common stock 70,000 Fees earned 888,700 Land 547,000 Miscellaneous 6,000 expense Rent expense 34,000 Supplies 6,000 Supplies 4,200 expense Utilities...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
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 Instructions The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year...
SHOW HOW T Calculator Financial statements Instructions Labels and Amount Descriptions Income Statement Instructions Accounts payable Accounts receivable Cash Common stock Fees eamed Land Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 72,000 265,000 188,000 70,000 833,000 547,000 6,000 33,000 5,300 4,200 27,500 501,000 2 (Label) Required: 1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provide for the exact wording of the...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $43,000 Accounts Accounts payable Accounts receivable Amounts $65,500 264,000 Cash 180,500 Fees earned 879,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 5,200 Supplies Supplies expense 4,100 Utilities...
Instructions The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $115,300 and the retained earings were $70,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional 525,600 in stock Accounts Accounts payable Accounts receivable Cash Amount $2.000 10,340 21,420 74,330 47.000 157,630 Accounts Miscellaneous expense Office expense Supplies Wages expense...
Instructions The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of lan Eisele, owner, was $680,000 on January 1, 2019, the beginning of the year. During the year, lan withdrew $45,000. Accounts Accounts payable Amounts $71,000 Accounts receivable 268,000 Cash 191,500 Fees earned 881,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 5,700 Supplies Supplies expense 4,100 Utilities...
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