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PR 1-2B Financial statements O. 5 e amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2018, the ts revenue and expenses for the year follow. The retained earnings were $1 at Alay i, 2017, the beginning of the year, and dividends of $10,000 were paid during the 1. Net income: Th of the year, and its 45 Accounts payable Accounts receivable Cash Common stock Fees earned Miscellaneous expense $ 25,000 210,000 146,000 35,000 875,000 15,000 Rent expense Supplies Supplies expense Taxes expense Utilities expense Wages expense $ 75,000 9,000 12,000 10,000 38,000 525,000 SMDW ME HOW EXCEL TEMPLATE Instructions 1. Prepare an income statement for the year ended April 30, 2018. 2. Prepare a retained earnings statement for the year ended April 30, 2018. 3. Prepare a balance sheet as of April 30, 2018 4. What item appears on both the income statement and retained earnings statement?
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Wilderness Travel Service Income Statement for the year ended April 30, 2018 1 Revenue Fees earned Total Revenue Expenses $875,000 $875,000 Miscellaneous expense 15,000 Rent expense Supplies expense laxes expense Utilities expense Wages expense Total expenses Net Income $ 75,000 $12,000 10,000 38,000 $525,000 $675,000 $ 200,000Wilderness Travel Service Retained Earnings Statement for the year ended April 30, 2018 $ 145,000 $200,000 $ 40,000 $ 305,000 Opening Retained Earnings + Net Income Dividends paid Closing Retained EarningsWilderness Travel Service Balance Sheet as of April 30, 2018 Assets Accounts receivable Cash Supplies $ 210,000 $ 146,000 $ 9,000 Total Assets $ 365,000 Liabilites & Shareholders Equity Liabilities Accounts payable Total Liabilities $ 25,000 $ 25,000 Shareholders Equity Common stock Retained Earnings Total Shareholders Equity $ 35,000 $ 305,000 $ 340,000 Total Liabilites & Shareholders Equity 365,0004 Net Income appears on both income statement and retained earnings statement

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