Question

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

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.

Labels
December 31, 2018
Expenses
For the Year Ended December 31, 2018
Amount Descriptions
Change in retained earnings
Dividends
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

Score: 28/45 Journey Travel Agency Retained Earnings Statement For the Year Ended December 31, 2018 $0.00 Retained earnings,

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Journey Travel Agency Retained Earnings Statement For the year Ended December 31, 2018 Retained Earnings, January 1, 2018 1 1

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