DO NOT PROVIDE SOLUTION IN IMAGE FORMAT The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Miscellaneous expense $22,100 Accounts receivable 310,400 Rent expense 75,000 Cash 198,600 Supplies 6,000 Common stock 325,000 Supplies expense 15,300 Fees earned 1,400,000 Utilities expense 40,000 Land 1,350,000 Wages expense 870,000 Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Required: 1. Prepare an income statement for the year ended December 31, 20Y5. Prepare Income statement for it
DO NOT PROVIDE SOLUTION IN IMAGE FORMAT The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $52,000 Miscellaneous expense $22,100 Accounts receivable 310,400 Rent expense 75,000 Cash 198,600 Supplies 6,000 Common stock 325,000 Supplies expense 15,300 Fees earned 1,400,000 Utilities expense 40,000 Land 1,350,000 Wages expense 870,000 Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. Required: 1. Prepare an income statement for the year ended December 31, 20Y5. Prepare Income statement for it
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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DO NOT PROVIDE SOLUTION IN IMAGE FORMAT
The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows:
| Accounts payable | $52,000 | Miscellaneous expense | $22,100 |
| Accounts receivable | 310,400 | Rent expense | 75,000 |
| Cash | 198,600 | Supplies | 6,000 |
| Common stock | 325,000 | Supplies expense | 15,300 |
| Fees earned | 1,400,000 | Utilities expense | 40,000 |
| Land | 1,350,000 | Wages expense | 870,000 |
Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid.
| Required: | |
| 1. |
Prepare an income statement for the year ended December 31, 20Y5. |
Prepare Income statement for it
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