Question

The amounts of the assets and liabilities of Gilmore Travel Service as of April 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $300,000, and the capital stock was $90,000 as of May 1, 2011, the beginning of the current year. Dividends of $75,000 were paid during the current year.
Accounts payable .......... $ 71,500
Accounts receivable ........ 188,100
Cash .............. 428,300
Fees earned ............ 1,594,200
Miscellaneous expense ......... 16,000
Rent expense ............ 226,800
Supplies ............. 20,100
Supplies expense ........... 42,600
Taxes expense ............ 33,600
Utilities expense .......... 135,000
Wages expense .......... 890,200

Instructions
1. Prepare an income statement for the current year ended April 30, 2012.
2. Prepare a retained earnings statement for the current year ended April 30, 2012.
3. Prepare a balance sheet as of April 30, 2012.



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  • CreatedFebruary 04, 2014
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