The amounts of the assets and liabilities of Wilderness Travel
The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2014, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings was $145,000 at May 1, 2013, the beginning of the current year, and dividends of $40,000 were paid during the current year.


Instructions
1. Prepare an income statement for the current year ended April 30, 2014.
2. Prepare a retained earnings statement for the current year ended April 30, 2014.
3. Prepare a balance sheet as of April 30, 2014.
4. What item appears on both the income statement and retained earningsstatement?
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help