Question

Using the following data for Sentinel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2014.
Accounts payable ........... $ 44,600
Accounts receivable .......... 75,500
Capital stock .............. . 116,000
Cash ................ 45,400
Land ................ 310,000
Supplies ............... 4,700
In Practice Exercise 1-5B, using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B prepare a retained earnings statement for the current year ended August 31, 2014. Barb Schroeder, the owner, invested an additional $36,000 in the business in exchange for capital stock and cash dividends of $18,000 were paid during the year. Retained earnings as of September 1, 2013 was $300,000.
In Practice Exercise 1-4B, the revenues and expenses of Sentinel Travel Service for the year ended August 31, 2014, are listed below.
Fees earned ........... $750,000
Office expense ......... 295,000
Miscellaneous expense ...... 12,000
Wages expense ......... 450,000



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  • CreatedFebruary 28, 2014
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