Question

Using the following data for Sunset Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014.
Accounts payable ......... $ 61,000
Accounts receivable ........ 124,000
Capital stock ............. 125,000
Cash .............. 274,000
Land .............. 450,000
Supplies ............. 13,000
In Practice Exercise 1-5A, Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a retained earnings statement for the current year ended April 30, 2014. Craig Daws, the owner, invested an additional $75,000 in the business in exchange for capital stock and cash dividends of $55,000 were paid during the year. Retained earnings as of May 1, 2013 was $250,000.
In Practice Exercise 1-4A, the revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below.
Fees earned ............ $1,673,000
Office expense .......... 488,000
Miscellaneous expense ....... 34,000
Wages expense .......... 660,000



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  • CreatedFebruary 28, 2014
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