ENGLAND TOURS COMPANY Income Statement For the Year Ending December 31, 20X3 ENGLAND TOURS COMPANY Balance Sheet December 31, 20X3 Revenues Tour services Expenses Salaries Advertising Fuel Depreciation Interest Net income S17,ooo 5,000 2,000 5,000 1,200 30,200 s 2600 ENGLAND TOURS COMPANY Statement of Retained Earnings For the Year Ending December 31, 20X3 Assets Cash Accounts receiva ble Equipment Less: Accum. depreciation Total assets Liabilities Accounts payable Salaries payable Interest payable Notes payable Unearned revenue Total liabilities Stockholders' equity Capital stock Retained earnings Total stockholders' equity Total liabilities and equity $45,000 (5,000) s 4,000 2,000 1,200 20,000 1.700 $30,000 Beginning retained earnings Plus: Net income Less: Dividends Ending retained earnings 600 1,000 $15,500 4,500 40,000 S60 000 S2b400 31,600 soooo