Happy Travel Company was set up by Janet Chan two years ago. At the ycar end...

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Happy Travel Company was set up by Janet Chan two years ago. At the ycar end of December 31, 2021, after adjusting entries have been made, the following list of account balances is prepared: 27,750 47,370 15,750 Accumulated depreciation - equipment Accounts payable Wages payable Share capital Retained earnings Unearned fees Depreciation expense - equipment Wages expense Rent expense Supplies expense Fees earned 105,000 74,250 38,700 5,700 111,150 270,000 3,675 433,500 16,575 188,670 5,250 Cash Accounts receivable Supplies Prepaid rent Equipment Dividends 45,000 69,300 27,000 Required: (a) Prepare the Income Statement of Happy Travel Company for the year ended December 31, 2021. (7 marks) (b) Prepare the Statement of Retained Earnings of Happy Travel Company for the year ended December 31, 2021. (4 marks) (c) Prepare the Statement of Financial Position of Happy Travel Company as at December 31, 2021. (16 marks) Happy Travel Company was set up by Janet Chan two years ago. At the ycar end of December 31, 2021, after adjusting entries have been made, the following list of account balances is prepared: 27,750 47,370 15,750 Accumulated depreciation - equipment Accounts payable Wages payable Share capital Retained earnings Unearned fees Depreciation expense - equipment Wages expense Rent expense Supplies expense Fees earned 105,000 74,250 38,700 5,700 111,150 270,000 3,675 433,500 16,575 188,670 5,250 Cash Accounts receivable Supplies Prepaid rent Equipment Dividends 45,000 69,300 27,000 Required: (a) Prepare the Income Statement of Happy Travel Company for the year ended December 31, 2021. (7 marks) (b) Prepare the Statement of Retained Earnings of Happy Travel Company for the year ended December 31, 2021. (4 marks) (c) Prepare the Statement of Financial Position of Happy Travel Company as at December 31, 2021. (16 marks)

Answer rating: 100% (QA)

Answer Solution Answera Happy Travel Company Income Statement For the year ended December 31 2021 Re... View the full answer