Levart Travel Service's assets and liabilities at December 31, 20Y6, the end of the year, and...

Transcribed Image Text:

Levart Travel Service's assets and liabilities at December 31, 20Y6, the end of the year, and its revenue and expenses for the year follow: Accounts payable Accounts receivable $ 12, 200 Land $ 90,000 31,350 Miscellaneous expense 12,950 Cash 53,050 Office expense 63,000 Common stock 100,000 Supplies 3,350 Fees earned 263,200 Wages expense 131,700 A B. The retained earnings were $30,000 on January 1, 20Y6, the beginning of the year. During the year, no common stock was issued and dividends of $20,000 were paid. Prepare an income statement for the year ended December 31, 20Y6. Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. C. Prepare a balance sheet as of December 31, 20Y6 . Levart Travel Service's assets and liabilities at December 31, 20Y6, the end of the year, and its revenue and expenses for the year follow: Accounts payable Accounts receivable $ 12, 200 Land $ 90,000 31,350 Miscellaneous expense 12,950 Cash 53,050 Office expense 63,000 Common stock 100,000 Supplies 3,350 Fees earned 263,200 Wages expense 131,700 A B. The retained earnings were $30,000 on January 1, 20Y6, the beginning of the year. During the year, no common stock was issued and dividends of $20,000 were paid. Prepare an income statement for the year ended December 31, 20Y6. Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. C. Prepare a balance sheet as of December 31, 20Y6 .