Problem One (50 points) The assets and liabilities of Snider Tutoring Service on April 30, 2020,...

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Problem One (50 points) The assets and liabilities of Snider Tutoring Service on April 30, 2020, and its revenue and expenses for the year are as follows: S Accounts payable Accounts receivable ACC 120 IN Test One Cash Fees earned Miscellaneous expense Rent expense Common stock Supplies expense Utilities expense Supplies Wages expense 5,120 31,200 11,520 188,000 2,800 36,000 10,000 4,500 16,500 3,000 56,800 Common stock was $8,000 and retained earnings was $6,200 at May 1, 2019. During the year, additional common stock of $2,000 was issued for cash, and dividends of $47,000 were paid during the current year. Instructions 1. Prepare an income statement for the year ended April 30, 2020 on the Excel template provided for problem one. 2. Prepare a statement of stockholders' equity for the year ended April 30, 2020 on the Excel template provided for problem one. 3. Prepare a balance sheet as of April 30, 2020 on the Excel template provided for problem one. Problem One (50 points) The assets and liabilities of Snider Tutoring Service on April 30, 2020, and its revenue and expenses for the year are as follows: S Accounts payable Accounts receivable ACC 120 IN Test One Cash Fees earned Miscellaneous expense Rent expense Common stock Supplies expense Utilities expense Supplies Wages expense 5,120 31,200 11,520 188,000 2,800 36,000 10,000 4,500 16,500 3,000 56,800 Common stock was $8,000 and retained earnings was $6,200 at May 1, 2019. During the year, additional common stock of $2,000 was issued for cash, and dividends of $47,000 were paid during the current year. Instructions 1. Prepare an income statement for the year ended April 30, 2020 on the Excel template provided for problem one. 2. Prepare a statement of stockholders' equity for the year ended April 30, 2020 on the Excel template provided for problem one. 3. Prepare a balance sheet as of April 30, 2020 on the Excel template provided for problem one.

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