The amounts of the assets and liabilities of Aloha Travel Service at November 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $140,000, and the capital stock was $60,000 at December 1, 2007, the beginning of the current year. Dividends of $120,000 were paid during the current year.

Accounts payable ....................................$48,800

Accounts receivable ..............................$125,400

Cash ......................................................$212,200

Fees earned ........................................$1,052,800

Miscellaneous expense ...........................$11,800

Rent expense .........................................$151,200

Supplies ...................................................$13,400

Supplies expense .....................................$28,400

Taxes expense..........................................$22,400

Utilities expense ........................................$90,000

Wages expense ........................................$526,800

Instructions

1. Prepare an income statement for the current year ended November 30, 2008.

2. Prepare a retained earnings statement for the current year ended November 30, 2008.

3. Prepare a balance sheet as of November 30, 2008.