The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the

Question:

The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150,000 and the common stock was $50,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10,000 were paid during the year.

Accounts payable ............................... $ 175,000

Accounts receivable .............................. 321,000

Cash ................................................ 166,000

Common stock ..................................... 70,000

Fees earned ....................................... 900,000

Miscellaneous expense ............................ 37,000

Rent expense ..................................... 180,000

Supplies ............................................ 13,000

Supplies expense ................................. 38,000

Taxes expense .................................... 30,000

Utilities expense ................................. 75,000

Wages expense .................................. 425,000

Instructions

1. Prepare an income statement for the current year ended September 30, 20Y6.

2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6.

3. Prepare a balance sheet as of September 30, 20Y6.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...