Prepare an income statement for the current year

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Reference no: EM131526193

Question: The amounts of the assets and liabilities of Chickadee Travel Service at April 30, 2006, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $35,000, and the capital stock was $15,000 at May 1, 2005, the beginning of the current year. Dividends of $30,000 were paid during the current year.

Accounts payable $ 12,200

Accounts receivable 31,350

Cash 53,050

Fees earned 263,200

Miscellaneous expense 2,950

Rent expense 37,800

Supplies 3,350

Supplies expense 7,100

Taxes expense 5,600

Utilities expense 22,500

Wages expense 131,700

Instructions: 1. Prepare an income statement for the current year ended April 30, 2006.

2. Prepare a retained earnings statement for the current year ended April 30, 2006.

3. Prepare a balance sheet as of April 30, 2006.

Reference no: EM131526193

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