Reference no: EM132679373
Problem - The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings was $90,000 at July 1, 2011, the beginning of the current year, and dividends of $30,000 were paid during the current year.
Accounts payable $25,000
Accounts receivable 90,000
Capital stock 60,000
Cash 123,000
Fees earned 500,000
Miscellaneous expense 11,000
Rent expense $75,000
Supplies 12,000
Supplies expense 10,000
Taxes expense 8,000
Utilities expense 36,000
Wages expense 280,000
Instructions -
1. Prepare an income statement for the current year ended June 30, 2012.
2. Prepare a retained earnings statement for the current year ended June 30, 2012.
3. Prepare a balance sheet as of June 30, 2012.
4. What item appears on both the income statement and retained earnings statement?
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