Question

In: Accounting

The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...

The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $625,000 on January 1, 2018, the beginning of the year. During the year, dividends of $41,000 were paid.

Accounts payable $ 68,500
Accounts receivable 274,000
Cash 187,500
Common stock 70,000
Fees earned 869,200
Land 544,000
Miscellaneous expense 6,500
Rent expense 40,000
Supplies 5,300
Supplies expense 4,400
Utilities expense 27,000
Wages expense 503,000
Required:
1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required.
2. Prepare a retained earnings statement for the year ended December 31, 2018. Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. The word “Less” or “Add” is not needed in the Retained Earnings Statement.
3. Prepare a balance sheet as of December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
4. What item appears on both the retained earnings statement and the balance sheet?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid. Accounts payable $ 69,500 Accounts receivable 236,500 Cash 190,500 Common stock 450,000 Fees earned 383,500 Land 1,500,000 Miscellaneous expense 14,500 Rent expense 22,500 Supplies 7,000 Supplies expense 11,300 Utilities...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $615,000 on January 1, 2018, the beginning of the year. During the year, dividends of $35,000 were paid. Accounts payable $ 73,500 Accounts receivable 288,000 Cash 186,000 Common stock 70,000 Fees earned 875,900 Land 542,000 Miscellaneous expense 6,600 Rent expense 30,000 Supplies 5,100 Supplies expense 4,200 Utilities...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $655,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $35,000. Accounts payable $73,500 Accounts receivable 288,000 Cash 186,000 Fees earned 905,900 Land 542,000 Miscellaneous expense 6,600 Rent expense 30,000 Supplies 5,100 Supplies expense 4,200 Utilities expense 26,500 Wages...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, Ian withdrew $42,000. Accounts Payable 69,500 Rent Expense 36,000 Accounts Receivable 285,000 Supplies 5,000 Cash 190,500 Supplies Expense 4,100 Fees Earned 912,500 Utilities Expense 28,500 Land 544,000 Wages Expense 510,000 Mis....
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Accounts payable $ 69,500 Accounts receivable 285,000 Cash 190,500 Common stock 70,000 Fees earned 912,500 Land 544,000 Miscellaneous expense 6,400 Rent expense 36,000 Supplies 5,500 Supplies expense 4,100 Utilities...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. During the year, Ian withdrew $37,000. Accounts Amounts At Jan. 1, 2016: Ian Eisele, capital $645,000 At Dec. 31, 2016: Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918,700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Supplies 6,000 Supplies expense 4,200 Utilities expense 29,000 Wages expense 505,000 Required:...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $640,000 on January 1, 2016, the beginning of the year. During the year, dividends of $43,000 were paid. Accounts payable $ 65,500 Accounts receivable 264,000 Cash 180,500 Common stock 70,000 Fees earned 849,200 Land 541,000 Miscellaneous expense 6,900 Rent expense 32,000 Supplies 5,200 Supplies expense 4,100 Utilities...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $645,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $37,000. Accounts Amounts Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918,700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Supplies 6,000 Supplies expense 4,200 Utilities expense...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $650,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $36,000. Accounts Amounts Accounts payable $68,000 Accounts receivable 267,000 Cash 183,000 Fees earned 897,600 Land 544,000 Miscellaneous expense 6,200 Rent expense 35,000 Supplies 5,200 Supplies expense 4,200 Utilities expense...
Presented below are the amounts of assets and liabilities of BPA, Inc. as of December 31,...
Presented below are the amounts of assets and liabilities of BPA, Inc. as of December 31, 2017, and revenues and expenses of the company for the year ended on that date. Sales $ 18,000,000 Cost of Goods Sold $ 13,500,000 Wages Expense $   2,700,000 Common Stock $   2,250,000 Cash $   2,059,650 Building $   1,350,000 Mortgage Payable - Long Term $   1,012,500 Notes Payable - Long Term $      675,000 Marketing Expense $      607,500 Accounts Receivable $      517,500 Equipment $      450,000 Accounts...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT