Financial statements The amounts of the assets and liabilities of Wilderness Travel Service at April 50, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $145,000 at May I, 2017, the beginning of the year, and dividends of $40,000 were paid during the year. Accounts payable $ 25,000 Rent expense $ 75,000 Accounts receivable 210,000 Supplies 9,000 Cash 146,000 Supplies expense 12,000 Common stock 35,000 Taxes expense 10,000 Fees earned 875,000 Utilities expense 38,000 Miscellaneous expense 15,000 Wages expense 525,000 Instructions 1. Prepare an income statement for the year ended April 30, 2018. 2. Prepare a retained earnings statement for the year ended April 30, 2018. 3. Prepare a balance sheet as of April 30, 2018 4. What item appears on both the income statement and retained earnings statement?

BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207
BuyFind

Financial & Managerial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337119207

Solutions

Chapter
Section
Chapter 1, Problem 1.2BPR
Textbook Problem

Financial statements

The amounts of the assets and liabilities of Wilderness Travel Service at April 50, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $145,000 at May I, 2017, the beginning of the year, and dividends of $40,000 were paid during the year.

Accounts payable $ 25,000 Rent expense $ 75,000
Accounts receivable 210,000 Supplies 9,000
Cash 146,000 Supplies expense 12,000
Common stock 35,000 Taxes expense 10,000
Fees earned 875,000 Utilities expense 38,000
Miscellaneous expense 15,000 Wages expense 525,000

Instructions

  1. 1. Prepare an income statement for the year ended April 30, 2018.
  2. 2. Prepare a retained earnings statement for the year ended April 30, 2018.
  3. 3. Prepare a balance sheet as of April 30, 2018
  4. 4. What item appears on both the income statement and retained earnings statement?

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 1 Solutions

Financial & Managerial Accounting
Ch. 1 - Cost principle On June 25, Ritts Roofing extended...Ch. 1 - Accounting equation Be-The-One is a motivational...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Retained earnings statement Using the income...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Types of businesses The following is a list of...Ch. 1 - Professional ethics A fertilizer manufacturing...Ch. 1 - Business entity assumption Ozark Sports sells...Ch. 1 - Accounting equation The total assets and total...Ch. 1 - Accounting equation The total assets and total...Ch. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Inspirational Inc. is a...Ch. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Effect of transactions on stockholders equity...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items From the following list of...Ch. 1 - Retained earnings statement Financial information...Ch. 1 - Income statement Imaging Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty, organized as...Ch. 1 - Transactions On September 1 of the current year,...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On August 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amount from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Continuing Company AnalysisAmazon and Best Buy:...Ch. 1 - Home Depot: Ratio of liabilities to stockholders'...Ch. 1 - Lowes: Ratio of liabilities to stockholders equity...Ch. 1 - Papa Johns and Yum! Brands: Ratio of liabilities...Ch. 1 - Ethics in Action Marco Brolo is one of three...Ch. 1 - Communication There are two common causes of...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Who are some of the basic users of financial statements, and how do they use them?

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Why do economists sometimes offer conflicting advice to policymakers?

Principles of Microeconomics (MindTap Course List)

What is the purpose of the Americans with Disabilities Act?

Foundations of Business (MindTap Course List)

What are the three steps to follow in preparing a bank reconciliation?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Define Web Services.

Pkg Acc Infor Systems MS VISIO CD

If a companys beta were to double, would its required return also double?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)