Question

Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...

Income Statement, Retained Earnings Statement, and Balance Sheet

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 current 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.

Glacier Travel Service
Income Statement
For the Year Ended September 30, 20Y6
$
Operating expenses:
$
Total operating expenses
$

2. Prepare a statement of stockholders’ equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0".

Glacier Travel Service
Statement of Stockholders’ Equity
For the Year Ended September 30, 20Y6
Common Stock Retained Earnings Total
Balances, Oct. 1, 20Y5 $ $ $
Balances, Sept. 30, 20Y6 $ $ $

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

Glacier Travel Service
Balance Sheet
September 30, 20Y6
Assets
$
Total assets $
Liabilities
$
Stockholders' Equity
$
Total liabilities and stockholders' equity $

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