Question

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 $640,000 on January 1, 2018, the beginning of the year. During the year, dividends of $45,000 were paid. Accounts payable $ 71,000 Accounts receivable 268,000 Cash 191,500 Common stock 70,000 Fees earned 851,000 Land 546,000 Miscellaneous expense 6,700 Rent expense 33,000 Supplies 5,700 Supplies expense 4,100 Utilities expense 27,000 Wages expense 505,000.

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.

Homework Answers

Answer #1
Income Statement:
Fees earned 851000
Less: Expenses
Rent expenses 33000
Supplies expenses 4100
Utilities expenses 27000
Wages expenses 505000
Misc expenses 6700
Total expenses 575800
Net Icnome 275200
Retained earnings Statement:
Beginning balance 640000
Add: Net Income 275200
Sub-total 915200
Less: Dividend 45000
Ending retained earnings 870200
Balance Sheet
cash 191500
Accounts receivable 268000
Supplies 5700
Total current assets 465200
Land 546000
Total Assets 1011200
Liabilities and Equity
Accounts payable 71000
Stockholder's equity
Common Stock 70000
Retained earnings 870200
Total Stockholder's equity 940200
Total Liabiltiies and stockholder's equity 1011200
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