Obj. 5 The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable Accounts receivable Cash Common stock Fees earned Land INSTRUCTIONS $ 52,000 310,400 SHOW ANSWER 198,600 325,000 1,400,000 1,350,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 22,100 75,000 6,000 3. Prepare a balance sheet as of December 31, 20Y5. 15,300 Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. 40,000 870,000 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. 4. What items appear on both the statement of stockholders' equity and the balance sheet?
Obj. 5 The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable Accounts receivable Cash Common stock Fees earned Land INSTRUCTIONS $ 52,000 310,400 SHOW ANSWER 198,600 325,000 1,400,000 1,350,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 22,100 75,000 6,000 3. Prepare a balance sheet as of December 31, 20Y5. 15,300 Common stock was $250,000 and retained earnings was $1,160,400 as of January 1, 20Y5. During the year, additional common stock of $75,000 was issued for cash, and dividends of $50,000 were paid. 40,000 870,000 1. Prepare an income statement for the year ended December 31, 20Y5. 2. Prepare a statement of stockholders' equity for the year ended December 31, 20Y5. 4. What items appear on both the statement of stockholders' equity and the balance sheet?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...
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![Obj. 5
The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its
revenue and expenses for the year are as follows:
Accounts payable
Accounts receivable
Cash
Common stock
Fees earned
Land
INSTRUCTIONS
$ 52,000
310,400
SHOW ANSWER
198,600
325,000
1,400,000
1,350,000
Miscellaneous
expense
Rent expense
Supplies
Supplies expense
Utilities expense
Wages expense
$ 22,100
75,000
6,000
3. Prepare a balance sheet as of December 31, 20Y5.
15,300
Common stock was $250,000 and retained earnings was $1,160,400 as of January 1,
20Y5. During the year, additional common stock of $75,000 was issued for cash, and
dividends of $50,000 were paid.
40,000
870,000
1. Prepare an income statement for the year ended December 31, 20Y5.
2. Prepare a statement of stockholders' equity for the year ended December 31,
20Y5.
4. What items appear on both the statement of stockholders' equity and the
balance sheet?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6516ec36-edf2-4143-9170-12fbd089e0b4%2Ff70d6c06-94c9-4753-b828-04ddb6c4ac17%2Fo2tqu6m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Obj. 5
The assets and liabilities of Adventure Travel Agency on December 31, 20Y5, and its
revenue and expenses for the year are as follows:
Accounts payable
Accounts receivable
Cash
Common stock
Fees earned
Land
INSTRUCTIONS
$ 52,000
310,400
SHOW ANSWER
198,600
325,000
1,400,000
1,350,000
Miscellaneous
expense
Rent expense
Supplies
Supplies expense
Utilities expense
Wages expense
$ 22,100
75,000
6,000
3. Prepare a balance sheet as of December 31, 20Y5.
15,300
Common stock was $250,000 and retained earnings was $1,160,400 as of January 1,
20Y5. During the year, additional common stock of $75,000 was issued for cash, and
dividends of $50,000 were paid.
40,000
870,000
1. Prepare an income statement for the year ended December 31, 20Y5.
2. Prepare a statement of stockholders' equity for the year ended December 31,
20Y5.
4. What items appear on both the statement of stockholders' equity and the
balance sheet?
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