Homework

The amounts of the assets and liabilities of Utah Travel Service as of April 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $300,000, and the capital stock was $90,000 as of May 1, 20Y5, the beginning of the current year. Dividends of $75,000 were paid during the current year.

Accounts payable.....$71,50
Rent expense......226,800
Wages expense.........890,200
Accounts receivable......188,100
Supplies........20,100 Cash.....428,300
Supplies expense........42,600
Fees earned.....1,594,200
Taxes expense...........33,600
Miscellaneous expense......16,000
Utilities expense......135,000

1. Prepare an income statement for current year ended April 30, 20Y6.

2. Prepare a retained earnings statement for the current year ended April 30, 20Y6. 3.) Prepare a balance sheet as of April 30, 20Y6.