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The following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The retained earnings were $53,470 on January 1, 2014, the beginning of the current year. During the current year, dividends of $26,200 were paid.

Accounts payable $19,500
Accounts receivable 69,390
Capital stock 15,000
Cash 210,730
Fees earned 703,600
Land 50,000
Miscellaneous expense 5,470
Rent expense 91,120
Supplies 9,080
Supplies expense 14,580
Utilities expense 54,670
Wages expense 260,330
1. Prepare an income statement for the current year ended December 31, 2014.?
2. Prepare a retained earnings statement for the current year ended December 31, 2014.?
3. Prepare a balance sheet as of December 31, 2014. When entering assets, enter them in order of liquidity?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9856465

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