Question

Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and tiabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and dividends of $33,500 were paid for the year. The retained earmings were $62,000 on October 1,20YS, the beginning of the current year. Duiring the current year Accounts recelvable 34,973 15,000 242,177 015,000 6, 340 Common stock Fees earmed 0,430 16,900 63,390 Supplies expense Wages expense 《 Previous Net》 3 more Check My Work uses remaining 45 6 7 0

Answer 1

	INCOME STATEMENT	AMOUNT
	Fees Earned	$           8,15,800
	Expenses:
	Miscllaneous Expenses	$                 6,340
	Rent Expenses	$           1,05,650
	Supplies Expenses	$               16,900
	Utilities Expenses	$               63,390
	Wages Expenses	$           3,01,850
	Total Expenses	$           4,94,130
	Net income	$           3,21,670
	STATEMENT OF SHAREHOLDER'S EQUITY
		Common Stock	Retained Earning
	Balance Oct 01, 2015	$               15,000	62000
	Add: Net income	$                        -	$               3,21,670
	Total Avaialbe Balance	$               15,000	$               3,83,670
	Less: Dividend Paid		33500
	Balance Sept 30, 20Y6	$               15,000	$               3,50,170
	BALANCE SHEET
	ASSETS	AMOUNT	AMOUNT
	Cash		$               2,42,177
	Account Receivable		$               1,34,973
	Supplies		$                  10,430
	Total Assets		$               3,87,580
	LIABILITIES & SHAREHOLDER'S EQUITY
	LIABILITIES:
	Account Payable		$                  22,410
	SHAREHOLDER'S EQUITY
	Common Shareholder's Equity	$               15,000
	Retained Earnings	$           3,50,170
			$               3,65,170
	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY		$               3,87,580