The amounts of the assets and liabilities of Viva Travel Service as of September 30,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $135,000 and the common stock was $50,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $8,000 were paid during the year. Accounts payable $157,500 Accounts receivable 298,900 Cash 153,600 Common stock 68,000 Fees earned 850,000 Miscellaneous expense 22,500 Rent expense 158,000 Supplies 17,000 Supplies expense 31,800 Taxes expense 31,000 Utilities expense 69,200 Wages expense 420,500 Instructions: 1. Prepare an income statement for the current year ended September 30, 20Y6. Viva Travel Services Income Statement For the Year Ended September 30, 20Y6 Line Item Description Amount Amount Fees earned ' 35S Operating expenses: Wages expense ' 3; Rent expense ' Utilities expense ' [j Supplies expense " S Taxes expense ' C] Miscellaneous expense " Total operating expenses C] Net income ' $S 2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0". Viva Travel Services Statement of Stockholders' Equity For the Year Ended September 30, 20Y6
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
