Acctg 211 wp 11 Pr_01-2B_1

Acctg 211 wp 11 Pr_01-2B_1 - Retained earnings July 1 2007...

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Problem 1-2B Name: Josh Resnick Section: 1 Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. 1. ABYSS TRAVEL SERVICE Income Statement For the Year Ended June 30, 2008 Fees earned $375,000 Expenses: Wages expense $145,400 Rent expense 50,600 Utilities expense 31,200 Supplies expense 8,250 Taxes expense 6,400 Miscellaneous expense 3,150 Total expenses 245,000 Net income $130,000 2. ABYSS TRAVEL SERVICE Retained Earnings Statement For the Year Ended June 30, 2008
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Unformatted text preview: Retained earnings, July 1, 2007 $42,000 Net income for the year $130,000 Less dividends 50,000 Increase in retained earnings 80,000 Retained earnings, June 30, 2008 $122,000 3. ABYSS TRAVEL SERVICE Balance Sheet June 30, 2008 Assets Liabilities Cash $99,500 Accounts payable Accounts receivable 48,750 Stockholders' Equity Supplies 4,250 Capital stock Retained earnings Total stockholders' equity Total assets $152,500 Total liabilities and stockholders' equity...
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This note was uploaded on 03/18/2008 for the course ACCTG 211 taught by Professor Johnston during the Spring '99 term at Penn State.

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Acctg 211 wp 11 Pr_01-2B_1 - Retained earnings July 1 2007...

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