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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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- Spring '99
- Income Statement