1-2A - Retained earnings, January 1, 2008 $75,000 Net...

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Problem 1-2A Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect amount in the outlined cells. 1. PEDIGREE TRAVEL AGENCY Income Statement For the Year Ended December 31,2008 Fees earned $250,000 Expenses: Wages expense $65,000 Rent expense 25,000 Utilities expense 18,200 Supplies expense 2,800 Miscellaneous expense 1,500 Total expenses 112,500 Net income $137,500 2. PEDIGREE TRAVEL AGENCY Retained Earnings Statement For the Year Ended December 31,2008
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Unformatted text preview: Retained earnings, January 1, 2008 $75,000 Net income for the year $137,500 Less dividends 40,000 Increase in retained earnings 97,500 Retained earnings, December 31, 2008 $172,500 3. PEDIGREE TRAVEL AGENCY Balance Sheet December 31, 2008 Assets Liabilities Cash $180,000 Accounts payable Accounts receivable 42,300 Stockholders' Equity Supplies 2,700 Capital stock Retained earnings Total stockholders' equity Total assets $225,000 Total liabilities and stockholders' equity...
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This note was uploaded on 04/22/2009 for the course BUS 181 taught by Professor Ms. smith during the Spring '09 term at Harold Washington College - CCC.

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1-2A - Retained earnings, January 1, 2008 $75,000 Net...

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