Pr. 1-1 - Retained earnings, December 1, 2007 $140,000 Net...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Kristin VanStrate Section: Chapter 1 Problem 1-1 Enter the appropriate amount or formula in the shaded cells. An asterisk (*) will appear in the column to the right of an incorrect amount. 1. ALOHA TRAVEL SERVICE Income Statement For the Year Ended November 30, 2008 Fees earned $1,052,800 Operating expenses: Wages expense $526,800 Rent expense 151,200 Utilities expense 90,000 Supplies expense 28,400 Taxes expense 22,400 Miscellaneous expense 11,800 Total operating expenses 830,600 Net income $222,200 2. ALOHA TRAVEL SERVICE Retained Earnings Statement For the Year Ended November 30, 2008
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Retained earnings, December 1, 2007 $140,000 Net income for the year $222,200 Less dividends 120,000 Increase in retained earnings 102,200 Retained earnings, November 30, 2008 $242,200 3. ALOHA TRAVEL SERVICE Balance Sheet November 30, 2008 Assets Cash $212,200 Accounts receivable 125,400 Supplies 13,400 Total assets $351,000 Liabilities Accounts payable $48,800 Stockholders' Equity Capital stock $60,000 Retained earnings 242,200 302,200 Total liabilities and stockholders' equity $351,000...
View Full Document

This note was uploaded on 04/07/2012 for the course ACC 101 taught by Professor Jeff during the Spring '12 term at Lansing.

Ask a homework question - tutors are online