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Alborosie
3 years ago
14

The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue an

d expenses for the year follow. The retained earnings were $1,341,000 on January 1 2018, the beginning of the year. During the year, dividends of $75,000 were paid.
Accounts payable $69,500 Miscellaneous Expense $14,500
accounts receivable $236,500 Rent expense $22,500
cash $190,500 supplies $7,000
common stock $450,000 supplies expense $11,300
Fees earned $383,500 utilities expense $16,700
Land $1,500,00 wages expense
$170,000
1.Prepare an income statement for the year ended in December 31 2018
2. Prepare a retained earnings statement for the year
3. Prepare a balance sheet as of december 31 2018
4. What item appears on both the retained earnings statement adn the balance sheet?
Journey Travel Agency
Income Statement
For the Year Ended December 31, 2018
Revenue
Expenses
Misscellaneous expense
Supplies
Supplies expense
utilities expense
Net income
Journey Travel Agency
Statement of Retained Earnings
For the Year Ended December 31, 2018
Retained earnings, January 1, 2018
Retained earnings, December 31, 2018
Journey Travel Agency
Balance Sheet
For the Year Ended December 31, 2018
Assets Liabilities
Total liabilities
Stockholders' Equity
Total liabilities and
Total assets
stockholders' equity
(posted chart from excel, given by teacher)
Business
1 answer:
Alexus [3.1K]3 years ago
3 0

Answer:

                          Income statement

Fee earned                                               $383,500

Expenses:  

Miscellaneous expense        $14,500

Rent expense                         $22,500

Supplies expense                  $11,300

Utilities expense                    $16,700

Wages expense                     <u>$170,000</u>    <u>$235,000</u>

Net income                                                <u>$148,500</u>

                     Statement of retained earnings

Retained earnings, beginning            $1,341,000

Net income                                          $148,500

Less: Dividend paid                       <u>$75,000</u>

Retained earnings, ending                  <u>$1,414,500</u>

                                 Balance sheet

Assets

Cash                                                        $190,500

Accounts receivable                              $236,500

Supplies                                                  $7,000

Land                                                        $<u>1,500,000</u>

Total assets                                            $<u>1,934,000</u>

Liabilities

Accounts payable                                         $69,500

<u><em>Stockholders' equity</em></u>

Common stock                   $450,000

Retained earnings              $<u>1,414,500</u>

Total stockholders' equity                           $<u>1,864,500</u>

Total liabilities and stockholders' equity  <u>$1,934,000</u>

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And for this case we want this probability:

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And we can use excel or the normal standard table to find this probability:

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P(-1 < Z< 1)= P(Z

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