The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and 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 $ 68,500
Accounts receivable 274,000
Cash 187,500
Common stock 70,000
Fees earned 869,200
Land 544,000
Miscellaneous expense 6,500
Rent expense 40,000
Supplies 5,300
Supplies expense 4,400
Utilities expense 27,000
Wages expense 503,000
Required:
1. Prepare an income statement for the year ended December 31, 2018. Refer to the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries.
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