Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $57,560, and the common stock was $7,500 as of October 1, 20Y5, the beginning of the current year. During the current year, dividends of $30,500 were paid.

Accounts payable $175,000

Accounts receivable 321,000

Cash 166,000

Common stock 70,000

Fees earned 900,000

Miscellaneous expense $37,000

Rent expense 180,000

Supplies 13,000

Supplies expense 38,000

Taxes expense 30,000

Utilities expense 75,000

Wages expense 425,000

Instructions:

1. Prepare an income statement for the current year ended September 30, 20Y6.

Question

Tia Clayton

Business

20 August, 12:58

Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $57,560, and the common stock was $7,500 as of October 1, 20Y5, the beginning of the current year. During the current year, dividends of $30,500 were paid.

Accounts payable $175,000

Accounts receivable 321,000

Cash 166,000

Common stock 70,000

Fees earned 900,000

Miscellaneous expense $37,000

Rent expense 180,000

Supplies 13,000

Supplies expense 38,000

Taxes expense 30,000

Utilities expense 75,000

Wages expense 425,000

Instructions:

1. Prepare an income statement for the current year ended September 30, 20Y6.

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Answers (1)

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Nicolas Gibbs · Answer 1

Income Statement Dec. 31, 20Y6

Glacier Travel Service

Total revenue $900,000

- Wages expense ($425,000)

- Rent expense ($180,000)

- Utilities expense ($75,000)

- Supplies expense ($38,000)

- Miscellaneous expense ($37,000)

EBIT $145,000

- Taxes ($30,000)

Net profit $115,000