Financial StatementsObj. 5The assets and liabilities of Global Travel Agency on December 31, 20Y5,...

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Financial StatementsObj. 5The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows:Accounts payable$ 108,000Miscellaneous expense$ 19,500Accounts receivable539,000Rent expense56,000Cash200,000Supplies6,000Common stock575,000Supplies expense12,700Fees earned940,000Utilities expense34,800Land1,500,000Wages expense415,000Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.InstructionsPrepare an income statement for the year ended December 31, 20Y5.AnswerCheck Figure:Net income: $402,000Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.Prepare a balance sheet as of December 31, 20Y5.What items appears on both the statement of stockholders’ equity and the balance sheet?

Ashish · Accepted Answer

Sheet1
	Solution-1
		Global Travel Agency
		Income Statement
		For the Year Ended December 31, 20Y5
		Fees earned		$940,000
		Expenses:
		Wages expense	$415,000
		Rent expense	$56,000
		Utilities expense	$34,800
		Supplies expense	$12,700
		Miscellaneous expense	$19,500
		Total expenses		($538,000)
		Net income		$402,

Financial Statements Obj. 5The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $ 108,000 Miscellaneous...

Financial Statements

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Accounts payable	$ 108,000	Miscellaneous expense	$ 19,500
Accounts receivable	539,000	Rent expense	56,000
Cash	200,000	Supplies	6,000
Common stock	575,000	Supplies expense	12,700
Fees earned	940,000	Utilities expense	34,800
Land	1,500,000	Wages expense	415,000