Acc121 Survey of Accounting: P1-1 The amounts of the assets and liabilities of Aloha Travel Service

Acc121 Survey of Accounting
P1-1
The amounts of the assets and liabilities of Aloha Travel Service at November 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. Th e retained earnings were $140,000, and the capital stock was $60,000 at December 1, 2007, the beginning of the current year. Dividends of $120,000 were paid during the current year.
Accounts payable 48,800
Accounts receivable 125,400
Cash 212,200
Fees earned 1,052,800
Miscellaneous expense 11,800
Rent expense 151,200
Supplies 13,400
Supplies expense 28,400
Taxes expense 22,400
Utilities expense 90,000
Wages expense 526,800

Instructions
1. Prepare an income statement for the current year ended November 30, 2008.
2. Prepare a retained earnings statement for the current year ended November 30, 2008.
3. Prepare a balance sheet as of November 30, 2008.
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