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Income Statement, Statement of stockholders’ equity, and Balance Sheet
The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $135,000 and the common stock was $50,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $8,000 were paid during the year.
Line Item Description Amount
Accounts payable $157,500
Accounts receivable 298,900
Cash 153,600
Common stock 68,000
Fees earned 850,000
Miscellaneous expense 22,500
Rent expense 158,000
Supplies 17,000
Supplies expense 31,800
Taxes expense 31,000
Utilities expense 69,200
Wages expense 420,500
Instructions:
Question Content Area
1. Prepare an income statement for the current year ended September 30, 20Y6.
Viva Travel Services
Income Statement
For the Year Ended September 30, 20Y6
Line Item Description Amount Amount
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Operating expenses:
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Total operating expenses Total operating expenses
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Question Content Area
2. Prepare a statement of stockholders' equity for the current year ended September 30, 20Y6. If an amount is zero, enter "0".
Viva Travel Services
Statement of Stockholders' Equity
For the Year Ended September 30, 20Y6
Line Item Description Common
Stock Retained
Earnings
Total
Balances, Oct. 1, 20Y5 $Balances, Oct. 1, 20Y5
$Balances, Oct. 1, 20Y5
$Balances, Oct. 1, 20Y5
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Balances, Sept. 30, 20Y6 $Balances, Sept. 30, 20Y6
$Balances, Sept. 30, 20Y6
$Balances, Sept. 30, 20Y6
Question Content Area
3. Prepare a balance sheet as of September 30, 20Y6.
Viva Travel Services
Balance Sheet
September 30, 20Y6
Line Item Description Amount Amount
Assets
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Total assets $Total assets
Liabilities
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Stockholders' Equity
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Total stockholders' equity Total stockholders' equity
Total liabilities and stockholders' equity $Total liabilities and stockholders' equity