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Financial statements
Following are the amounts of the assets and liabilities of Oriental Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The retained earnings was $400,000 on January 1, 2014, the beginning of the current year. During the current year, dividends of $25,000 were paid.
Accounts payable
$ 115,000
Miscellaneous expense
$ 7,000
Accounts receivable
370,000
Rent expense
150,000
Capital stock
50,000
Supplies
20,000
Cash
210,000
Supplies expense
14,000
Fees earned
1,100,000
Utilities expense
79,000
Land
300,000
Wages expense
490,000
Instructions
1. Prepare an income statement for the current year ended December 31, 2014.
2. Prepare a retained earnings statement for the current year ended December 31, 2014.
3. Prepare a balance sheet as of December 31, 2014.
4. What item appears on both the retained earnings statement and the balance sheet?
floyd a cash basis taxpayer sold land in which he had a basis of 10000 for 100000. he received 25000 on 1st january of
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