Need question PR 12B Chapter 1 Introduction to Accounting an

Need question PR 1-2B

Chapter 1 Introduction to Accounting and Business 2.Briefly explain why issuing common stock and revenues increased stockholders\' equity, while dividends and expenses decreased stockholders\' equity 3. Determine the net income for March. . How much did March\'s transactions increase or decrease retained earnings PR 1-2B The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $145,000 at May 1, 2017, the beginning of the year, and dividends of $0,000 were paid during the year. Financial statements Obj. v1.Net income: $200,000 s 25,000 $75,000 Rent expense Supplies expense Utilities expense Accounts payable Accounts receable HoW BCB TEMPLATE Common stock Fees earned 15,000 Wages expense 1. Prepare an income statement for the year ended April 30, 2018. 2. Prepare a retained earnings statement for the year ended April 30, 2018. 3. Prepare a balance sheet as of April 30, 2018. What item appears on both the income statement and retained earnings statement Financial statements Obj. 5 1.Net income: Jose Loder established Bronco Consulting on August 1, 2018. The effect of each transaction PR 1-3B and the balances after each transaction for August follow alar eSupplies Mise Cash +RaceivableSuppliesPayableStockDividands +EarnedExp Expense Expee Experne Expens A +75,000 +75,000 9,0009,000 9,000 Bal 75,000 C +92,000 Bal 167,000 D27000 Bal 140,000 75,000 92,000 9,000 75,000 9,000 75,000 Bal 134,000 3,000 75,000 33,000 Bal 134,000 33,000 00-3000 75,000 33,000 -7,500 -7,500 Bal 111,000 -58,000 Bal 53,000 33,000 3,000 75,000 -27,000-15,500 33,000 3,000 75,000 125,000 58,000 -27,000-15,500 -7,500 -6,100 6,100 Bal 53,000 33,000 3,000 75,000 125,000 58,000 -27,000 -15,500-6,100 7500 I.-5,000 000 58,000 -27,000 -15.500,100 7.500 1. Prepare an income statement for the month ended August 31, 2018. 2. Prepare a retained earnings statement for the month ended August 31, 2018. 3. Prepare a balance sheet as of August 31, 2018. i. COptional Prepare a statement of cash flows for the month ending August 31, 2018

Solution

Answer 1. WILDERNESS TRAVEL SERVICE Income Statement For the Year Ended April 30, 2018 Revenue Fees Earned    875,000.00 Exepenses Miscellaneous Expense      15,000.00 Rent Expense      75,000.00 Supplies Expense      12,000.00 Utilities Expense      38,000.00 Wages expenses    525,000.00 Taxes Expense      10,000.00 Total Expenses    675,000.00 Net Income    200,000.00 Answer 2. WILDERNESS TRAVEL SERVICE Retained Earning Statement For the Year Ended April 30, 2018 Beginning Balance    145,000.00 Net Income    200,000.00 Sub-total    345,000.00 Dividends    (40,000.00) Ending Balance. April 30, 2018    305,000.00 Answer 3. WILDERNESS TRAVEL SERVICE Balance Sheet April 30, 2018 Assets Current Assets Cash    146,000.00 Accounts Receivable    210,000.00 Supplies        9,000.00 Total Current Assets    365,000.00 Property, Plant & Equipment                     -   Total Assets    365,000.00 Liabilities & Stockholders\' Equity Liabilities Current Liabilities Accounts Payable      25,000.00 Long-Term Liabilities                     -   Total Liabilities      25,000.00 Stockholders\' Equity Common Stock      35,000.00 Retained Earnings    305,000.00 Total Stockholders\' Equity    340,000.00 Total Liabilities & Stockholders\' Equity    365,000.00 Answer 4. Net Income