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Income Statement, Retained Earnings Statement, and Balance Sheet

The amounts of the assets and liabilities of Glacier 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 $150,000, and the common stock was $50,000 as of October 1, 20Y5, the beginning
of the current year. Dividends of $10,000 were paid during the current year.

Accounts payable $175,000

Accounts receivable 321,000

Cash 166,000

Common stock 70,000

Fees earned 900,000

Miscellaneous expense $37,000

Rent expense 180,000

Supplies 13,000

Supplies expense 38,000

Taxes expense 30,000

Utilities expense 75,000

Wages expense 425,000

Instructions:
1. Prepare an income statement for the current year ended September 30, 20Y6.
Glacier Travel Service

Income Statement

For the Year Ended September 30, 20Y6

Operating expenses:

$
 Total operating expenses

$
2. Prepare a statement of stockholders’ equity for the current year ended September 30, 20Y6. If an
amount is zero, enter "0".
Glacier Travel Service

Statement of Stockholders’ Equity

For the Year Ended September 30, 20Y6

Common Stock Retained Earnings Total

Balances, Oct. 1, 20Y5 $ $ $

Balances, Sept. 30, 20Y6 $ $ $

3. Prepare a balance sheet as of September 30, 20Y6.
Glacier Travel Service

Balance Sheet

September 30, 20Y6

Assets

Total assets $

Liabilities

$
Stockholders' Equity

Total liabilities and stockholders' equity $