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?
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