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Using the following data for Sunset Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A prepare a balance sheet as of April 30 2014 Accounts payable

Using the following data for Sunset Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A, prepare a balance sheet as of April 30, 2014. Accounts payable ......... $ 61,000 Accounts receivable ........ 124,000 Capital stock ............. 125,000 Cash .............. 274,000 Land .............. 450,000 Supplies ............. 13,000 In Practice Exercise 1-5A, Using the income statement for Sunset Travel Service shown in Practice Exercise 1-4A, prepare a retained earnings statement for the current year ended April 30, 2014. Craig Daws, the owner, invested an additional $75,000 in the business in exchange for capital stock and cash dividends of $55,000 were paid during the year. Retained earnings as of May 1, 2013 was $250,000. In Practice Exercise 1-4A, the revenues and expenses of Sunset Travel Service for the year ended April 30, 2014, are listed below. Fees earned ............ $1,673,000 Office expense .......... 488,000 Miscellaneous expense ....... 34,000 Wages expense .......... 660,000

May 22 2020 View more View Less

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