question archive Particulars Fees Earned $900,000 Less: Expenses Office Expense $300,000 Miscellaneous Expense $15,000 Wages Expense $450,000 Total Expenses ($765,000) Net Income $135,000 Using the income statement for Treasure Island Travel Service shown in question 6, Prepare a Retained Earnings Statement as of May 31, 2021
Particulars Fees Earned $900,000 Less: Expenses Office Expense $300,000 Miscellaneous Expense $15,000 Wages Expense $450,000 Total Expenses ($765,000) Net Income $135,000 Using the income statement for Treasure Island Travel Service shown in question 6, Prepare a Retained Earnings Statement as of May 31, 2021
Subject:AccountingPrice: Bought3
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Particulars |
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| Fees Earned | $900,000 | |
| Less: Expenses | ||
| Office Expense | $300,000 | |
| Miscellaneous Expense | $15,000 | |
| Wages Expense | $450,000 | |
| Total Expenses | ($765,000) | |
| Net Income | $135,000 |
Using the income statement for Treasure Island Travel Service shown in question 6, Prepare a Retained Earnings Statement as of May 31, 2021. John Wayne invested an additional $40,000 in exchange for common stock, and $10,000 of dividends were paid during the year. Retained Earnings as of June 1, 2020, were $300,000.
