(Solution) - The amounts of the assets and liabilities of St Simon -(2025 Original AI-Free Solution)

Paper Details

The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings was $90,000 at July 1, 2011, the beginning of the current year, and dividends of $30,000 were paid during the current year.

Instructions
1. Prepare an income statement for the current year ended June 30, 2012.
2. Prepare a retained earnings statement for the current year ended June 30, 2012.
3. Prepare a balance sheet as of June 30, 2012.
4. What item appears on both the income statement and retained earningsstatement?