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Labels and Amount Descriptions Labels December 31, 2018 Expenses For the Year Ended December 31, 2018 Amount Descriptions Change in retained earnings Dividend:s Net income Net loss Retained earnings Retained earnings, December 31, 2018 Retained earnings, January 1, 2018 Total assets Total expenses Total liabilities and stockholders equity Total stockholders equityInstructions The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid. Accounts payable Accounts receivable Cash Common stock Fees earned Land Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $69,500 236,500 190,500 450,000 383,500 1,500,000 14,500 22,500 7,000 11,300 16,700 170,000Required: 1. Prepare an income statement for the year ended December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred, enter that amount as a negative number using a minus sign. A colon (:) will automatically appear if it is required. 2. Prepare a retained earnings statement for the year ended December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. The word Less or “Add is not needed in the Retained Earnings Statement. Prepare a balance sheet as of December 31, 2018. Refer to the Accounts given in the Instructions and to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. 3. 4. What item appears on both the retained earnings statement and the balance sheet?

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