Balance sheet Obj. 5 Using the following data for Paradise Travel Service as well as the statement of stockholders’ equity from Basic Exercise 1-5, prepare a balance sheet as of May 31, 20Y6:

Accounts payable $ 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land 450,000 Supplies 3,000 AppendixLO1