The following balance sheets for June 30, 1999, and May 31, 1999, and the income statement for June are for Beach Camping Trailer Storage, Inc. (Common practice is to show the most recent period first.)

A cash dividend of $6,000 was declared and paid in June.

Required

State the probable causes of the changes in each of the balance sheet accounts from May 31 to June 30, 1999.

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BEACH CAMPING TRAILER STORAGE, INC. Comparative Balance Sheets June 30, 1999 May 31, 1999 Assets Cash. $ 52,000 $60,000 Accounts receivable 24,000 -0- Land 36,000 36,000 Total assets $112,000 $96,000 Liabilities and Stockholders' Equity Liabilities Capital stock. Retained earnings Total liabilities and stockholders' equity $ 18,000 $24,000 60,000 60,000 34,000 12,000 $112,000 $96,000 BEACH CAMPING TRAILER STORAGE, INC. Income Statement For the Month Ended June 30, 1999 Revenues: Service revenue. Expenses: Salaries expense. Supplies bought and used Net income. $48,000 24,000 $100,000 72,000 $ 28,000