Balance Sheet

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:

Fees earned	$906,775
Office expense	208,560
Miscellaneous expense	18,135
Wages expense	435,250
Accounts payable	22,670
Accounts receivable	63,470
Cash	248,650
Common stock	135,000
Land	290,000
Supplies	10,880

Cash dividends of $34,500 were paid during the year. Retained earnings as of June 1, 20Y5, were $245,000.

Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2016 Assets Cash 248,650 Accounts receivable 63,470 Supplies 10,880 Land 290,000 Total assets 613,000 Liabilities Accounts payable 22,670 Stockholders' Equity 135,000 Common stock Retained earnings Total stockholders' equity E Total liabilities and stockholders' equity