Question
Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $784,445 Office expense 180,420 Miscellaneous expense
Balance Sheet
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
| Fees earned | $784,445 |
| Office expense | 180,420 |
| Miscellaneous expense | 15,690 |
| Wages expense | 376,535 |
| Accounts payable | 19,610 |
| Accounts receivable | 54,910 |
| Cash | 233,285 |
| Common stock | 135,000 |
| Land | 251,000 |
| Supplies | 9,415 |
Cash dividends of $29,800 were paid during the year. Retained earnings as of June 1, 20Y5, were $212,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
| Assets |
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Coping With Financial Accounting 1 For Senior Secondary Schools And Undergraduate Studies
Authors: Festus Chukwunwendu Akpotohwo ,Stella Alfred-Jaja Wellington-Igonibo ,Cletus Ogeibiri
1st Edition
3659611034, 978-3659611032
