Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $968,835 Office expense 222,830 Miscellaneous expense 19,375 Wages expense 465,040 Accounts payable 24,220 Accounts receivable 67,820 Cash 256,565 Common stock 135,000 Land 310,000 11,625 Supplies Cash dividends of $36,800 were paid during the year. Retained earnings as of June 1, 2015, were $262,000. Prepare the balance sheet as of May 31, 2016. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2016 Assets Accounts receivable- Total assets Liabilities 256.565 11,625 Accounts payable- Common stock Betained earnings Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 24.230 Check My Work Follow Example Exercise 1-4. Recall that the balance sheet is a formal presentation of the accounting equation, such that total assets must equal total abilites and stockholders