I need your help on this last one! I did work on most of them but the last one I have a hard time understanding. Hope you find it solution.

This course is Financial Accounting

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2046, follow: Fees earned $980,020 Office expense 225,405 Miscellaneous expense 19,600 Wages expense 470,410 Prepare an income statement for the year ended May 31, 2016. Paradise Travel Service Income Statement For the Year Ended May 31, 2016 Fees earned 980,020 Expenses: Wages expense 470,410 Office expense 225,405 Miscellaneous expense 19,600 Total expenses 715,415 Net income 264,605 Statement of stockholders' equity The revenues and expenses of Paradise Travel Service for the year ended May 31, 2046, follow: $900,000 300,000 Fees earned Office expense Miscellaneous expense Wages expense 15,000 450,000 Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $300,000 as of June 1, 20Y5. Prepare a statement of stockholders' equity for the year ended May 31, 20Y6. Paradise Travel Service Statement of Stockholders' Equity For the Year Ended May 31, 2016 Common Stock Retained Earnings Balances, June 1, 2015 60,000 300,000 Total 360,000 Issued common stock 40,000 0 40,000 Net income 0 135,000 135,000 Dividends 0 10,000 10,000 Balances, May 31, 2016 100,000 425,000 525,000 Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned 5908,730 office expense 209,010 18,175 436,190 Miscellaneous expense Wages expense Accounts payable Accounts receivable 22,720 63,610 Cash 248,060 Common stock 135,000 Land 291,000 Supplies 10,905 Cash dividends of $34,500 were paid during the year. Retained earnings as of June 1, 2045, were $245,000. 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 Cash 248,060 63,610 Accounts receivable Supplies Land 10,905 291,000 Total assets 613,575 Liabilities Accounts payable 22,720 Stockholders' Equity 135,000 Common stock Retained earnings 455,855 Total stockholders' equity 590,855 Total liabilities and stockholders' equity 613,575 Statement of Cash Flows A summary of cash flows for Westward Travel Service for the year ended March 31, 2016 is shown below. Cash receipts: Cash received from customers S302,840 Cash received from issuing common stock 30,300 Cash payments: Cash paid for operating expenses 242,270 Cash paid for land 62,400 Cash paid for dividends 6,400 The cash balance as of April 1, 2045, was $114,240. Prepare a statement of cash flows for Westward Travel Service for the year ended March 31, 20Y6. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. Westward Travel Service Statement of Cash Flows For the Year Ended March 31, 2016 Cash flows from (used for) operating activities: Cash received from customers 302,840 Cash paid for operating expenses Net cash flows from operating activities 60,570 Cash flows from (used for) investing activities: Cash paid for purchase of land Cash flows from (used for) financing activities: Cash received from issuing common stock 30,300 Cash paid for dividends Net cash flows from financing activities 23,900 Net increase in cash Cash balance, April 1, 2015 Cash balance, March 31, 2016