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I want to know how retained earnings is counted. Please retain the detailed steps and explanation. Balance Sheet The account balances of Paradise Travel Service
I want to know how retained earnings is counted. Please retain the detailed steps and explanation.
Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed below. Fees earned $871,935 Office expense 200,545 Miscellaneous expense 17,440 Wages expense 418,530 Accounts payable $21,800 Accounts receivable 61,040 Cash 243,615 Common stock 135,000 Land 279,000 10,465 Supplies Cash dividends of $33,100 were paid during the year. Retained earnings as of June 1, 2017, were $235,000. Prepare the balance sheet as of May 31, 2018. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2018 $21,800 Accounts payable Accounts receivable 61,040 Cash 243,615 135,000 Common stock Land 279,000 Supplies 10,465 Cash dividends of $33,100 were paid during the year. Retained earnings as of June 1, 2017, were $235,000. Prepare the balance sheet as of May 31, 2018. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 2018 Assets Cash S 243,615 Accounts receivable 61,040 Supplies 10,465 Land 279,000 594,120 Total assets Liabilities Accounts payable 21,800Step by Step Solution
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