Question
The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed below. Fees earned $956,560 Office expense 220,010 Miscellaneous expense
The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed below. Fees earned $956,560 Office expense 220,010 Miscellaneous expense 19,130 Wages expense 459,150 Accounts payable $23,915 Accounts receivable 66,960 Cash 254,445 Common stock 135,000 Land 306,000 Supplies 11,480 Cash dividends of $36,300 were paid during the year. Retained earnings as of June 1, 2017, were $258,000. 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 $ Total assets $ Liabilities $ Stockholders' Equity $ Total stockholders' equity Total liabilities and stockholders' equity $
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