Question
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $783,005 Office expense 180,090 Miscellaneous expense 15,660 Wages
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned | $783,005 |
Office expense | 180,090 |
Miscellaneous expense | 15,660 |
Wages expense | 375,840 |
Accounts payable | 19,575 |
Accounts receivable | 54,810 |
Cash | 231,985 |
Common stock | 135,000 |
Land | 251,000 |
Supplies | 9,395 |
Cash dividends of $29,800 were paid during the year. Retained earnings as of June 1, 20Y5, were $211,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Assets | ||
Accounts payableCashDividendsFees earnedMiscellaneous expenseRetained earnings | $- Select - | |
Accounts payableAccounts receivableCommon stockDividendsOffice expenseWages expense | - Select - | |
Accounts payableDividendsFees earnedRetained earningsSuppliesWages expense | - Select - | |
Accounts payableDividendsFees earnedLandOffice expenseRetained earnings | - Select - | |
Total assets | $fill in the blank 9 | |
Liabilities | ||
Accounts payableAccounts receivableCashDividendsLandOffice expense | $- Select - | |
Stockholders' Equity | ||
Accounts receivableCommon stockDividendsFees earnedLandWages expense | $- Select - | |
Accounts receivableDividendsFees earnedLandRetained earningsWages expense | - Select - | |
Total stockholders' equity | fill in the blank 16 | |
Total liabilities and stockholders' equity | $fill in the blank 17 |
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