Question
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $963,015 Office expense 221,495 Miscellaneous expense 19,260 Wages
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The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $963,015 Office expense 221,495 Miscellaneous expense 19,260 Wages expense 462,245 Accounts payable 24,075 Accounts receivable 67,410 Cash 255,525 Common stock 135,000 Land 308,000 Supplies 11,555
Cash dividends of $36,600 were paid during the year. Retained earnings as of June 1, 20Y5, were $260,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Paradise Travel Service Balance Sheet May 31, 20Y6 Assets Cash $fill in the blank 2 Accounts receivable fill in the blank 4 Supplies fill in the blank 6 Land fill in the blank 8 Total assets $fill in the blank 9 Liabilities Accounts payable $fill in the blank 11 Stockholders' Equity Common stock $fill in the blank 13 Retained earnings fill in the blank 15 Total stockholders' equity fill in the blank 16 Total liabilities and stockholders' equity $fill in the blank 17
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The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
| Fees earned | $963,015 |
| Office expense | 221,495 |
| Miscellaneous expense | 19,260 |
| Wages expense | 462,245 |
| Accounts payable | 24,075 |
| Accounts receivable | 67,410 |
| Cash | 255,525 |
| Common stock | 135,000 |
| Land | 308,000 |
| Supplies | 11,555 |
Cash dividends of $36,600 were paid during the year. Retained earnings as of June 1, 20Y5, were $260,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
| Paradise Travel Service | ||
| Balance Sheet | ||
| May 31, 20Y6 | ||
| Assets | ||
| Cash | $fill in the blank 2 | |
| Accounts receivable | fill in the blank 4 | |
| Supplies | fill in the blank 6 | |
| Land | fill in the blank 8 | |
| Total assets | $fill in the blank 9 | |
| Liabilities | ||
| Accounts payable | $fill in the blank 11 | |
| Stockholders' Equity | ||
| Common stock | $fill in the blank 13 | |
| Retained earnings | fill in the blank 15 | |
| Total stockholders' equity | fill in the blank 16 | |
| Total liabilities and stockholders' equity | $fill in the blank 17 | |
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
9781259722660
