Question
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $900,000 office expense 300,000 Miscellaneous expense
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $900,000 office expense 300,000 Miscellaneous expense 15,000 Wages expense 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, 2015, Prepare a statement of stockholders' equity for the year ended May 31, 2016. Paradise Travel Service Statement of Stockholders' Equity For the Year Ended May 31, 2016 Common Stock Retained Earnings Total
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
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