Question
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $900,000 Office expense 300,000 Miscellaneous expense
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:
| Accounts | |
| 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. Retained earnings as of June 1, 2017, were $300,000.
Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Less or Add is not required. A decrease to retained earnings should be entered as a negative amount.
Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Less or Add is not required. A decrease to retained earnings should be entered as a negative amount.
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Business Accounting An Introduction To Financial And Management Accounting
Authors: Jill Collis, Roger Hussey, Andrew Holt, Holt Collis, J. Collis
2nd Edition
9780230276239
