Using the following data for Paradise Travel Service as well as the retained earnings statement shown in Basic Exercise 1 5, prepare a balance sheet as of May 31, 2018 Accounts payable $ 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land 450,000 Supplies 3,000 ...

Paradise Travel Service Balance Sheet May 31 2018 Assets Cash 52 ...

Using the following data for Paradise Travel Service as well as the retained earnings statement shown in

Question:

Using the following data for Paradise Travel Service as well as the retained earnings statement shown in Basic Exercise 1-5, prepare a as of May 31, 2018:
Accounts payable................................................$ 18,000
Accounts receivable................................................38,000
Cash..................................................................52,000
Common stock....................................................100,000
Land................................................................450,000
Supplies...............................................................3,000
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...