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In: Accounting

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees...

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:

Fees earned $801,980
Office expense 184,455
Miscellaneous expense 16,040
Wages expense 384,950
Accounts payable 20,050
Accounts receivable 56,140
Cash 235,320
Common stock 135,000
Land 257,000
Supplies 9,625

Cash dividends of $30,500 were paid during the year. Retained earnings as of June 1, 20Y5, were $217,000.

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
$
Total assets $
Liabilities
$
Stockholders' Equity
$
Total stockholders' equity
Total liabilities and stockholders' equity $

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For any clarifications, please comment, thank you.

ekkarill92 answered 2 years ago
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