Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $740,875 Office expense 170,400 Miscellaneous expense 14,820 Wages expense 355,620 Accounts payable 18,520 Accounts receivable 51,860 Cash 227,605 Common stock 135,000 Land 237,000 Supplies 8,890 Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were $200,000.
Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $740,875 Office expense 170,400 Miscellaneous expense 14,820 Wages expense 355,620 Accounts payable 18,520 Accounts receivable 51,860 Cash 227,605 Common stock 135,000 Land 237,000 Supplies 8,890 Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were $200,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please help with retained earnings
Transcribed Image Text:Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
Paradise Travel Service
Balance Sheet
Мау 31, 20Y6
Assets
Cash
227,605
Accounts receivable
51,860
Supplies
8,890
Land
237,000
Total assets
525,355
Liabilities
Accounts payable
18,520
Stockholders' Equity
Common stock
135,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Transcribed Image Text:Balance Sheet
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned
$740,875
Office expense
170,400
Miscellaneous expense
14,820
Wages expense
355,620
Accounts payable
18,520
Accounts receivable
51,860
Cash
227,605
Common stock
135,000
Land
237,000
Supplies
8,890
Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were
$200,000.
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