he revenues and expenses of Paradise Travel Service for the year ended May 31, 20 ees earned $900,000 ffice expense 300,000 iscellaneous expense 15,000 lages expense 450,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Retained Earnings Statement
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:
Fees earned
$900,000
Office expense
300,000
Miscellaneous expense
15,000
Wages expense
450,000
Prepare a retained earnings statement for the year ended May 31, 2018. 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.
Paradise Travel Service
Retained Earnings Statement
For the Year Ended May 31, 2018
Transcribed Image Text:Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare a retained earnings statement for the year ended May 31, 2018. 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. Paradise Travel Service Retained Earnings Statement For the Year Ended May 31, 2018
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