The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $892,760Office expense 205,335Miscellaneous expense 17,855Wages expense 428,525Accounts payable 22,320Accounts receivable 62,490Cash 246,260Common stock 135,000Land 286,000Supplies 10,715Cash dividends of $33,900 were paid during the year. Retained earnings as of June 1, 20Y5, were $241,000. Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel ServiceBalance SheetMay 31, 20Y6Assets Cash$Cash246,260 Accounts receivableAccounts receivable62,490 SuppliesSupplies10,715 LandLand286,000Total assets $fill in the blank 9605,465Liabilities Accounts payable$Accounts payable22,320Stockholders' Equity Common stock$Common stock135,000 Retained earningsRetained earningsTotal stockholders' equity fill in the blank 16Total liabilities and stockholders' equity $fill in the blank 17 What are the retained earnings?
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
Fees earned $892,760
Office expense 205,335
Miscellaneous expense 17,855
Wages expense 428,525
Accounts payable 22,320
Accounts receivable 62,490
Cash 246,260
Common stock 135,000
Land 286,000
Supplies 10,715
Cash dividends of $33,900 were paid during the year. Retained earnings as of June 1, 20Y5, were $241,000.
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
Cash
$Cash
246,260
Accounts receivable
Accounts receivable
62,490
Supplies
Supplies
10,715
Land
Land
286,000
Total assets $fill in the blank 9
605,465
Liabilities
Accounts payable
$Accounts payable
22,320
Stockholders' Equity
Common stock
$Common stock
135,000
Retained earnings
Retained earnings
Total stockholders' equity fill in the blank 16
Total liabilities and stockholders' equity $fill in the blank 17
What are the retained earnings?
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