Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed below. Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock $20,705 57,980 238,910 135,000 Land 265,000 Supplies 9,940 Cash dividends of $31,500 were paid during the year. Retained earnings as of June 1, 2017, were $224,000. Prepare the balance sheet as of May 31, 2018. When entering assets, enter them in order of liquidity. Paradise Travel Service Total assets Balance Sheet May 31, 2018 Liabilities 000 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $828,245 190,495 16,565 397,560 00

Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed below. Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock $20,705 57,980 238,910 135,000 Land 265,000 Supplies 9,940 Cash dividends of $31,500 were paid during the year. Retained earnings as of June 1, 2017, were $224,000. Prepare the balance sheet as of May 31, 2018. When entering assets, enter them in order of liquidity. Paradise Travel Service Total assets Balance Sheet May 31, 2018 Liabilities 000 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $828,245 190,495 16,565 397,560 00

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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