Homework Answers
Solution:
Net income = $900000-300000-15000-450000 = $135,000
| Statement of Stockholders' Equity | |||
| For the month ended May 31, 20Y6 | |||
| Common Stock | Retained Earnings | Total | |
| Baalnces, June 1, 20Y5 | $0 | $0 | $0 |
| Issuance of Common stock | $40,000 | $40,000 | |
| Net Income | $1,35,000 | $1,35,000 | |
| Dividends | $10,000 | $10,000 | |
| Balances, may 31, 20Y6 | $40,000 | $1,25,000 | $1,65,000 |
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Balance Sheet
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ended May 31, 20Y6, follow:
Fees earned
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Office expense
208,560
Miscellaneous expense
18,135
Wages expense
435,250
Accounts payable
22,670
Accounts receivable
63,470
Cash
248,650
Common stock
135,000
Land
290,000
Supplies
10,880
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I don't know what I'm missing here.
en/take Assignment and invokerStake AssignmentSession Locator Binprogresse eBook Show Me How Calculator Printem Statement of stockholders' equity The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016. follow Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450.000 Everett McCauley invested an additional $40,000 in the business in exchange for common stock and $10.000 of dividends were cald during the year common stock had a balance...
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Just need the return on total assets
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Balance Sheet
The account balances of Paradise Travel Service for the year
ended May 31, 20Y6, follow:
Fees earned
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Office expense
208,560
Miscellaneous expense
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Wages expense
435,250
Accounts payable
22,670
Accounts receivable
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Cash
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Common stock
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Land
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Cash dividends of $34,500 were paid during the year. Retained
earnings as of June 1, 20Y5, were $245,000.
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