Balance Sheet
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
| Fees earned | $906,775 |
| 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 |
Cash dividends of $34,500 were paid during the year. Retained earnings as of June 1, 20Y5, were $245,000.
Homework Answers
Paradise Travel Service
Balance Sheet
May 31, 20Y6
| Assets |
| Cash | $ 248,650 | |
| Accounts Receivable | 63,470 | |
| Supplies | 10,880 | |
| Land | 290 | |
| Total Assets | $ 613,000 |
| Liabilities |
| Accounts Payable | $ 22,670 |
| Stockholder's Equity |
| Common Stock | $ 135,000 | |
| Retained Earnings | 455,330 | |
| Total Stockholder's Equity | $ 590,330 | |
| Total Liabilities and Stockholder's equity | $ 613,000 |
Working Notes:
Net Income
| Particulars | $ |
| Fees Earned | 906,775 |
| Less: Expenses | |
| Office expense | 208,560 |
| Miscellaneous expense | 18,135 |
| Wages expense | 435,250 |
| Net Income | 244,830 |
Retained Earnings as on May 31, 20Y6
| Particulars | $ |
| Retained Earnings June 1, 20Y5 | 245,000 |
| Add: Net Income | 244,830 |
| Less: Dividends Paid | 34,500 |
| Retained Earnings May 31, 20Y6 | 455,330 |
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Balance Sheet
The account balances of Paradise Travel Service for the year
ended May 31, 20Y6,...
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