Question

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.

Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel Service

0 0
Add a comment Improve this question Transcribed image text
Answer #1

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

All the best...

Add a comment
Know the answer?
Add Answer to:
Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2016,...

    Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $764,350 175,800 Office expense Miscellaneous expense 15,285 Wages expense 366,890 19,110 Accounts payable Accounts receivable 53,500 Cash 229,815 Common stock 135,000 245,000 Land Supplies 9,170 Cash dividends of $29,000 were paid during the year. Retained earnings as of June 1, 2045, were $206,000. Prepare the balance sheet as of May 31, 2016. When entering assets, enter them in order of liquidity....

  • The account balances of Paradise Travel Service for the year ended May 31, 2018, are listed...

    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 $975,370 224,335 19,505 468,180 Accounts payable Accounts receivable Cash Common stock Land Supplies $24,385 68,280 256,650 135,000 312,000 11,705 Cash dividends of $37,100 were paid during the year. Retained earnings as of June 1, 2017, were $263,000 Prepare the balance sheet as of May 31, 2018. When entering assets, enter them in order of liquidity....

  • Balance Sheet The account balances of Sentinel Travel Service for the year ended August 31, 2019,...

    Balance Sheet The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below. Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages expense 450,000 Accounts payable 44,600 Accounts receivable 75,500 Cash 45,400 Land 310,000 Supplies 4,700 Barb Schroeder, the owner, invested an additional $36,000 in the business during the year and withdrew cash of $18,000 for personal use. Barb Schroeder, capital as of September 1, 2018, was $380,000. Prepare a balance sheet as...

  • Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...

    Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $37,490, and the common stock was $7,500 as of October 1, 20Y5, the beginning of the current year. During the current year, dividends of $19,900 were paid. Accounts payable $13,060 Accounts receivable 84,901 Common stock 15,000 Cash 141,109 Fees...

  • Statement of stockholders' equity The revenues and expenses of Paradise Travel Service for the year ended...

    Statement of stockholders' equity The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow: Fees eamed $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 paid during the year Common stock had a balance of $60,000 and retained earnings had a balance of $300,000 as of June 1, 20YS. Prepare a statement of stockholders'...

  • Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...

    Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $48,840 on October 1, 20YS, the beginning of the current year. During the current year, dividends of $23,900 were paid $17,140 106,749 15,000 185,211 642,600 5,130 85,470 7,980 13,670 51,280 244,190 Accounts payable Accounts receivable Common stock Cash Fees...

  • The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is shown...

    The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is shown as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,290.00 $679,820.00 4 Accounts receivable (net) 567,130.00 546,470.00 5 Inventories 1,010,720.00 982,810.00 6 Investments 0.00 240,290.00 7 Land 520,170.00 0.00 8 Equipment 880,950.00 679,180.00 9 Accumulated depreciation-equipment (243,580.00) (199,410.00) 10 Total assets $3,378,680.00 $2,929,160.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $771,620.00 $748,300.00 13 Accrued expenses payable 63,010.00 71,040.00 14...

  • The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,740.00 $678,670.00 4 Accounts receivable (net) 5...

    The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: 1 Dec. 31, 20Y6 Dec. 31, 20Y5 2 Assets 3 Cash $643,740.00 $678,670.00 4 Accounts receivable (net) 567,590.00 546,500.00 5 Inventories 1,010,270.00 983,300.00 6 Investments 0.00 239,830.00 7 Land 520,160.00 0.00 8 Equipment 879,990.00 680,730.00 9 Accumulated depreciation (244,840.00) (200,100.00) 10 Total assets $3,376,910.00 $2,928,930.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable (merchandise creditors) $771,010.00 $748,100.00 13 Accrued expenses payable (operating expenses)...

  • The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as...

    The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $227,220 $211,610 Accounts receivable (net) 82,310 76,000 Inventories 232,380 225,030 Investments 0 87,180 Land 119,180 0 Equipment 256,370 198,950 Accumulated depreciation-equipment (60,020) (53,650) Total assets $857,440 $745,120 Liabilities and Stockholders' Equity Accounts payable $155,200 $146,790 Accrued expenses payable 15,430 19,370 Dividends payable 8,570 6,710 Common stock, $10 par 46,300 36,510 Paid-in capital: Excess of issue...

  • help with this problem please. he assets and liabilities of Global Travel Agency on December 31,...

    help with this problem please. he assets and liabilities of Global Travel Agency on December 31, 2045, and its revenue and expenses for the year are as follows: Accounts payable $ 108,000 Miscellaneous expense $ 19,500 Accounts receivable 539.000 Rent expense 56,000 Cash 200.000 Supplies 6,000 Common stock 575.000 Supplies expense 12,700 Fees earned 940.000 Utilities expense 34,800 Land 1,500,000 Wages expense 415.000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT