Question

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.

Answer 1

Solution:

Paradise Travel Service
Balancesheet
May 31, 20Y6
Assets
Cash		2,29,815
Accounts receivable		53,500
Supplies		9,170
Land		2,45,000
Total assets		5,37,485
Liabilities
Accounts payable		19,110
Stockholders equity
Common stock	1,35,000
Retained earnings	3,83,375
Stockholders equity		5,18,375
Total liabilities and stockholders equity		5,37,485

Copy of HomeworkLib2 - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View X % Cut AutoSum Calibri 11 A A z Wrap Text General Normal Bad Good la Copy Fill- Paste B 1 U- *Merge & Center Calculation Conditional Format as Neutral Formatting Table Check Cell Insert Delete Format Format Painter Clear Sort & Find & Filter - Select Editing Clipboard Font Alignment Number Styles Cells J12 fac A B с D E F G H I J K L M N 0 P Q R S 1 2 3 4 Paradise Travel Service Balancesheet May 31, 2016 Assets 5 6 Cash 7 8 Fees earned Office expense Miscellaneous expense Wages expense Accounts payable accounts receivable Cash common stock land supplies Retained earnings dividends paid 7,64,350 1,75,800 15,285 3,66,890 19,110 53,500 2,29,815 1,35,000 2,45,000 9,170 2,06,000 29,000 9 2,29,815 53,500 9,170 2,45,000 5,37,485 10 Accounts receivable Supplies Land Total assets Liabilities Accounts payable Stockholders equity Common stock Retained earnings Stockholders equity Total liabilities and stockholders equity 19,110 1,35,000 3,83,375 5,18,375 5,37,485 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Sheet170 Sheet171 Sheet172 Sheet173 Sheet174 Sheet175 Sheet176 Sheet177 Sheet178 Sheet179 Sheet180 Ready W 100% 1 Type here to search O חד 77% «» ENG 22:49 22-09-2020 1

9 Copy of HomeworkLib2 - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View X % Cut AutoSum Calibri 11 A A z Wrap Text General Normal Bad Good Ea Copy Fill Paste B 1 U- A, - Merge & Center Calculation Conditional Format as Neutral Formatting Table Check Cell Insert Delete Format Format Painter Clear Sort & Find & Filter - Select Editing Font Alignment Number Styles Cells Clipboard F27 fx A B с D E F G H I J K 1 2 3 764350 4 175800 5 6 7 8 Fees earned Office expense Miscellaneous expense Wages expense Accounts payable accounts receivable Cash common stock land supplies Retained earnings dividends paid 9 15285 366890 19110 53500 229815 135000 245000 9170 206000 29000 10 Paradise Travel Service Balancesheet May 31, 2016 Assets Cash =C9 Accounts receivable =C8 Supplies =C12 Land =C11 Total assets =SUM(G7:510) Liabilities Accounts payable Stockholders equity Common stock =C10 Retained earnings =C13+C3-C4-C5-C6-C Stockholders equity F16+F15 Total liabilities and stockholders equity =G17+G13 =C7 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Sheet170 Sheet171 Sheet172 Sheet173 Sheet174 Sheet175 Sheet176 Sheet177 Sheet178 Sheet179 Sheet180 Ready M 100% 1 Type here to search O חד 77% » ENG 22:50 22-09-2020 1

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