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The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...

The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $795,500 Office expense 295,100 Miscellaneous expense 10,100 Wages expense 450,800 Everett McCauley invested an additional $38,200 in the business in exchange for common stock, and $19,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $355,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Add” is not required. A decrease to retained earnings should be entered as a negative amount.

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Answer #1
Calculation of Net Income
Fees earned 795500
Less:
Office expense 295100
Miscellaneous expenses 10100
Wages expenses 450800
Net Income (795500 - 295100 -10100 450800) 39500
Retained earnings statement
For the year ended May 31, 2018
Retained earnings June 1, 2017 355000
Net Income 39500
Dividends -19000
Change in retained earnings 20500
Retained earnings, May 31, 2018 (355000+20500) 375500
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