t/takeAssignment Main donnvokera assignment &takeAssignment; ess ontoc tor assig

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t/takeAssignment Main donnvokera assignment &takeAssignment; ess ontoc tor assignment take in ogr e eBook Show Me How Calculator The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 2018 Retained earnings as of June 1, 2017, were $300,000. , are listed below. $10,000 of dividends were paid during the year Accounts Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash Common stock Land Supplies $900,000 300,000 15,000 450,000 18,000 52,000 100,000 450,000 3,000 Prepare a balance sheet as of May 31, 2018 Refer to the lists of Accounts, Labels and Amount Descriptions for the exact Be sure to complete the statement heading Shaded cells have feedback

Explanation / Answer

Pradise Travel Service Balance Sheet for Year ended on 31st May 2018 Assets Current Asset Cash $52,000.00 Account Receivable $38,000.00 Office Supllies $3,000.00 Total Current Asset $93,000.00 Property, Plant & Equipment Land $450,000.00 Total Asset $543,000.00 Liability & Equity Current Liabilities Account Payable $18,000.00 Long term Liabilities Total Liabilities $18,000.00 $0.00 Share holder Equity Common Stock $100,000.00 Retained Earning $425,000.00 Total Equity $525,000.00 Total Liability & Equity $543,000.00 Pradise Travel Service Income Statement for year ended on May 31,2018 Fees Earned $900,000.00 Less: Office Expense $300,000.00 Misc Expense $15,000.00 Wages Expense $450,000.00 $765,000.00 Net Income For the year $135,000.00 Pradise Travel Service Statement of Retained earning Openin BAlance $300,000.00 Income during the year $135,000.00 Dividend declared & Paid -10000 Retained earning, May 2018 $425,000.00

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