pri i V takeAssignment/takeAssignment Main.do?invoker= assignments&takeAssign; r

Question

pri i V takeAssignment/takeAssignment Main.do?invoker= assignments&takeAssign; rnent ession ocator assignment take anprogr r · : eBook Show Me How Calculator The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 2018, are listed below $10,000 of dividends were paid during the year Retained earnings as of June 1, 2017, were $300,000. Accounts Fees earned Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash $900,000 300,000 15,000 450,000 18,000 38,000 52,000 100,000 450,000 Land Supplies Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels and Amount Descriptions for the exac Be sure to complete the statement heading of the answer choices for text entries

Explanation / Answer

Workings:

Balance sheet as on May 31, 2018 Liabilities and stockholders equity Amount Assets Amount Liabilities Current assets Current liabilities Accounts receivable           38,000 Cash           52,000 Accounts payable           18,000 Supplies             3,000 Total current liabilities           18,000 Total current assets           93,000 Stockholders equity Common stock         100,000 retained earnings         425,000 Fixed assets Total stockholders equity         525,000 Land         450,000 Total fixed assets         450,000 Total liabilities and stockholders equity         543,000 Total assets         543,000

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.