Retained Earnings Statement Retained Earnings Statement The revenues and expense

Question

Retained Earnings Statement Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned Office expense Miscellaneous expense Wages expense $1,436,000 349,000 21,000 806,000 Everett McCauley invested an additional $52,000 in the business in exchange for common stock, and $26,000 of dividends were paid during the year Retained earnings as of June 1, 2017, was $568,000. 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 Shaded cells have feedback Retained Earnings Statement Previous Next 9:59 AM

Explanation / Answer

PARADISE TRAVEL SERVICE Figures in $

INCOME STATEMENT FOR THE YEAR ENDED 31ST MAY 2018

Fees Earned 1436000

Office Expenses (349000)

Miscellaneous Expenses ( 21000)

Wages Expenses (806000)

Net Income for the year   260000

RETAINED EARNINGS STATEMENT FOR THE YEAR ENDED 31ST MAY 2018

Opening Balance as on 1st June 2017 568000

Net income for the year 260000

Total 828000

Dividend declared and paid (26000)

Retained Earnings Balance as on 31st May 2018 802000

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