Please help with retained earnings Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.Paradise Travel ServiceBalance SheetМау 31, 20Y6AssetsCash227,605Accounts receivable51,860Supplies8,890Land237,000Total assets525,355LiabilitiesAccounts payable18,520Stockholders' EquityCommon stock135,000Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equity Balance SheetThe account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:Fees earned$740,875Office expense170,400Miscellaneous expense14,820Wages expense355,620Accounts payable18,520Accounts receivable51,860Cash227,605Common stock135,000Land237,000Supplies8,890Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were$200,000.

Solution Retained earning is the part of the company's profit which is not distributed as a dividend…

Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $740,875 Office expense 170,400 Miscellaneous expense 14,820 Wages expense 355,620 Accounts payable 18,520 Accounts receivable 51,860 Cash 227,605 Common stock 135,000 Land 237,000 Supplies 8,890 Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were $200,000.

Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $740,875 Office expense 170,400 Miscellaneous expense 14,820 Wages expense 355,620 Accounts payable 18,520 Accounts receivable 51,860 Cash 227,605 Common stock 135,000 Land 237,000 Supplies 8,890 Cash dividends of $28,200 were paid during the year. Retained earnings as of June 1, 20Y5, were $200,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.4.4P: Multiple-step income statement and report form of balance sheet The following selected accounts and...

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