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 $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Accounts payable 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land 450,000 Supplies 3,000 Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Accounts, Labels and Amount Descriptions Accounts Accounts payable Accounts receivable Cash Common stock Land Retained earnings Supplies Labels May 31, 2018 Amount Descriptions Net income Total assets Total expenses Total liabilities Total liabilities and stockholders’ equity Total revenue Total stockholders’ equity Balance sheet Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.2P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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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	$900,000
Office expense	300,000
Miscellaneous expense	15,000
Wages expense	450,000
Accounts payable	18,000
Accounts receivable	38,000
Cash	52,000
Common stock	100,000
Land	450,000
Supplies	3,000

Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.

Accounts, Labels and Amount Descriptions

Accounts
Accounts payable
Accounts receivable
Cash
Common stock
Land
Retained earnings
Supplies
Labels
May 31, 2018
Amount Descriptions
Net income
Total assets
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total revenue
Total stockholders’ equity

Balance sheet

Paradise Travel Service

Balance Sheet

1	Assets
2
3
4
5
6
7	Liabilities
8
9	Stockholders’ Equity
10
11
12
13

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