The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $818,000 Office expense 295,700 Miscellaneous expense 10,400 Wages expense 450,200 Everett McCauley invested an additional $37,000 in the business in exchange for common stock, and $19,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $380,000. 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. Labels and Amount Descriptions Labels For the Year Ended May 31, 2018 May 31, 2018 Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings, June 1, 2017 Retained earnings, May 31, 2018 Retained Earnings Statement 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. Paradise Travel Service Retained Earnings Statement 1 2 3 4 5

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 2PA: Financial statements The assets and liabilities of Global Travel Agency on December 31, 20Y5, and...

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The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:

Accounts
Fees earned	$818,000
Office expense	295,700
Miscellaneous expense	10,400
Wages expense	450,200

Everett McCauley invested an additional $37,000 in the business in exchange for common stock, and $19,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $380,000.

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.

Labels and Amount Descriptions

Labels
For the Year Ended May 31, 2018
May 31, 2018
Amount Descriptions
Change in retained earnings
Dividends
Net income
Net loss
Retained earnings, June 1, 2017
Retained earnings, May 31, 2018

Retained Earnings Statement

Paradise Travel Service

Retained Earnings Statement

1
2
3
4
5

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