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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 6BE
Textbook Problem
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Balance sheet

Using the following data for Paradise Travel Service as well as the statement of stockholders’ equity from Basic Exercise 1-5, prepare a balance sheet as of May 31, 20Y6:

Chapter 1, Problem 6BE, Balance sheet Using the following data for Paradise Travel Service as well as the statement of

To determine

Prepare the Balance sheet for Company PTS as of May 31, 20Y6.

Explanation of Solution

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

Prepare the Balance sheet for Company PTS as of May 31, 20Y6.

Company PTS
Balance Sheet
As of May 31, 20Y6
Assets 
ParticularsAmount ($)Amount ($)
Cash $52,000
Accounts Receivable $38,000
Supplies $3,000
Land$450,000
Total assets$543,000
Liabilities 
Accounts Payable $18,000
   
Stockholder's Equity 
Common stock$100,000 
Retained earnings$425,000 
Total stockholders’ equity $525,000
Total liabilities and stockholder's equity$543,000

Table (1)

Working notes:

Prepare the income statement for Company PTS for the year ended May 31, 20Y6...

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Financial And Managerial Accounting
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