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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:
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
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:
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 | ||
| Particulars | Amount ($) | Amount ($) |
| 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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