The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $980,265 Office expense 225,460 Miscellaneous expense 19,605 Wages expense 470,525 Accounts payable 24,505 Accounts receivable 68,620 Cash 257,495 Common stock 135,000 Land 314,000 Supplies 11,765 Cash dividends of $37,300 were paid during the year. Retained earnings as of June 1, 20Y5, were $265,000. Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 20Y6 Assets $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 Total assets $fill in the blank 9 Liabilities $fill in the blank 11 Stockholders' Equity $fill in the blank 13 fill in the blank 15 Total stockholders' equity fill in the blank 16 Total liabilities and stockholders' equity $fill in the blank 17
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $980,265 Office expense 225,460 Miscellaneous expense 19,605 Wages expense 470,525 Accounts payable 24,505 Accounts receivable 68,620 Cash 257,495 Common stock 135,000 Land 314,000 Supplies 11,765 Cash dividends of $37,300 were paid during the year. Retained earnings as of June 1, 20Y5, were $265,000. Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity. Paradise Travel Service Balance Sheet May 31, 20Y6 Assets $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 Total assets $fill in the blank 9 Liabilities $fill in the blank 11 Stockholders' Equity $fill in the blank 13 fill in the blank 15 Total stockholders' equity fill in the blank 16 Total liabilities and stockholders' equity $fill in the blank 17
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:
| Fees earned | $980,265 |
| Office expense | 225,460 |
| Miscellaneous expense | 19,605 |
| Wages expense | 470,525 |
| Accounts payable | 24,505 |
| Accounts receivable | 68,620 |
| Cash | 257,495 |
| Common stock | 135,000 |
| Land | 314,000 |
| Supplies | 11,765 |
Cash dividends of $37,300 were paid during the year.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.
| Paradise Travel Service | ||
| Balance Sheet | ||
| May 31, 20Y6 | ||
| Assets | ||
| $fill in the blank 2 | ||
| fill in the blank 4 | ||
| fill in the blank 6 | ||
| fill in the blank 8 | ||
| Total assets | $fill in the blank 9 | |
| Liabilities | ||
| $fill in the blank 11 | ||
| $fill in the blank 13 | ||
| fill in the blank 15 | ||
| Total stockholders' equity | fill in the blank 16 | |
| Total liabilities and stockholders' equity | $fill in the blank 17 |
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