Solution-Prepare a balance sheet as of may

Prepare a balance sheet as of may

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Reference no: EM132937196

The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow:

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

$10,000 of dividends were paid during the year. Retained earnings as of June 1, 20Y5, were $300,000

Problem 1: Prepare a balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.

Reference no: EM132937196

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Prepare a balance sheet as of may

Reference no: EM132937196

Reference no: EM132937196

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