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  3. prepare the balance sheet as of may 31, 20y6. when

Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in...

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Accounting

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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, 2016 Assets Cash 256,195 Accounts receivable 67,660 Supplies 11,600 Land 309,000 Total assets 644.455 Liabilities Accounts payable 24.165 Stockholders' Equity 135,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $966,615 222,320 19,330 463,975 Office expense Miscellaneous expense Wages expense Accounts payable Accounts receivable Cash 24,165 67,660 Common stock 256,195 135,000 309,000 Land Supplies 11,600 Cash dividends of $36,700 were paid during the year. Retained earnings as of June 1, 2045, were $261,000

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