Question: Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording

Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Less or Add is not required. A decrease to retained earnings should be entered as a negative amount.

Prepare a retained earnings statement for the year ended May 31, 2018.

Instructions Retained Eamings Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and Amount choices for text entries. Be sure to complete the statement heading. "Less or "Add" is not required. A decrease to re negative amount. Fees earned Office expense Miscellaneous expense Wages expense $1,446,000 301,000 34,000 825,000 Score: 38/50 Paradise Travel Service Retained Earnings Statement For the Year Ended May 31, 2018 $547,000.00 1 Retained earnings, June 1,2017 2 Net income 3Dividends 4 Change in retained earnings 5 Retained earnings, May 31,2018 $44,000.00 (32,000.00) 29,800.00 $369,800.00

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