The account balances of A-One Travel Service for the year ended August 31, 20Y6, follow:

Account	Amount
Fees earned	$886,800
Office expense	203,965
Miscellaneous expense	17,735
Wages expense	425,665
Accounts payable	22,170
Accounts receivable	62,080
Cash	245,185
Common stock	135,000
Land	284,000
Supplies	10,640

Cash dividends of $33,700 were paid during the year. Retained earnings as of September 1, 20Y5, were $239,000.

Prepare a balance sheet as of August 31, 20Y6. When entering assets, enter them in order of liquidity.

A-One Travel Service
Balance Sheet
August 31, 20Y6

Line Item Description	Amount	Amount
Assets
Accounts payableCashCommon stockFees earnedRetained earningsCash		$Cash
Accounts payableAccounts receivableFees earnedOffice expenseWages expenseAccounts receivable		Accounts receivable
Accounts payableCommon stockFees earnedSuppliesWages expenseSupplies		Supplies
Common stockFees earnedLandOffice expenseRetained earningsLand		Land
Total assets		$Total assets
Liabilities
Accounts payableAccounts receivableCashFees earnedLandAccounts payable		$Accounts payable
Stockholders’ Equity
Accounts payableCashCommon stockFees earnedLandCommon stock	$Common stock
Accounts payableCashFees earnedLandRetained earningsRetained earnings	Retained earnings
Total stockholders’ equity		Total stockholders’ equity
Total liabilities and stockholders’ equity		$Total liabilities and stockholders’ equity

Answer rating: 100% (QA)

Ans AOne Travel Service Balance Sheet August 31 20Y6 Line Item Description Am... View the full answer