The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow:...

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The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $900,000 office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $300,000 as of June 1, 2015, Prepare a statement of stockholders' equity for the year ended May 31, 2016. Paradise Travel Service Statement of Stockholders' Equity For the Year Ended May 31, 2016 Common Stock Retained Earnings Total The revenues and expenses of Paradise Travel Service for the year ended May 31, 2016, follow: Fees earned $900,000 office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Common stock had a balance of $60,000 and retained earnings had a balance of $300,000 as of June 1, 2015, Prepare a statement of stockholders' equity for the year ended May 31, 2016. Paradise Travel Service Statement of Stockholders' Equity For the Year Ended May 31, 2016 Common Stock Retained Earnings Total

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Before we prepare the statement of stockholders equity We need to know the Net income by preparing ... View the full answer