Using the following data for Sentinel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2014.

Accounts payable ...........$ 44,600

Accounts receivable .......... 75,500

Capital stock ............... 116,000

Cash ................ 45,400

Land ................ 310,000

Supplies ............... 4,700

In Practice Exercise 1-5B, using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B prepare a retained earnings statement for the current year ended August 31, 2014. Barb Schroeder, the owner, invested an additional $36,000 in the business in exchange for capital stock and cash dividends of $18,000 were paid during the year. Retained earnings as of September 1, 2013 was $300,000.

In Practice Exercise 1-4B, the revenues and expenses of Sentinel Travel Service for the year ended August 31, 2014, are listed below.

Fees earned ...........$750,000

Office expense ......... 295,000

Miscellaneous expense ...... 12,000

Wages expense ......... 450,000