The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $975,760
Office expense 224,425
Miscellaneous expense 19,515
Wages expense 468,365
Accounts payable 24,395
Accounts receivable 68,300
Cash 256,740
Common stock 135,000
Land 312,000
Supplies 11,710
Cash dividends of $37,100 were paid during the year. Retained earnings as of June 1, 20Y5, were $263,000.
Prepare the balance sheet as of May 31, 20Y6. When entering assets, enter them in order of liquidity.

Paradise Travel Service

Balance Sheet as at May 31, 20Y6.

ASSETS

Non - Current Assets

Land                                                                      312,000

Total Non - Current Assets                                  312000

Current Assets

Supplies                                                                    11,710

Accounts receivable                                             68,300

Cash                                                                     256,740

Total Current Assets                                            336750

TOTAL ASSETS

EQUITY AND LIABILITIES

EQUITY

TOTAL EQUITY

LIABILITIES

Non - Current Liabilities

Total Non - Current Liabilities

Current Liabilities

Accounts payable                                                   24,395

Total Current Liabilities

TOTAL LIABILITIES

EQUITY

Common stock                                                     135,000

Retained Earnings                                               468,365

TOTAL EQUITY                                                     603365

TOTAL EQUITY AND LIABILITIES

Explanation:

Profit = Sales - Expenses

          = $975,760 - (224,425 + 19,515 + 468,365)

          = $263,455

Retained Earnings Calculation

Opening Balance                   $263,000

Add Profit for the Year          $263,455

Less Dividends                        ($37,100)

Ending Balance                      $489,355

answer; break-even analysis;