The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned$900,000Office expense300,000Miscellaneous expense15,000Wages expense450,000Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year

Subject:AccountingPrice:3.87 Bought7

Share With

The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:

Fees earned$900,000Office expense300,000Miscellaneous expense15,000Wages expense450,000Everett 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, 20Y5.

Required:Prepare a statement of stockholders' equity for the year ended May 31, 20Y6. 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. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.