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The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018, are listed
below. $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.AccountsAn accounting form that is used to record the increases and decreases in each financialstatement item.Fees earned$900,000Office expense300,000Miscellaneous expense15,000Wages expense450,000Accounts payable18,000Accounts receivable38,000Cash52,000Common stock100,000Land450,000Supplies3,000Prepare a balance sheet
Accounting EquationThe total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow:Dollar TreeTarget Assets$2,772$44,553Liabilities1,60128,322Determine the stockholders' equity of each company. Dollar Tree's stockholders' equity$millionTarget's stockholders' equity$million$1,171--------$1,171---------
Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:Net income for November$93,500Cash dividends paid during November7,000Retained earnings, November 1, 20182,940,000Prepare a retained earnings statementA summary of the changes in the retained earnings of a corporation for a specific period of time, such as a month or a year.for the month ended November 30, 2018. 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 ordividends were paid, enter that amount as a negative number using a minus sign.Why is the retained earnings statement prepared before the November 30, 2018, balance sheet?