From the following list of balance sheet and income statement account balances for Castle Cruises Corporation,...

 

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From the following list of balance sheet and income statement account balances for Castle Cruises Corporation, prepare an income statement for the year ended November 30, 2020. (Amounts are reported in millions of Canadian dollars.) Explain what the results suggest about the cruise ship company's operating performance. For the same period last year, net income was $1,990,000,000 (in Canadian dollars) and net profit margin was 15.3 percent. Transportation Expenses Passenger Ticket Revenue Onboard Revenue Food Expenses $2,232 11,210 3.436 856 Wages Expense Fuel Expenses Accounts Payable Income Tax Expense $1.470 1,774 512 47 Selling Expenses Prepaid Expenses Ship Expenses Deferred Revenue $1,629 267 4.308 2.519 From the following list of balance sheet and income statement account balances for Castle Cruises Corporation, prepare an income statement for the year ended November 30, 2020. (Amounts are reported in millions of Canadian dollars.) Explain what the results suggest about the cruise ship company's operating performance. For the same period last year, net income was $1,990,000,000 (in Canadian dollars) and net profit margin was 15.3 percent. Transportation Expenses Passenger Ticket Revenue Onboard Revenue Food Expenses $2,232 11,210 3.436 856 Wages Expense Fuel Expenses Accounts Payable Income Tax Expense $1.470 1,774 512 47 Selling Expenses Prepaid Expenses Ship Expenses Deferred Revenue $1,629 267 4.308 2.519

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