Income Statement

Question 2 (8 + 12 = 20 marks) A group of young aspiring entrepreneurs started a boutique hotel called Vineyard Melbourne on 1 July 2019. As of 30 June 2020, its financial information is shown below: Accounts receivable Room income Accounts payable Building Cash at bank Interest payable $ 23,000 160,000 20,300 750,000 64,400 13,000 Staff expense Marketing expense Land Office equipment Loan payable Utilities expense F&B income $ 80,000 25,000 173,000 180,000 46,000 14,000 7,800 Required: (a) Prepare an income statement for Vineyard Melbourne for the year ended 30 June 2020