Ms Indy opened uChampion Painters (UCP) on 1 June 2021. On 31 May 2022, records show...

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Ms Indy opened uChampion Painters (UCP) on 1 June 2021. On 31 May 2022, records show the following accounts: $'000 Accounts receivable Repairs expense Painting supplies used Painting revenue Long term loan Ms Indy, drawings Building Ms Indy Capital Salaries expense Vehicle Painting supplies Equipment (painting) Accountant fees expense Cash at bank Advertising expense Accounts payable a b 167 102 156 1229 500 220 600 900 176 681 70 210 58 98 199 108 Required: Prepare an income statement for uChampion Painters (UCP) for the year ended 31 May 2022. Prepare a balance sheet as at 31 May 2022. Ms Indy opened uChampion Painters (UCP) on 1 June 2021. On 31 May 2022, records show the following accounts: $'000 Accounts receivable Repairs expense Painting supplies used Painting revenue Long term loan Ms Indy, drawings Building Ms Indy Capital Salaries expense Vehicle Painting supplies Equipment (painting) Accountant fees expense Cash at bank Advertising expense Accounts payable a b 167 102 156 1229 500 220 600 900 176 681 70 210 58 98 199 108 Required: Prepare an income statement for uChampion Painters (UCP) for the year ended 31 May 2022. Prepare a balance sheet as at 31 May 2022.

Answer rating: 100% (QA)

To prepare the income statement and balance sheet for uChampion Painters uCP for the year ended 31 May 2022 we will need to organize the given informa... View the full answer