Question: Please answer in proper format with al working clealrly Question: Sea View Tour operates a large catamaran which takes tourists at several island resorts on
Please answer in proper format with al working clealrly
Question:
Sea View Tour operates a large catamaran which takes tourists at several island resorts on diving and sailing excursions. The company adjusts its account at the end of each month and closes its account at the end of each year. At 31 May 2021, the accounts balances appeared as below:
Accounts | RM |
Cash | 55,950 |
Account Receivable | 14,500 |
Shop Supplies | 2,400 |
Prepaid Insurance | 3,000 |
Land | 104,000 |
Building | 72,000 |
Accumulated Depreciation - Building | 3,900 |
Account Payable | 5,380 |
Wages Payable | 3,900 |
Unearned Revenues | 8,000 |
Notes Payable | 80,000 |
Capital | 119,750 |
Drawing | 89,600 |
Services Revenue | 324,420 |
Rent Revenue | 4,000 |
Wages Expense | 117,500 |
Supplies Expense | 15,000 |
Depreciation Expense - Building | 3,600 |
Utilities Expense | 38,800 |
Insurance Expense | 33,000 |
Prepare the following financial statements for Sea View Tour:
- Income Statement for the year ended 31 May 2021
- Balance Sheet as at 31 May 2021
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