Question: Problem to solve: ABC Inc. is a passenger airline. Below are the items in a random order from the Balance Sheet as of March 31,
Problem to solve:
ABC Inc. is a passenger airline.
Below are the items in a random order from the Balance Sheet as of March 31, 2015, and Income Statement for the month of March, 2015:
| in $'000 | |
| Capital Stock | $330 000 |
| Office equipment | ? |
| Rent Expense | $4 050 |
| Accounts receivable (to be collected in August 2015) | $36 000 |
| Utilities payable | $10 000 |
| Cash | $19 000 |
| Tickets Revenue | $108 000 |
| Corporate Income Tax Expense | $300 |
| Building | $152 000 |
| Retained Earnings | $108 000 |
| Stationery | $3 600 |
| Notes payable | $76 000 |
| Fleet of aircrafts | $78 000 |
| Utilities Expense | $750 |
| Notes receivable (to be collected in May 2015) | $30 000 |
| Dividends | $3 200 |
| Taxes payable | $68 600 |
| Salaries Expense | $52 500 |
| Land | $210 000 |
Required: Prepare a Balance Sheet and Income Statement of the company in a correct format.
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