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5. FINANCIAL STATEMENTS PREPARE Prepare income statement and statement of owner's equity. E115 (LO 6) AP Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement accounts for the company for the year ended May 31, 2024: Accounts payable Accounts receivable Advertising expense Building Cash Equipment I. Temelkova, capital, June 1, 2023 I. Temelkova, drawings Insurance expense $ 47.750 42,950 3,640 122,570 20,080 553.300 311,182 33.950 2,566 Interest expense Investments by owner Maintenance expense Notes payable Other expenses Prepaid insurance Revenue Salaries expense Supplies 20,960 5,847 82,870 379,000 66,500 1,283 350,640 126,950 16,800 Instructions Prepare an income statement and a statement of owner's equity for the year. Prepare balance sheet. E1.16 (LO 6) AP Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2024. Instructions Prepare the balance sheet.

5. FINANCIAL STATEMENTS PREPARE Prepare income statement and statement of owner's equity. E115 (LO 6) AP Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement accounts for the company for the year ended May 31, 2024: Accounts payable Accounts receivable Advertising expense Building Cash Equipment I. Temelkova, capital, June 1, 2023 I. Temelkova, drawings Insurance expense $ 47.750 42,950 3,640 122,570 20,080 553.300 311,182 33.950 2,566 Interest expense Investments by owner Maintenance expense Notes payable Other expenses Prepaid insurance Revenue Salaries expense Supplies 20,960 5,847 82,870 379,000 66,500 1,283 350,640 126,950 16,800 Instructions Prepare an income statement and a statement of owner's equity for the year. Prepare balance sheet. E1.16 (LO 6) AP Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2024. Instructions Prepare the balance sheet.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Statement of Owner's Equity Balance Sheet
Transcribed Image Text:Statement of Owner's Equity Balance Sheet
5. FINANCIAL STATEMENTS PREPARE Prepare income statement and statement of owner's equity. E115 (LO 6) AP Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement accounts for the company for the year ended May 31, 2024: Accounts payable Accounts receivable Advertising expense Building Cash Equipment I. Temelkova, capital, June 1, 2023 I. Temelkova, drawings Insurance expense $ 47.750 42,950 3,640 122,570 20,080 553.300 311,182 33.950 2,566 Interest expense Investments by owner Maintenance expense Notes payable Other expenses Prepaid insurance Revenue Salaries expense Supplies 20,960 5,847 Income Statement 82,870 379,000 66,500 1,283 350,640 126,950 16,800 Instructions Prepare an income statement and a statement of owner's equity for the year. Prepare balance sheet. E1.16 (LO 6) AP Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2024. Instructions Prepare the balance sheet.
Transcribed Image Text:5. FINANCIAL STATEMENTS PREPARE Prepare income statement and statement of owner's equity. E115 (LO 6) AP Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement accounts for the company for the year ended May 31, 2024: Accounts payable Accounts receivable Advertising expense Building Cash Equipment I. Temelkova, capital, June 1, 2023 I. Temelkova, drawings Insurance expense $ 47.750 42,950 3,640 122,570 20,080 553.300 311,182 33.950 2,566 Interest expense Investments by owner Maintenance expense Notes payable Other expenses Prepaid insurance Revenue Salaries expense Supplies 20,960 5,847 Income Statement 82,870 379,000 66,500 1,283 350,640 126,950 16,800 Instructions Prepare an income statement and a statement of owner's equity for the year. Prepare balance sheet. E1.16 (LO 6) AP Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2024. Instructions Prepare the balance sheet.
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