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Question 2 L 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 $47,750 42,950 3,640 122,570 20,080 Equipment 553,300 1. Temelkova, capital, June 1, 2023 311,182 I. Temelkova, drawings 33,950 Insurance expense 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.

Question 2 L 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 $47,750 42,950 3,640 122,570 20,080 Equipment 553,300 1. Temelkova, capital, June 1, 2023 311,182 I. Temelkova, drawings 33,950 Insurance expense 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 2 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 $47,750 42,950 3,640 122,570 20,080 Equipment 553,300 1. Temelkova, capital, June 1, 2023 311,182 I. Temelkova, drawings 33,950 Insurance expense 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.
Transcribed Image Text:Question 2 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 $47,750 42,950 3,640 122,570 20,080 Equipment 553,300 1. Temelkova, capital, June 1, 2023 311,182 I. Temelkova, drawings 33,950 Insurance expense 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.
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