Question

In: Accounting

Problem to solve: ABC Inc. is a passenger airline. Below are the items in a random...

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.

Solutions

Expert Solution

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ekkarill92 answered 1 year ago
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