Betzabeth5363 Betzabeth5363

30-05-2023
Business

contestada

.Ms Indy opened uChampion Painters (uCP) on 1 June 2021.
On 31 May 2022, records show the following accounts:

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000
Accounts receivable 167
Repairs expense 102
Painting supplies used 156
Painting revenue 1229
Long term loan 500
Ms Indy, drawings 220
Building 600
Ms Indy Capital 900
Salaries expense 176
Vehicle 681
Painting supplies 70
Equipment (painting) 210
Accountant fees expense 58
Cash at bank 98
Advertising expense 199
Accounts payable 108

Required:
a Prepare an income statement for uChampion Painters (uCP) for the year ended 31 May 2022. 4 marks
b Prepare a balance sheet as at 31 May 2022.

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