Michael J owns renovation business under the name New Home. Financial data for New Home as of 30 June 2019 are shown as below:
| $ | $ | ||
| Accounts receivable | 109,500 | Wages expense | 117,000 |
| Renovation revenue | 300,000 | Advertising expense | 48,000 |
| Interest Income | 13,500 | Prepaid insurance | 13,500 |
| Accounts payable | 132,000 | Insurance expense | 10,500 |
| Cash at bank | 72,000 | Equipment | 285,000 |
| Michael J, capital | ? |
Required:
a) Prepare an income statement for the business for the year ending 30 June 2019.
b) Prepare a balance sheet in narrative format for New Home as at 30 June 2019.
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