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||?|
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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