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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