The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. On April 1, 2010, the beginning of the current year, Mr. Amos invested an additional RM25,000 in the business during the year.
|
Accounts Payable
|
RM 1,200
|
Miscellaneous Expense
|
RM 230
|
|
Accounts Receivable
|
RM 10,340
|
Office Expense
|
RM 1,240
|
|
Cash
|
RM 33,990
|
Office Equipment
|
RM 1,670
|
|
Fees Earned
|
RM 266,020
|
Wages Expense
|
RM23,550
|
|
Land
|
RM 47,000
|
Drawing
|
RM16,570
|
|
Building
|
RM 157,630
|
|
|
Required:
Prepare an Income Statement for the current year ended May 31, 2011