Listed in alphabetical order, the following selected i
Question and Solution
Listed in alphabetical order, the following selected items (in thousands) were taken from Sunrise Cruise Ltd.'s Decemb
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Listed in alphabetical order, the following selected items (in thousands) were taken from Sunrise Cruise Ltd.'s December 31 financial statements: Instructions (a) In each case, identify on the blank line in the first column whether the item is an asset (A), liability (L), capital (C), drawings (D), revenue (R), or expense (E) item. The first one has been done for you as an example. (b) Indicate on the blank line in the second column which financial statement-income statement (IS), statement of owner's equity (OE), or balance sheet (BS)-each item would be reported on. The first one has been done for you as an example. (c) Show the amounts in Sunset Cruise's accounting equation by calculating the value of total assets, total liabilities, and total owner's equity at December 31. TAKING IT FURTHER Is it important for Sunset Cruise to keep track of its different types of revenues as separate items? Explain.
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