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Corrected Income Statement for Happy Travel Court

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Using the attached information, please answer the questions

(Also attached)

(a) Prepare a correct income statement for the quarter ...

(b) Explain to Nancy the generally accepted accounting principles that she did not recognize ...

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Solution Summary

The posting provides solution for BYP2-5 relating to correcting the income statement of Happy Travel Court

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1. Advance Rentals - Rentals which are received in advance cannot be shown as revenues. They will become revenues one the services have been rendered, meaning customers have utlized the rooms. The revenues are 95000-30000=65,000
2. Since supplies on hand are 1,300 and supplies shown are 5,200, the balnce supplies must have been consumed. There is a supplies concumed expense of 3,900
3. Prepaid Insurance is a 1 yr policy. Since 3 months have ...

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