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.

Transcribed Image Text:

s2,598 12. $ 905 4,650 1,735 1. L BSAccounts payable Other assets Other expenses Other liabilities Other revenue Passenger revenues 869 13. Accounts receivable Cash 1,700 14 4.Equipment 26,785 15. Food service revenues 5,500 1,750 17. __Port fee expense 2,738 18. 19,765 429 5,675 550 16. 6.Fuel expense G. Hirsch, capital, Jan. 1 G. Hirsch, drawings Interest expense Salaries expense 19._Supplies 675 20. Unearned passenger revenues 10. _Maintenance expense 11.Notes payable 1,578 13,500 2,000