Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques.

Ledger balances for The General's Favorite Fishing Hole at the end of May, after adjusting entries, are as follow:

Accounts Payable	$75,525
Accounts Receivable	30
Accumulated Depreciation-Big Screen TV	75
Accumulated Depreciation-Buildings	800
Accumulated Depreciation-Fishing Boats	2,150
Accumulated Depreciation-Surround Sound System	60
Advertising Expense	4,300
Big Screen TV	8,000
Bob Night, Capital	738,250
Bob Night, Drawing	7,500
Buildings	530,000
Cash	154,355
Depreciation Expense-Big Screen TV	75
Depreciation Expense-Buildings	800
Depreciation Expense-Fishing Boats	1,150
Depreciation Expense-Surround Sound System	60
Fishing Boats	69,000
Food Supplies	5,925
Food Supplies Expense	57,750
Insurance Expense	2,500
Land	100,000
Office Supplies	150
Office Supplies Expense	1,050
Prepaid Insurance	6,000
Prepaid Subscriptions	110
Registration Fees	240,850
Rent Expense	40,000
Repair Expense	850
Satellite Programming Expense	125
Subscription Expense	10
Surround Sound System	3,600
Phone Expense	1,800
Utilities Expense	3,300
Vending Commission Revenue	230
Wages Expense	65,500
Wages Payable	6,000

Required:

7. Prepare the income statement.

The General's Favorite Fishing Hole
Income Statement
For Month Ended May 31, 20--
Revenues:
	$
Total revenues		$
Expenses:
	$
Total expenses
		$

8. Prepare the statement of owner's equity. The beginning capital balance was $138,250 and investments during the month were $600,000.

The General's Favorite Fishing Hole
Statement of Owner's Equity
For Month Ended May 31, 20--
		$
Total investment		$
	$
		$

9. Prepare the balance sheet.

The General's Favorite Fishing Hole
Balance Sheet
May 31, 20--
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
		$
	$
	$
	$
	$
Total property, plant, and equipment
Total assets			$
Liabilities
Current liabilities:
		$
Total current liabilities			$
Owner's Equity
Total liabilities and owner's equity			$