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Question 2 (8 + 12 = 20 marks) A group of young aspiring entrepreneurs started a boutique hotel called Vineyard Melbourne on 1 July 2019.

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Question 2 (8 + 12 = 20 marks) A group of young aspiring entrepreneurs started a boutique hotel called Vineyard Melbourne on 1 July 2019. As of 30 June 2020, its financial information is shown below: Accounts receivable $ 23,000 Staff expense $ 80,000 Room income 160,000 Marketing expense 25,000 Accounts payable 20,300 Land 173,000 Building 750,000 Office equipment 180,000 Cash at bank 64,400 Loan payable 46,000 Interest payable 13,000 Utilities expense 14,000 F&B income 7,800 Required: (a) Prepare an income statement for Vineyard Melbourne for the year ended 30 June 2020 (b) Prepare a balance sheet in T-format or narrative format for Vineyard Melbourne for the year ended 30 June 2020

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