Use the following information for Exotic Cruise Corporation for the year ended June 30, 2011, to answer

Question:

Use the following information for Exotic Cruise for the year ended June 30, 2011, to answer the questions. Assume that the shareholders contributed $100 to the company during the year.
a. Revenues for the year ended June 30, 2011 = $650
b. Net income for the year ended June 30, 2011 = $215
c. Beginning balance (June 30, 2010, balance) in retained earnings = $280
d. Ending balance (June 30, 2011, balance) in retained earnings = $375
e. Total liabilities and shareholders’ equity at June 30, 2011 = $755
f. Total liabilities at June 30, 2010 = $105
g. Total liabilities at June 30, 2011 = $130

Requirements
1. What were Exotic Cruise’s total expenses during the year ended June 30, 2011?
2. What was paid to shareholders during the year ended June 30, 2011?
3. What is the total that owners had invested in Exotic Cruise as of June 30, 2011?
4. What were total assets on Exotic Cruise’s June 30, 2011, balance sheet?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...