55 ABC prepares statements on the cash basis. The balance sheet as of December 31,2021 and income statement for the year ended December 31, 2021 are as follows:CashFurniture and EquipmentTotal AssetsNotes PayableCapital, January 1Net Income, 2021WithdrawalsTotal Liabilities and Owner'sEquityP 1,800,000.00 Professional Fees2,200,000.00 Rent ExpenseDecember 31, 2021December 31, 2020P4,000,000.001,600,000.00P 1,000,000.00 Net Income2,250,000.00850,000.00P4,000,000.00You also gathered the following information:Supplies ExpenseOther OperatingExpensesP 5,000,000.00P 750,000P 500,000-1,200,000.00800,000.00750,000.00PThe furniture and fixture were acquired on July 1, 2020. The estimatedlife is 10 years.The 12% notes payable is dated April 1, 2021 and matures in one year.Interest is payable on the date of maturity.Accrued rent expense on December 31, 2021 amounts to P 100,000.Accounts Receivable balances are as follows:2,250,000.00 Unused office supplies balances are as follows:December 31, 2021December 31, 2020P 250,000P 300,000How much is adjusted / accrual balance of total owner's equity as of December 31,2021?

Profit should be calculated on accrual basis of accounting 1) Depreciation expenses for the year =…

ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income statement for the year ended December 31, 2021 are as follows: Cash Furniture and Equipment Total Assets Notes Payable Capital, January 1 Net Income, 2021 Withdrawals Total Liabilities and Owner's Equity P 1,800,000.00 Professional Fees 2,200,000.00 Rent Expense P December 31, 2021 December 31, 2020 4,000,000.00 1,600,000.00 P 1,000,000.00 Net Income 2,250,000.00 P 850,000.00 4,000,000.00 You also gathered the following information: Supplies Expense Other Operating Expenses P 5,000,000.00 -1,200,000.00 P 750,000 P 500,000 800,000.00 750,000.00 P The furniture and fixture were acquired on July 1, 2020. The estimated life is 10 years. 2,250,000.00 The 12% notes payable is dated April 1, 2021 and matures in one year. Interest is payable on the date of maturity. Accrued rent expense on December 31, 2021 amounts to P 100,000. Accounts Receivable balances are as follows:

ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income statement for the year ended December 31, 2021 are as follows: Cash Furniture and Equipment Total Assets Notes Payable Capital, January 1 Net Income, 2021 Withdrawals Total Liabilities and Owner's Equity P 1,800,000.00 Professional Fees 2,200,000.00 Rent Expense P December 31, 2021 December 31, 2020 4,000,000.00 1,600,000.00 P 1,000,000.00 Net Income 2,250,000.00 P 850,000.00 4,000,000.00 You also gathered the following information: Supplies Expense Other Operating Expenses P 5,000,000.00 -1,200,000.00 P 750,000 P 500,000 800,000.00 750,000.00 P The furniture and fixture were acquired on July 1, 2020. The estimated life is 10 years. 2,250,000.00 The 12% notes payable is dated April 1, 2021 and matures in one year. Interest is payable on the date of maturity. Accrued rent expense on December 31, 2021 amounts to P 100,000. Accounts Receivable balances are as follows:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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