Prepare the Financial Statements includes the Statement of cash flow thank you Mr. Tristan Siy III established Siy BookkeepingServices and had the following transactions for themonth of February:Investment of P150,000 cash fund by Mr. Siy4into the business.Received a Charge Invoice from a supplier forthe purchase of a desktop computer17amounting to P32,500. The computer isestimated to be useful for five years and havea salvage value of P2,500 thereafter.Purchased supplies amounting to P18,000 incash.15 Paid P6,000 insurance for six months.Issued a Service Invoice for an amount of18 P50,000 to a customer for services renderedon account.Received P35,000 cash from customers in19payment of their account.Paid in cash and received an official receipt20 from the supplier for payment of accounts,P20,000.Rendered services to customers billed for21P30,000.Cash payment of P15,000 for the salary of an28|employee.Mr. Siy withdrew P12,000 cash from the28business.Paid the telephone bill for February28amounting to P3,000.

Answered: Mr. Tristan Siy III established Siy…

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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Prepare the Financial Statements includes the Statement of cash flow thank you

Mr. Tristan Siy III established Siy Bookkeeping
Services and had the following transactions for the
month of February:
Investment of P150,000 cash fund by Mr. Siy
4
into the business.
Received a Charge Invoice from a supplier for
the purchase of a desktop computer
17
amounting to P32,500. The computer is
estimated to be useful for five years and have
a salvage value of P2,500 thereafter.
Purchased supplies amounting to P18,000 in
cash.
15 Paid P6,000 insurance for six months.
Issued a Service Invoice for an amount of
18 P50,000 to a customer for services rendered
on account.
Received P35,000 cash from customers in
19
payment of their account.
Paid in cash and received an official receipt
20 from the supplier for payment of accounts,
P20,000.
Rendered services to customers billed for
21
P30,000.
Cash payment of P15,000 for the salary of an
28
|employee.
Mr. Siy withdrew P12,000 cash from the
28
business.
Paid the telephone bill for February
28
amounting to P3,000.

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Financial statements are those statements which are prepared at the end of financial period for review of profitability and financial position of the business. Cash flows statement is that statement which shows all cash inflows and cash outflows for the particular period.

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