Accounts Payable Accounts Receivable P 122,500 219,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2009 Blanche, Withdrawals 24,600 395,000 213,000 17,200 50,500 148,600 Representation Expense 164.000
Accounts Payable Accounts Receivable P 122,500 219,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense Land 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2009 Blanche, Withdrawals 24,600 395,000 213,000 17,200 50,500 148,600 Representation Expense 164.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Accounts Payable
P 122,500
Accounts Receivable
219,000
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advertising Expense
60,000
60,000
105,000
Art Revenues
1,437,500
Building
Cash
450,000
36,200
Depreciation Expense-Building
Depreciation Expense-Equipment
Equipment
Interest Expense
Land
30,000
30,000
217,000
37,000
120,000
Miscellaneous Expense
Mortgage Payable
Notes Payable
Office Supplies
Blanche, Capital, 1/1/2009
24,600
395,000
213,000
17,200
50,500
Blanche, Withdrawals
148,600
Representation Expense
Salaries Expense
Salaries Payable
Travel Expense
164,000
673,200
17,300
159,000
During the year, Blanche invested additional P75,000 in the business.
Required:
Prepare the income statement, statement of changes in equity, and balance sheet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F170cb1c0-58f4-4062-bdc2-7d0c33c3e95b%2F12724fe1-ebdd-4a2b-ab92-b6e3d4d9d54c%2Fg5axia_processed.png&w=3840&q=75)
Transcribed Image Text:Accounts Payable
P 122,500
Accounts Receivable
219,000
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advertising Expense
60,000
60,000
105,000
Art Revenues
1,437,500
Building
Cash
450,000
36,200
Depreciation Expense-Building
Depreciation Expense-Equipment
Equipment
Interest Expense
Land
30,000
30,000
217,000
37,000
120,000
Miscellaneous Expense
Mortgage Payable
Notes Payable
Office Supplies
Blanche, Capital, 1/1/2009
24,600
395,000
213,000
17,200
50,500
Blanche, Withdrawals
148,600
Representation Expense
Salaries Expense
Salaries Payable
Travel Expense
164,000
673,200
17,300
159,000
During the year, Blanche invested additional P75,000 in the business.
Required:
Prepare the income statement, statement of changes in equity, and balance sheet.
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