Homework Help is Here – Start Your Trial Now!
Business
Accounting
Argem loved everything that involves computers so she decided to open a small Internet caf upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 5,000 Accumulated Depreciation - Equipment Cash 33,000 5,000 90,000 Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent expense account) Notes Payable 2,000 5,000 12,000 Notes Receivable 10,000 Office Supplies 4,300 Prenaid Rent 5.000

Argem loved everything that involves computers so she decided to open a small Internet caf upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 5,000 Accumulated Depreciation - Equipment Cash 33,000 5,000 90,000 Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent expense account) Notes Payable 2,000 5,000 12,000 Notes Receivable 10,000 Office Supplies 4,300 Prenaid Rent 5.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Preparing Financial Reports: Argem loved everything that involves computers so she decided to open a small Internet cafe upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 Accumulated Depreciation - Equipment 5,000 33,0 5,000 Cash Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent 90,000 2,000 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 92,050 10,000 10,000 4,000 20,000 88,000 7,000 Notes Receivable Office Supplies Prepaid Rent Argem, Capital (initial investment) Argem, Personal withdrawals Rent Expense Repairs and Maintenance Expense Salaries Expense Service Income (total revenues earned by the Internet cafe) Supplies Expense
Transcribed Image Text:Preparing Financial Reports: Argem loved everything that involves computers so she decided to open a small Internet cafe upon the encouragement of her family and friends. After a year's operations she wanted to know how much she earned and what is the financial status of the business. The ff. Are the summarized data based on the various receipts and records she meticulously kept: Account Titles Amount Accounts Payable P 12,250 Accounts Receivable 8,000 Accumulated Depreciation - Equipment 5,000 33,0 5,000 Cash Depreciation Expense Equipment (includes all computers in the Internet cafe) Interest Income (interest earned from cash deposited in the bank) Miscellaneous Expense (disbursements too small to be classified as independent 90,000 2,000 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 92,050 10,000 10,000 4,000 20,000 88,000 7,000 Notes Receivable Office Supplies Prepaid Rent Argem, Capital (initial investment) Argem, Personal withdrawals Rent Expense Repairs and Maintenance Expense Salaries Expense Service Income (total revenues earned by the Internet cafe) Supplies Expense
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS