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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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