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 5,000 33,000 5,000 90,000 2,000 Accumulated Depreciation - Equipment 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 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 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 92,050 10,000 10,000 4,000 20,000 88,000 7,000
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 5,000 33,000 5,000 90,000 2,000 Accumulated Depreciation - Equipment 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 5,000 expense account) Notes Payable 12,000 10,000 4,300 5,000 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 92,050 10,000 10,000 4,000 20,000 88,000 7,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare Statement of
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
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