Based on the given information below, prepare the following: 1. Statement of Income   2. Statement of Changes in Owner's Equity     Happy Valley Worksheet (Unadjusted to Adjusted TB omitted) For the month ended March 31, 2021      Statement of Income   Statement of Financial Position     Dr   Cr   Dr   Cr  Cash on Hand              87,904.00   Cash in Bank        2,114,640.00   Accounts Receivable              35,000.00   Allowance for Bad Debts                  1,750.00 Notes Receivable                4,000.00   Interest Receivable                      40.00   Amusement Rides        2,400,000.00   Accumulated Depreciation - Amusement Rides                18,000.00 Electronic Equipment              80,896.00   Accumulated Depreciation - Electronic Equipment                  2,136.00 Furniture and Fixtures              24,000.00   Accumulated Depreciation - Furniture and Fixtures                      360.00 Accounts Payable                15,400.00 Notes Payable                80,000.00 Interest Payable                  1,600.00 SS Premiums Payable                  2,880.00 EC Premiums Payable                        64.00 Philhealth Premiums Payable                  1,280.00 Pag-Ibig Premiums Payable                      960.00 Withholding Taxes Payable                  3,760.00 Utilities Payable                  2,400.00 Mortgage Payable              400,000.00 Masaya, Capital          4,200,000.00 Masaya, Drawing                7,500.00   Ticket Sales        44,960.00     Rental Income        89,600.00     Interest Income                40.00     Advertising Expense      16,000.00       Salaries Expense      48,000.00       EC Premium Expense              64.00       Pag-Ibig Premium Expense            480.00       Philhealth Premium Expense            640.00       SS Premium Expense        1,920.00       Rent Expense        8,000.00       Taxes and Licenses Expense        1,460.00       Utility Expense      10,800.00       Interest Expense        1,600.00       Bad Debts Expense        1,750.00       Depreciation Expense      20,496.00       Total    111,210.00    134,600.00    4,753,980.00    4,730,590.00 Net Income      23,390.00              23,390.00 Total    134,600.00    134,600.00    4,753,980.00    4,753,980.00   Additional Information: This is the company's 1st month of operations. The Notes Receivable is a 90-day note. The Notes Payable is a 1-year note maturing March 18, 2021.  It was issued to acquire the Electronic Equipment. The Mortgage Payable matures on March 3, 2026. The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400)   GENERAL LEDGER CASH ON HAND                      101 Date f    Dr  Date f    Cr  Mar 1 GJ1 Investment          50,000.00 Mar 3 GJ1 Payment for freight on Equipment                896.00 12   Collection of account: Wesleyan University          10,000.00 10   Payment for billboard ads          16,000.00 13 GJ2 Collection of account: International School          10,000.00 15 GJ2 Transfer to Cash in Bank          39,300.00 14   Cash receipts from customers            2,560.00 24 GJ3 Taxes and Licenses            1,460.00 17   Cash receipts from customers          20,000.00         18   Collection of account: St. Michael College            7,000.00         20   Collection of account: International School            3,000.00         26   Collection of account: St. Michael College          10,000.00         27   Collection of account: Wesleyan University            6,000.00         30   Cash receipts from customers          27,000.00                      145,560.00                57,656.00                87,904.00           CASH IN BANK                      102 Date f    Dr  Date f    Cr  Mar 1 GJ1 investment    3,950,000.00 Mar 1 GJ1 Purchase of Amusement rides    2,000,000.00 3   investment        200,000.00 10   Purchase of Furniture and Fixtures            8,600.00 15 GJ2 Transfer from Cash on Hand          39,300.00 16 GJ2 Payment for Salaries          21,920.00         25 GJ3 Payment for Utilities            8,400.00         28   Payment for Rent            8,000.00         31   Payment for Salaries          20,240.00         31   Withdrawal            7,500.00          4,189,300.00          2,074,660.00          2,114,640.00                                                                                                         MASAYA, CAPITAL 501 Date f   Dr  Date  f   Cr          Mar 1  GJ1   4,000,000                         3     200,000               4,200,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Based on the given information below, prepare the following:
1. Statement of Income  
2. Statement of Changes in Owner's Equity  

 

Happy Valley
Worksheet (Unadjusted to Adjusted TB omitted)
For the month ended March 31, 2021

 

   Statement of Income   Statement of Financial Position 
   Dr   Cr   Dr   Cr 
Cash on Hand              87,904.00  
Cash in Bank        2,114,640.00  
Accounts Receivable              35,000.00  
Allowance for Bad Debts                  1,750.00
Notes Receivable                4,000.00  
Interest Receivable                      40.00  
Amusement Rides        2,400,000.00  
Accumulated Depreciation - Amusement Rides                18,000.00
Electronic Equipment              80,896.00  
Accumulated Depreciation - Electronic Equipment                  2,136.00
Furniture and Fixtures              24,000.00  
Accumulated Depreciation - Furniture and Fixtures                      360.00
Accounts Payable                15,400.00
Notes Payable                80,000.00
Interest Payable                  1,600.00
SS Premiums Payable                  2,880.00
EC Premiums Payable                        64.00
Philhealth Premiums Payable                  1,280.00
Pag-Ibig Premiums Payable                      960.00
Withholding Taxes Payable                  3,760.00
Utilities Payable                  2,400.00
Mortgage Payable              400,000.00
Masaya, Capital          4,200,000.00
Masaya, Drawing                7,500.00  
Ticket Sales        44,960.00    
Rental Income        89,600.00    
Interest Income                40.00    
Advertising Expense      16,000.00      
Salaries Expense      48,000.00      
EC Premium Expense              64.00      
Pag-Ibig Premium Expense            480.00      
Philhealth Premium Expense            640.00      
SS Premium Expense        1,920.00      
Rent Expense        8,000.00      
Taxes and Licenses Expense        1,460.00      
Utility Expense      10,800.00      
Interest Expense        1,600.00      
Bad Debts Expense        1,750.00      
Depreciation Expense      20,496.00      
Total    111,210.00    134,600.00    4,753,980.00    4,730,590.00
Net Income      23,390.00              23,390.00
Total    134,600.00    134,600.00    4,753,980.00    4,753,980.00

 

Additional Information:
This is the company's 1st month of operations.
The Notes Receivable is a 90-day note.
The Notes Payable is a 1-year note maturing March 18, 2021.  It was issued to acquire the Electronic Equipment.
The Mortgage Payable matures on March 3, 2026.
The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400)

 

GENERAL LEDGER

CASH ON HAND                      101
Date f    Dr  Date f    Cr 
Mar 1 GJ1 Investment          50,000.00 Mar 3 GJ1 Payment for freight on Equipment                896.00
12   Collection of account: Wesleyan University          10,000.00 10   Payment for billboard ads          16,000.00
13 GJ2 Collection of account: International School          10,000.00 15 GJ2 Transfer to Cash in Bank          39,300.00
14   Cash receipts from customers            2,560.00 24 GJ3 Taxes and Licenses            1,460.00
17   Cash receipts from customers          20,000.00        
18   Collection of account: St. Michael College            7,000.00        
20   Collection of account: International School            3,000.00        
26   Collection of account: St. Michael College          10,000.00        
27   Collection of account: Wesleyan University            6,000.00        
30   Cash receipts from customers          27,000.00        
             145,560.00                57,656.00
               87,904.00        

 

CASH IN BANK                      102
Date f    Dr  Date f    Cr 
Mar 1 GJ1 investment    3,950,000.00 Mar 1 GJ1 Purchase of Amusement rides    2,000,000.00
3   investment        200,000.00 10   Purchase of Furniture and Fixtures            8,600.00
15 GJ2 Transfer from Cash on Hand          39,300.00 16 GJ2 Payment for Salaries          21,920.00
        25 GJ3 Payment for Utilities            8,400.00
        28   Payment for Rent            8,000.00
        31   Payment for Salaries          20,240.00
        31   Withdrawal            7,500.00
         4,189,300.00          2,074,660.00
         2,114,640.00        
               
               
               
               
               
               
MASAYA, CAPITAL 501
Date f   Dr  Date  f   Cr
         Mar 1  GJ1   4,000,000
                        3     200,000
              4,200,000
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