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Cash Notes Receivable Accounts Receivable Merchandise Inventory Furniture and Fixture Accumulated Depreciation Notes Payable Accounts Payable Flores, Capital Flores, Drawing Garcia, Capital Garcia, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Freigh-in Selling Expenses General Expenses Interest Income Interest Expense Data for adjustments as of December 31, 2021 1,900,000.00 625,000.00 1,125,000.00 1,250,000.00 1,500,000.00 f. Income tax, 35% of profit before income tax g. Net Profit is divided equally between the partner h. Notes Receivable and Notes Payable are current 155,000.00 250,000.00 50,000.00 75,000.00 2,412,500.00 125,000.00 825,000.00 362,500.00 25,000.00 10,680,000.00 o Instruction: Prepare the following Financial Statements 1. Statement of Financial Position as of December 31, 2022 2. Income Statement for the Month Ended December 31, 2022 200,000.00 500,000.00 375,000.00 1,250,000.00 3,125,000.00 5,050,000.00 100,000.00 62,500.00 17,500.00 a. Merchandise Inventory, P1,000,000 b. Depreciation of furniture and equipment, 10% per year, 40% of which is considered part of general expenses c. Unpaid salaries, P25,000 d. Accrued interest on notes receivable. P2,500 e. Accrued interest on notes payable, P1,500 10,680,000.00

Cash Notes Receivable Accounts Receivable Merchandise Inventory Furniture and Fixture Accumulated Depreciation Notes Payable Accounts Payable Flores, Capital Flores, Drawing Garcia, Capital Garcia, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Freigh-in Selling Expenses General Expenses Interest Income Interest Expense Data for adjustments as of December 31, 2021 1,900,000.00 625,000.00 1,125,000.00 1,250,000.00 1,500,000.00 f. Income tax, 35% of profit before income tax g. Net Profit is divided equally between the partner h. Notes Receivable and Notes Payable are current 155,000.00 250,000.00 50,000.00 75,000.00 2,412,500.00 125,000.00 825,000.00 362,500.00 25,000.00 10,680,000.00 o Instruction: Prepare the following Financial Statements 1. Statement of Financial Position as of December 31, 2022 2. Income Statement for the Month Ended December 31, 2022 200,000.00 500,000.00 375,000.00 1,250,000.00 3,125,000.00 5,050,000.00 100,000.00 62,500.00 17,500.00 a. Merchandise Inventory, P1,000,000 b. Depreciation of furniture and equipment, 10% per year, 40% of which is considered part of general expenses c. Unpaid salaries, P25,000 d. Accrued interest on notes receivable. P2,500 e. Accrued interest on notes payable, P1,500 10,680,000.00

FINANCIAL ACCOUNTING
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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Cash Notes Receivable Accounts Receivable Merchandise Inventory Furniture and Fixture Accumulated Depreciation Notes Payable Accounts Payable Flores, Capital Flores, Drawing Garcia, Capital Garcia, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Freigh-in Selling Expenses General Expenses Interest Income Interest Expense Data for adjustments as of December 31, 2021 Debit 1,900,000.00 625,000.00 1,125,000.00 1,250,000.00 1,500,000.00 155,000.00 250,000.00 50,000.00 75,000.00 2,412,500.00 125,000.00 825,000.00 362,500.00 25,000.00 10,680,000.00 Credit Instruction: Prepare the following Financial Statements 1. Statement of Financial Position as of December 31, 2022 2. Income Statement for the Month Ended December 31, 2022 200,000.00 500,000.00 375,000.00 1,250,000.00 3,125,000.00 5,050,000.00 100,000.00 62,500.00 17,500.00 10,680,000.00 a. Merchandise Inventory, P1,000,000 b. Depreciation of furniture and equipment, 10% per year, 40% of which is considered part of general expenses c. Unpaid salaries, P25,000 d. Accrued interest on notes receivable. P2,500 e. Accrued interest on notes payable, P1,500 f. Income tax, 35% of profit before income tax g. Net Profit is divided equally between the partner h. Notes Receivable and Notes Payable are current
Transcribed Image Text:Cash Notes Receivable Accounts Receivable Merchandise Inventory Furniture and Fixture Accumulated Depreciation Notes Payable Accounts Payable Flores, Capital Flores, Drawing Garcia, Capital Garcia, Drawing Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Freigh-in Selling Expenses General Expenses Interest Income Interest Expense Data for adjustments as of December 31, 2021 Debit 1,900,000.00 625,000.00 1,125,000.00 1,250,000.00 1,500,000.00 155,000.00 250,000.00 50,000.00 75,000.00 2,412,500.00 125,000.00 825,000.00 362,500.00 25,000.00 10,680,000.00 Credit Instruction: Prepare the following Financial Statements 1. Statement of Financial Position as of December 31, 2022 2. Income Statement for the Month Ended December 31, 2022 200,000.00 500,000.00 375,000.00 1,250,000.00 3,125,000.00 5,050,000.00 100,000.00 62,500.00 17,500.00 10,680,000.00 a. Merchandise Inventory, P1,000,000 b. Depreciation of furniture and equipment, 10% per year, 40% of which is considered part of general expenses c. Unpaid salaries, P25,000 d. Accrued interest on notes receivable. P2,500 e. Accrued interest on notes payable, P1,500 f. Income tax, 35% of profit before income tax g. Net Profit is divided equally between the partner h. Notes Receivable and Notes Payable are current
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