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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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