Construct a balance sheet and income statement for Fikfak Rufu Sharashi Company for the year ended Dec 31 20AA in Million. Accumulated Depreciation - Php800Accounts payable - Php100Accounts Receivable - Php400Administrative Expenses - Php100Capital surplus - Php400Cash- Php100Common stock-Php300Cost of Goods Sold-Php1,100Depreciation expense- Php203Interest expense - Php190Inventory - Php600Long-term debt- Php1,100Notes payable - Php600Property, Plant and Equipment- Php2,300Retained earnings - Php100Sales - Php2,800Taxes - Php233

Account Name Balance Debit Credit Category Accumulated Depreciation 800 800 Balance Sheet…

Answered: Construct a balance sheet and income…

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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Construct a balance sheet and income statement for Fikfak Rufu Sharashi Company for the year ended Dec 31 20AA in Million.

Accumulated Depreciation - Php800
Accounts payable - Php100
Accounts Receivable - Php400
Administrative Expenses - Php100
Capital surplus - Php400
Cash- Php100
Common stock-Php300
Cost of Goods Sold-Php1,100
Depreciation expense- Php203
Interest expense - Php190
Inventory - Php600
Long-term debt- Php1,100
Notes payable - Php600
Property, Plant and Equipment- Php2,300
Retained earnings - Php100
Sales - Php2,800
Taxes - Php233

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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