Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies Equipment 5,400 113,700 Accounts Payable P 5,250 Unearned Fees 6,000 Hans Donald, Capital 78,000 Hans Donald, Drawings 4,500 Fees earned 135, 750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense Miscellaneous Expense 17,250 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: a. Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. Required: 3. Prepare Income Statement.
Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies Equipment 5,400 113,700 Accounts Payable P 5,250 Unearned Fees 6,000 Hans Donald, Capital 78,000 Hans Donald, Drawings 4,500 Fees earned 135, 750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense Miscellaneous Expense 17,250 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: a. Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. Required: 3. Prepare Income Statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its
first year of operations shown below:
Donald Electronics
Trial Balance
April 30, 2019
Cash
3,450
Accounts Receivable
22,500
Supplies
5,400
Equipment
113,700
Accounts Payable
5,250
Unearned Fees
6,000
Hans Donald, Capital
Hans Donald, Drawings
78,000
4,500
Fees earned
135, 750
Salaries Expense
31,500
Rent Expense
Utilities Expense
24,000
17,250
Miscellaneous Expense
2,700
225,000 P
225,000
For preparing the adjusting entries, the following data were assembled:
a. Fees earned but unbilled on April 30 were P1,775.
b. Supplies on hand on April 30 were P1,200.
c. Depreciation of equipment was estimated to be P4,100 for the year.
d. The balance in unearned fees represented the April 1 receipt in advance for services to be
provided. Only P1,750 of the services was provided between April 1 and April 30.
e. Unpaid wages accrued on April 30 were P600.
Required:
3. Prepare Income Statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa6fcb3e-a830-4573-a980-a6f2ed9863cd%2F91cc2624-c266-42cd-8380-c4a294d7a0fc%2Fzveshii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its
first year of operations shown below:
Donald Electronics
Trial Balance
April 30, 2019
Cash
3,450
Accounts Receivable
22,500
Supplies
5,400
Equipment
113,700
Accounts Payable
5,250
Unearned Fees
6,000
Hans Donald, Capital
Hans Donald, Drawings
78,000
4,500
Fees earned
135, 750
Salaries Expense
31,500
Rent Expense
Utilities Expense
24,000
17,250
Miscellaneous Expense
2,700
225,000 P
225,000
For preparing the adjusting entries, the following data were assembled:
a. Fees earned but unbilled on April 30 were P1,775.
b. Supplies on hand on April 30 were P1,200.
c. Depreciation of equipment was estimated to be P4,100 for the year.
d. The balance in unearned fees represented the April 1 receipt in advance for services to be
provided. Only P1,750 of the services was provided between April 1 and April 30.
e. Unpaid wages accrued on April 30 were P600.
Required:
3. Prepare Income Statement.
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