Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions of the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. Detoya withdrew P12,000 from the business. Dec. 1 2 3 8 14 20 28 30 31
Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions of the firm are as follows: Detoya invested P150,000 in the firm. Paid rent for December to Recoletos Realty, P8,000. Purchased supplies on account, P7,200. Acquired P75,000 of office equipment, paying P37,000 down with the balance due in 30 days. Paid P7,200 on account for supplies purchased. Paid assistant's salaries for two weeks, P6,000. Performed consulting services for cash, P20,000. Paid assistant's salaries for two weeks, P6,000. Billed clients for December consulting services, P48,000. Detoya withdrew P12,000 from the business. Dec. 1 2 3 8 14 20 28 30 31
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
• Prepare and complete the worksheet using the following information:
a. Supplies on hand at Dec. 31 amounted to P4,700.
b. Salaries of P1,800 have accrued at month-end.
c. Depreciation is P800 for December.
d. Detoya has spent 20 hours on a tax fraud case during December. When completed in January, his work will be billed at P500 per hour. Note: The firm uses the account Fees Receivable to reflect the amounts earned but not yet billed.
• Prepare an income statement, a statement of changes in equity; a balance sheet and a statement of cash flows.
Transcribed Image Text:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. The transactions of
the firm are as follows:
Detoya invested P150,000 in the firm.
Paid rent for December to Recoletos Realty, P8,000.
Purchased supplies on account, P7,200.
Acquired P75,000 of office equipment, paying P37,000
down with the balance due in 30 days.
Paid P7,200 on account for supplies purchased.
Paid assistant's salaries for two weeks, P6,000.
Performed consulting services for cash, P20,000.
Paid assistant's salaries for two weeks, P6,000.
Billed clients for December consulting services, P48,000.
Detoya withdrew P12,000 from the business.
Dec. 1
2
2
3
8.
14
20
28
30
31
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