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Financial Statement Preparation - II. The following accounts were taken from the adjusted trial balance of Mariell's Beauty Salon, a Calendar - year business, as of December 31, 2019 (disregarding effect of income taxes): Debit Credit Debit Credit Accounts Payable P54,000 Interest Income 15,000 Accounts Receivable P96,000 15,000 Interest Receivable Accumulated 20,000 Investment Income 3,500 Depreciation- Beauty Machine 10,000 Investment in Trading Securities Accumulated 70,000 Depreciation - Furniture and Fixture 6,500 Notes Receivable - 150,000 Accumulated Depreciation - Office due in two years Equipment 15,000 Office Equipment Allowance for 70,000 Doubtful Accounts Mariell, Capital ? Office Supplies 8,000 Mariell, Drawing 40,000 Salon Revenues 980,000 Beauty Machine 220,000 Rent Expense 144,000 Cash 120,000 Salaries Expense 312,000 Depreciation 36,500 Salaries Payable 12,000 Expense Doubtful Accounts 15,000 Utilities Expense 77,500 Expense Furniture and Fixture 120,000 Totals P1,494,000 P1,494,000 Prepare the following: 1. Income Statement – natural form 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position - report form

Financial Statement Preparation - II. The following accounts were taken from the adjusted trial balance of Mariell's Beauty Salon, a Calendar - year business, as of December 31, 2019 (disregarding effect of income taxes): Debit Credit Debit Credit Accounts Payable P54,000 Interest Income 15,000 Accounts Receivable P96,000 15,000 Interest Receivable Accumulated 20,000 Investment Income 3,500 Depreciation- Beauty Machine 10,000 Investment in Trading Securities Accumulated 70,000 Depreciation - Furniture and Fixture 6,500 Notes Receivable - 150,000 Accumulated Depreciation - Office due in two years Equipment 15,000 Office Equipment Allowance for 70,000 Doubtful Accounts Mariell, Capital ? Office Supplies 8,000 Mariell, Drawing 40,000 Salon Revenues 980,000 Beauty Machine 220,000 Rent Expense 144,000 Cash 120,000 Salaries Expense 312,000 Depreciation 36,500 Salaries Payable 12,000 Expense Doubtful Accounts 15,000 Utilities Expense 77,500 Expense Furniture and Fixture 120,000 Totals P1,494,000 P1,494,000 Prepare the following: 1. Income Statement – natural form 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position - report form

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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Income Statement- natural form of Mariell’s Beauty Salon

7:44 & Y O Y • Hl 84 ACTG1.pdf ASSUSSITION Task o -Z 64 Financial Statement ion – II. The following counts were taken from the adjusted trial balance of Mariell's Beauty Salon, a Calendar – year business, as of December 31, 2019 (disregarding effect of income taxes): Debit Credit Debit Credit Accounts Payable P54,000 Interest Income 15,000 Accounts Receivable P96,000 Interest Receivable 15,000 Accumulated 20,000 Investment Income 3,500 Depreciation- Beauty Machine Accumulated 10,000 Investment in 70,000 Depreciation - Trading Securities Furniture and Fixture Accumulated 6,500 Notes Receivable - 150,000 Depreciation – Office due in two years Equipment Allowance for 15,000 Office Equipment 70,000 Doubtful Accounts Mariell, Capital ? Office Supplies 8,000 Mariell, Drawing 40,000 Salon Revenues 980,000 Beauty Machine 220,000 Rent Expense 144,000 Cash 120,000 Salaries Expense 312,000 Depreciation 36,500 Salaries Payable 12,000 Expense Doubtful Accounts 15,000 Utilities Expense 77,500 Expense Furniture and Fixture 120,000 Totals P1,494,000 P1,494,000 Prepare the following: 1. Income Statement – natural form 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position – report form 65 Summary ...
Transcribed Image Text:7:44 & Y O Y • Hl 84 ACTG1.pdf ASSUSSITION Task o -Z 64 Financial Statement ion – II. The following counts were taken from the adjusted trial balance of Mariell's Beauty Salon, a Calendar – year business, as of December 31, 2019 (disregarding effect of income taxes): Debit Credit Debit Credit Accounts Payable P54,000 Interest Income 15,000 Accounts Receivable P96,000 Interest Receivable 15,000 Accumulated 20,000 Investment Income 3,500 Depreciation- Beauty Machine Accumulated 10,000 Investment in 70,000 Depreciation - Trading Securities Furniture and Fixture Accumulated 6,500 Notes Receivable - 150,000 Depreciation – Office due in two years Equipment Allowance for 15,000 Office Equipment 70,000 Doubtful Accounts Mariell, Capital ? Office Supplies 8,000 Mariell, Drawing 40,000 Salon Revenues 980,000 Beauty Machine 220,000 Rent Expense 144,000 Cash 120,000 Salaries Expense 312,000 Depreciation 36,500 Salaries Payable 12,000 Expense Doubtful Accounts 15,000 Utilities Expense 77,500 Expense Furniture and Fixture 120,000 Totals P1,494,000 P1,494,000 Prepare the following: 1. Income Statement – natural form 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position – report form 65 Summary ...
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