Income Statement- natural form of Mariell’s Beauty Salon 7:44 & Y O Y •Hl 84ACTG1.pdfASSUSSITION Task o -Z64Financial Statemention – II. The followingcounts were taken from theadjusted trial balance of Mariell's Beauty Salon, a Calendar – year business, as of December31, 2019 (disregarding effect of income taxes):DebitCreditDebitCreditAccounts PayableP54,000 Interest Income15,000Accounts ReceivableP96,000Interest Receivable15,000Accumulated20,000 Investment Income3,500Depreciation- BeautyMachineAccumulated10,000 Investment in70,000Depreciation -Trading SecuritiesFurniture and FixtureAccumulated6,500 Notes Receivable -150,000Depreciation – Officedue in two yearsEquipmentAllowance for15,000 Office Equipment70,000Doubtful AccountsMariell, Capital? Office Supplies8,000Mariell, Drawing40,000Salon Revenues980,000Beauty Machine220,000Rent Expense144,000Cash120,000Salaries Expense312,000Depreciation36,500Salaries Payable12,000ExpenseDoubtful Accounts15,000Utilities Expense77,500ExpenseFurniture and Fixture120,000TotalsP1,494,000P1,494,000Prepare the following:1. Income Statement – natural form2. Statement of Changes in Owner's Equity3. Statement of Financial Position – report form65Summary...

Income statement is one of the financial statement which shows all incomes, expenses of the business…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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