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Financial Statement Preparation You are asked to prepare the March 31, 2022 financial statements of Cardi Bee Dalisay Beauty Salon. The following information is provided by Ms. Cardi Bee, the proprietor of the business. Balance Sheet Accounts: Income Statement Accounts: Cash P60,000 Service Revenue P170,000 Store Expense Salaries Expense Depreciation Expense Rent Expense Accounts Receivable Store Supplies Store Equipment Office Equipment Accounts Payable Dalisay, Capital P40,000 P10,000 P70,000 P25,000 P20,000 P30,000 P50,000 P10,000 P10,000 Utilities Expense P35,000 P150,000 Net income A. Prepare an income statement for the period ending March 31, 2022. B. Prepare a balance sheet as of March 31, 2022.

Financial Statement Preparation You are asked to prepare the March 31, 2022 financial statements of Cardi Bee Dalisay Beauty Salon. The following information is provided by Ms. Cardi Bee, the proprietor of the business. Balance Sheet Accounts: Income Statement Accounts: Cash P60,000 Service Revenue P170,000 Store Expense Salaries Expense Depreciation Expense Rent Expense Accounts Receivable Store Supplies Store Equipment Office Equipment Accounts Payable Dalisay, Capital P40,000 P10,000 P70,000 P25,000 P20,000 P30,000 P50,000 P10,000 P10,000 Utilities Expense P35,000 P150,000 Net income A. Prepare an income statement for the period ending March 31, 2022. B. Prepare a balance sheet as of March 31, 2022.

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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Hello, I need help for Letter B. which is the balance sheet, I'm already done with A. Please read the instructions and pro tip. The pattern for balance sheet are also attached. Thankyou so much!
Financial Statement Preparation You are asked to prepare the March 31, 2022 finanuial statements of Cardi Bee Dalisay Beauty Salon. The following information is provided by Ms. Cardi Bee, the proprietor of the business. Balance Sheet Accounts: Income Statement Accounts: Cash Service Revenue P60,000 P40,000 P10,000 P70,000 P25,000 P20,000 P150,000 P170,000 Accounts Receivable Store Expense Salaries Expense Depreciation Expense Rent Expense Utilities Expense P30,000 Store Supplies Store Equipment Office Equipment Accounts Payable Dalisay, Capital P50,000 P10,000 P10,000 P35,000 Net income ? A. Prepare an income statement for the period ending March 31, 2022. B. Prepare a balance sheet as of March 31, 2022. Pro tips: • Solve for the net income first before preparing the income statement. • Close the net income to the capital account. No need to show the closing entries. • Once net income is closed to the capital account, you can now prepare the balance sheet.
Transcribed Image Text:Financial Statement Preparation You are asked to prepare the March 31, 2022 finanuial statements of Cardi Bee Dalisay Beauty Salon. The following information is provided by Ms. Cardi Bee, the proprietor of the business. Balance Sheet Accounts: Income Statement Accounts: Cash Service Revenue P60,000 P40,000 P10,000 P70,000 P25,000 P20,000 P150,000 P170,000 Accounts Receivable Store Expense Salaries Expense Depreciation Expense Rent Expense Utilities Expense P30,000 Store Supplies Store Equipment Office Equipment Accounts Payable Dalisay, Capital P50,000 P10,000 P10,000 P35,000 Net income ? A. Prepare an income statement for the period ending March 31, 2022. B. Prepare a balance sheet as of March 31, 2022. Pro tips: • Solve for the net income first before preparing the income statement. • Close the net income to the capital account. No need to show the closing entries. • Once net income is closed to the capital account, you can now prepare the balance sheet.
After the above closing entries, the balance sheet would look like this: Encanto Travel and Tours Balance Sheet February 28, 2021 ASSETS Cash Accounts Receivable Supplies Office Equipment Less: Accumulated Depreciation- Office Equipment TOTAL ASSETS 221,000 30,000 2,000 BALANCE SHEET| 25,000 200 24,800 277,800 PATTERN LIABILITIES Acconts Payable Utilities Payable Unearned Service Revenue TOTAL LIABILITIES 5,000 3,800 30,000 38,800 EQUITY Encanto, Capital TOTAL LIABILITIES AND EQUITY 239,000 277,800
Transcribed Image Text:After the above closing entries, the balance sheet would look like this: Encanto Travel and Tours Balance Sheet February 28, 2021 ASSETS Cash Accounts Receivable Supplies Office Equipment Less: Accumulated Depreciation- Office Equipment TOTAL ASSETS 221,000 30,000 2,000 BALANCE SHEET| 25,000 200 24,800 277,800 PATTERN LIABILITIES Acconts Payable Utilities Payable Unearned Service Revenue TOTAL LIABILITIES 5,000 3,800 30,000 38,800 EQUITY Encanto, Capital TOTAL LIABILITIES AND EQUITY 239,000 277,800
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