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.
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!

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.

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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