- Financial Statement- Statement of Performance- Statement Equity- Statement of Financial Position The following are the balances of the ledger accounts of Balagbag Transit owned andoperated by Marcelino Banzon, after three months of operations ended March 31, 2001:Office Supplies ExpenseTrucksCashGas & Oil Exp.Accounts PayableDepreciation Expense - Furniture & EquipmentMortgage PayableRepairs & Maintenance ExpensePrepaid InsuranceOffice Supplies UnusedFurniture & EquipmentFares EarnedUtility ExpenseAccumulated Depreciation - TrucksAccumulated Depreciation - Furniture & EquipmentRent ExpenseBanzon, CapitalDepreciation Expense - TrucksSalary ExpenseInterest ExpensePInsurance ExpenseBanzon, DrawingSalaries Payable300750,00053,50015,00010,000700250,0008,0004,7505008,500145,0004,00072,0002,40012,000436,60015,00025,0007,0001,25015,0004,500

Statement of performance shows all incomes and expenses of the business and at the end, it shows net…

Answered: Financial Statement - Statement of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 8EA: Maddie Inc. has the following transactions for its first month of business. A. What are the...

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- Financial Statement - Statement of Performance - Statement Equity - Statement of Financial Position

The following are the balances of the ledger accounts of Balagbag Transit owned and
operated by Marcelino Banzon, after three months of operations ended March 31, 2001:
Office Supplies Expense
Trucks
Cash
Gas & Oil Exp.
Accounts Payable
Depreciation Expense - Furniture & Equipment
Mortgage Payable
Repairs & Maintenance Expense
Prepaid Insurance
Office Supplies Unused
Furniture & Equipment
Fares Earned
Utility Expense
Accumulated Depreciation - Trucks
Accumulated Depreciation - Furniture & Equipment
Rent Expense
Banzon, Capital
Depreciation Expense - Trucks
Salary Expense
Interest Expense
P
Insurance Expense
Banzon, Drawing
Salaries Payable
300
750,000
53,500
15,000
10,000
700
250,000
8,000
4,750
500
8,500
145,000
4,000
72,000
2,400
12,000
436,600
15,000
25,000
7,000
1,250
15,000
4,500

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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