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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Hello, badly need a help with this one. Please read the instructions and pro tip on the bottom part of the photo. It's okay if it's not in excel, I'll just encode it later. Thankyou so much!
I.
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
P50,000
Store Supplies
Store Equipment
P10,000
Office Equipment
Accounts Payable
Dalisay, Capital
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.
• Use the format in the above examples. Upload only 1 excel file.
Transcribed Image Text:I. 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 P50,000 Store Supplies Store Equipment P10,000 Office Equipment Accounts Payable Dalisay, Capital 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. • Use the format in the above examples. Upload only 1 excel file.
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