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 PreparationYou 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:CashService RevenueP60,000P40,000P10,000P70,000P25,000P20,000P150,000P170,000Accounts ReceivableStore ExpenseSalaries ExpenseDepreciation ExpenseRent ExpenseUtilities ExpenseP30,000P50,000Store SuppliesStore EquipmentP10,000Office EquipmentAccounts PayableDalisay, CapitalP10,000P35,000Net 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 closingentries.• Once net income is closed to the capital account, you can now preparethe balance sheet.• Use the format in the above examples. Upload only 1 excel file.

The financial statements of the business include the income statement and balance sheet of the firm.

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:

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

Section: Chapter Questions

Problem 1Q

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