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income statement, statement of changes in equity, and balance sheet

income statement, statement of changes in equity, and balance sheet

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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Preparing the Financial Statements Kasan Usop is the owner of the Laguna Cinema. During January 2018, the following income statement accounts reflected balances: Advertising Expense Revenue from Ticket Sales P 7,500 134,500 5,200 23,400 Rent Expense Film Rental Expense P11,000 67,250 15,000 3,550 Maintenance Expense Concession Revenue Salaries Expense Utilities Expense Usop had a capital balance on Jan. 1 of P250,000. During the month, he withdrew P12,000 cash in anticipation of profits from the business. The assets and liabilities of the entity on Jan. 31, 2018 follows: P 4,500 P 53,200 124,000 72,500 13,000 Cash Projection Equipment Display Fixtures Ticket Supplies Projection Supplies Cleaning Supplies Accounts Payable 1,500 22,000 Furniture 22,900 Required: Prepare the income statement, statement of changes in equity, and balance sheet.
Transcribed Image Text:Preparing the Financial Statements Kasan Usop is the owner of the Laguna Cinema. During January 2018, the following income statement accounts reflected balances: Advertising Expense Revenue from Ticket Sales P 7,500 134,500 5,200 23,400 Rent Expense Film Rental Expense P11,000 67,250 15,000 3,550 Maintenance Expense Concession Revenue Salaries Expense Utilities Expense Usop had a capital balance on Jan. 1 of P250,000. During the month, he withdrew P12,000 cash in anticipation of profits from the business. The assets and liabilities of the entity on Jan. 31, 2018 follows: P 4,500 P 53,200 124,000 72,500 13,000 Cash Projection Equipment Display Fixtures Ticket Supplies Projection Supplies Cleaning Supplies Accounts Payable 1,500 22,000 Furniture 22,900 Required: Prepare the income statement, statement of changes in equity, and balance sheet.
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