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Instruction: From the following data, prepare a single-step Income Statement for Arce Repair Shop for the quarter ended June 30, 2019. Repair Income Interest Income Supplies Expense Taxes and Licenses P 20,000 500 3,000 800 2,000, 4,000 Rent Expense Salaries and Wages

Instruction: From the following data, prepare a single-step Income Statement for Arce Repair Shop for the quarter ended June 30, 2019. Repair Income Interest Income Supplies Expense Taxes and Licenses P 20,000 500 3,000 800 2,000, 4,000 Rent Expense Salaries and Wages

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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Instruction: From the following data, prepare a single-step Income Statement for Arce Repair Shop for the quarter ended June 30, 2019. Repair Income Interest Income Supplies Expense Taxes and Licenses Rent Expense Salaries and Wages Utilities Expense Delivery Expense P 20,000 500 3,000 800 2,000, 4,000 600 500 Instruction: Prepare a Balance Sheet in an account fom for Bhel's Beauty Parlor for the Year Ended December 31, 2019. Cash on Hand Prepaid Rent Salary Payable Furniture and Fixtures 12,000 750 900 38,400 600 27,000 30,000 Allowance for Bad Debts Accounts Payable Bhel, Capital Prepaid Insurance Accumulated Depreciation Bhel, Drawing Unused Office Supplies Accounts Receivable Net Income 450 3,840 1,200 1,500 60,300 52,260 Instruction: Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarter ended December 31, 2019. Castro, Capital Cash on Hand Accounts Receivable Equipment Accumulated Depreciation Taxes and Licenses Utilities Expenses Castro, Drawing Accounts Payable Service Income P 43,900 3,000 6,500 30,000 750 2,000 1,800 3,600 7,200 30,000 12,000 6,000 500 750 Rent Expense Notes Receivable Allowance for Doubtful Account Depreciation Expense Bad Debts Expense Repair Expense Salaries Expense Supplies Expense Notes Payable 200 600 15,000 2,900 2,000
Transcribed Image Text:Instruction: From the following data, prepare a single-step Income Statement for Arce Repair Shop for the quarter ended June 30, 2019. Repair Income Interest Income Supplies Expense Taxes and Licenses Rent Expense Salaries and Wages Utilities Expense Delivery Expense P 20,000 500 3,000 800 2,000, 4,000 600 500 Instruction: Prepare a Balance Sheet in an account fom for Bhel's Beauty Parlor for the Year Ended December 31, 2019. Cash on Hand Prepaid Rent Salary Payable Furniture and Fixtures 12,000 750 900 38,400 600 27,000 30,000 Allowance for Bad Debts Accounts Payable Bhel, Capital Prepaid Insurance Accumulated Depreciation Bhel, Drawing Unused Office Supplies Accounts Receivable Net Income 450 3,840 1,200 1,500 60,300 52,260 Instruction: Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarter ended December 31, 2019. Castro, Capital Cash on Hand Accounts Receivable Equipment Accumulated Depreciation Taxes and Licenses Utilities Expenses Castro, Drawing Accounts Payable Service Income P 43,900 3,000 6,500 30,000 750 2,000 1,800 3,600 7,200 30,000 12,000 6,000 500 750 Rent Expense Notes Receivable Allowance for Doubtful Account Depreciation Expense Bad Debts Expense Repair Expense Salaries Expense Supplies Expense Notes Payable 200 600 15,000 2,900 2,000
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