Note: please show your work. Thank you! Presented below are the liabilities of SM Entertainment. Prepare the Liabilities & Owner’s Equity section of the balance sheet for year ended December 31, 2014 together with the supporting notes. Accounts Payable 30,000 Notes Payable 20,000 Accrued Expenses 10,000 Loan Payable (5years) 80,000 Mortgage Payable 700,000 R. Capital 745,000 The beginning capital of SM Entertainment is P 728,000. During the year the owner made an additional investment of P20,000 and withdrew P 35,000 for personal use. Net income during the year amounted to P45,000. Prepare the statement of the changes in the owner’s equity for year ended December 31, 2014.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Note: please show your work. Thank you! Presented below are the liabilities of SM Entertainment. Prepare the Liabilities & Owner’s Equity section of the balance sheet for year ended December 31, 2014 together with the supporting notes. Accounts Payable 30,000 Notes Payable 20,000 Accrued Expenses 10,000 Loan Payable (5years) 80,000 Mortgage Payable 700,000 R. Capital 745,000 The beginning capital of SM Entertainment is P 728,000. During the year the owner made an additional investment of P20,000 and withdrew P 35,000 for personal use. Net income during the year amounted to P45,000. Prepare the statement of the changes in the owner’s equity for year ended December 31, 2014.
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