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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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