Note: the answer in no. 1 was already given.Answer only the following financial statements:-Income Statement-Statement of changes in Owner’s Equity-Statement of Cash Flows-Statement of Financial Position or Balance Sheet DATEMarchTotalClaire Santos opened Little Steps and Sway Dance Studio which offers yoga, ballet andstretch classes for children. The following are her transactions for March 2022:1Opened a bank account with a cash deposit of P500,000 for the business.2Signed a contract of lease and paid P30,000 for the month's rental to Robinson's Place.3A computer and fax machine, personal properties of Ms. Santos purchased at P70,000 weretransferred to the studio.4 Purchased a stereo set at P250,000 from Music Depot. Terms: P50,000 DP and balancepayable in two months starting at the end of the month.Purchased yoga mats and other supplies for P15,000 cash.58Ms. Santos withdrew P10,000 for personal use.Bought furniture and fixtures from a friend, Ms. Dizon and gave 50% down payment ofP20,000. Issued a note for the balance due for payment within 15 days.15 Received P150,000 cash as payment of O.B. Montessori for the yoga classes provided byLittle Steps and Sway Dance Studio to its students.Paid the promissory note which matures today.Received the telephone and electricity bill from PLDT and Meralco amounting to P2,500 andP13,000, respectively. They are due to be paid on April 15.Paid the first installment to Music Depot.Paid the salary of her assistant at P5,000.1025263031Pa. Analyze the transactions using the table below.b. Prepare the four financial statements as of March 31, 2022.C.. the formVINCILASSETSLIABILITIESPOWNER'S EQUITYExplanation ofchanges in owner'sequity DateCash SuppliesMar-01 500000Mar-02 -30000Mar-03 -70000Mar-04 -50000Mar-05 -15000 15000Mar-08 -10000Mar-10 -20000Mar-15 15000Mar-25 -20000Mar-26Mar-30 -100000Assets (P)OfficeEquipment70000250000Mar-31 -5000Total 195000 15000 320000570000Furniture andFixtures4000040000Liabilities (P)AccountsPayable20000015500-100000115500NotesPayable20000-200000570000Owner's Equity(P)500000-30000-1000015000-15500-5000454500Explanation of Changes in Owners EquityIncrease in Owners Equity by Raise the Capital for the BusinessDecrease the Owners Equity due to payment of Rent ExpensesNo Effect in Owners Equity it affect only in the assets of the businessNo Effect in Owners Equity. It increase liabilities and assets of the businessNo Effect in Owners Equity it affect only in the assets of the businessDecrease the Owners Equity due to withdrawalNo Effect in Owners Equity. It increase liabilities and assets of the businessIncrease in Owners Equity due to sales revenue generatedNo Effect in owners equity it reduces both assets and liabilitiesIt decreases the owners equity due to generate utility expensesNo Effect in owners equity it reduces both assets and liabilitiesIt decreases the owners equity due to generate salary expenses

Sales, rent expense, salary expense, utility expense are items of income statement.

Note: the answer in no. 1 was already given. Answer only the following financial statements: -Income Statement -Statement of changes in Owner’s Equity -Statement of Cash Flows -Statement of Financial Position or Balance Sheet

Note: the answer in no. 1 was already given. Answer only the following financial statements: -Income Statement -Statement of changes in Owner’s Equity -Statement of Cash Flows -Statement of Financial Position or Balance Sheet

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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