Prepare aa. Statement of Comprehensive Incomeb. Statement of Financial Positionc. Closing Entriesd. Post Closing Trial Balance Presented below is the adjusted trial balance of Cecil Laguna, CPA for the year endedDecember 20A:Cecil Laguna, CPAAdjusted Trial BalanceDecember 31, 20AAccount TitlesDebitCreditCash in BankP 78,000Accounts ReceivableEstimated Uncollectible ACcountUnused SuppliesOffice Equipment'Accumulated DepreciationAccounts PayableC. Laguna, CapitalC. Laguna, Drawing35,000P.48012,50045,0004,50013,00047,50015,000Professional Income180,000Uncollectible Account4804,50025,0005,00015,000Depreciation ExpenseUtilities ExpenseSupplies UsedSalaries ExpenseRent Expense10,000P245,480 P245,480Total

Name: Prepare aa. Statement of Comprehensive Incomeb. Statement of Financial
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Description: Prepare aa. Statement of Comprehensive Incomeb. Statement of Financial Positionc. Closing Entriesd. Post Closing Trial Balance Presented below is the adjusted trial balance of Cecil Laguna, CPA for the year endedDecember 20A:Cecil Laguna, CPAAdjusted

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Prepare a a. Statement of Comprehensive Income b. Statement of Financial Position c. Closing Entries d. Post Closing Trial Balance

Presented below is the adjusted trial balance of Cecil Laguna, CPA for the year ended
December 20A:
Cecil Laguna, CPA
Adjusted Trial Balance
December 31, 20A
Account Titles
Debit
Credit
Cash in Bank
P 78,000
Accounts Receivable
Estimated Uncollectible ACcount
Unused Supplies
Office Equipment'
Accumulated Depreciation
Accounts Payable
C. Laguna, Capital
C. Laguna, Drawing
35,000
P.
480
12,500
45,000
4,500
13,000
47,500
15,000
Professional Income
180,000
Uncollectible Account
480
4,500
25,000
5,000
15,000
Depreciation Expense
Utilities Expense
Supplies Used
Salaries Expense
Rent Expense
10,000
P245,480 P245,480
Total

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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