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prepare Income Statement

prepare Income Statement

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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Please prepare Income Statement and Financial Position. Thank you!
Kakapoy Computer Enterprise began operations in 2017. A disorganized trial balance as of end of second year, 2018, is given below. Prepare the SCI (Multi-Step Form) and SFP (Report Form) All currency is in US Dollars Kakapoy Computer Enterprise Trial Balance December 31, 2018 Account Office Rent Cash on Hand Debit Credit $4 20,000.00 60,000.00 309,000.00 Cash in Bank Merchandise Inventory, 1 January VAT Payable Supplies Inventory Accoumulated 24 $ 137,500.00 %$4 54,500.00 $4 6,000.00 Depreciation - Office Furniture and Equipment Office Salaries and Wages Notes Payable (due 2021) $ 49,000.00 $4 130,000.00 140,000.00 1,257,500.00 %24 Sales --Purchases Salaries and Wages - Store Purchase Discount Office Furniture and %$4 500,000.00 $ 40,500.00 15,000.00 $ 214,500.00 Equipment Depreciation Expense - Office Furniture and $ 25,000.00 Equipment Accounts Recievable Bad Debts Expense Interest Expense Store Supplies Used Depreciation Expense - 38,000.00 2,800.00 67,500.00 5,500.00 20,000.00 2$ 2$ cs Scarmed wilh Carrsuarer
Transcribed Image Text:Kakapoy Computer Enterprise began operations in 2017. A disorganized trial balance as of end of second year, 2018, is given below. Prepare the SCI (Multi-Step Form) and SFP (Report Form) All currency is in US Dollars Kakapoy Computer Enterprise Trial Balance December 31, 2018 Account Office Rent Cash on Hand Debit Credit $4 20,000.00 60,000.00 309,000.00 Cash in Bank Merchandise Inventory, 1 January VAT Payable Supplies Inventory Accoumulated 24 $ 137,500.00 %$4 54,500.00 $4 6,000.00 Depreciation - Office Furniture and Equipment Office Salaries and Wages Notes Payable (due 2021) $ 49,000.00 $4 130,000.00 140,000.00 1,257,500.00 %24 Sales --Purchases Salaries and Wages - Store Purchase Discount Office Furniture and %$4 500,000.00 $ 40,500.00 15,000.00 $ 214,500.00 Equipment Depreciation Expense - Office Furniture and $ 25,000.00 Equipment Accounts Recievable Bad Debts Expense Interest Expense Store Supplies Used Depreciation Expense - 38,000.00 2,800.00 67,500.00 5,500.00 20,000.00 2$ 2$ cs Scarmed wilh Carrsuarer
Carmelite Street, Escalante City. 6124 Negros Occidental, Philippines Store Furniture and Equipment Accounts Payable 26,400.00 3,700.00 Rent Income Sales Return and Allowances %24 $ 14,000.00 Freight-in Store Rent Expense Allowance for Bad Debts $4 24 5,000.00 40,000.00 4,800.00 790,400.00 %$4 Mr. G, Capital Prepaid Insurance Accumulated Depreciation - Store Furniture and Equipment Merchandise Inventory, 31 December Income Summary Taxes and Licenses 54,000.00 $ 56,000.00 $ 175,000.00 175,000.00 77,500.00 55,000.00 110,000.00 Insurance Expense Mr.G. Drawings Store Furniture and Equipment Office Supplies Used Advertising and Promotion 209,000.00 6,500.00 $4 $4 250,000.00 Totals 2,572,300.00 2,572,300.00 Cs Scanned with Camscanner
Transcribed Image Text:Carmelite Street, Escalante City. 6124 Negros Occidental, Philippines Store Furniture and Equipment Accounts Payable 26,400.00 3,700.00 Rent Income Sales Return and Allowances %24 $ 14,000.00 Freight-in Store Rent Expense Allowance for Bad Debts $4 24 5,000.00 40,000.00 4,800.00 790,400.00 %$4 Mr. G, Capital Prepaid Insurance Accumulated Depreciation - Store Furniture and Equipment Merchandise Inventory, 31 December Income Summary Taxes and Licenses 54,000.00 $ 56,000.00 $ 175,000.00 175,000.00 77,500.00 55,000.00 110,000.00 Insurance Expense Mr.G. Drawings Store Furniture and Equipment Office Supplies Used Advertising and Promotion 209,000.00 6,500.00 $4 $4 250,000.00 Totals 2,572,300.00 2,572,300.00 Cs Scanned with Camscanner
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