Prepare the Statement of Cash Flows in Direct and Indirect Method
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Requirements: Prepare the Statement of
![and Balance Sheet.
D.
P 120,000
75,000
20,000
204,500
22,000
fiscal year ending May 31 200B:
P 40,860 Mortgage Payable
4,000 M. Lanza Capital
57,880 M Lanza Drawing
3,280 Service Income
10,000 Rental Income
6,000 Interest Income
1,260 Salaries Expense
40 Rent Expense
36,800 Utilities Expense
1,840 Supplies Expense
50,000 Advertising Expense
Accum. Dep’n.- Office Eqpmt. 2,500 Insurance Expense
Cash
Note Receivable
Accounts Receivable
Allow. for Impairment Loss
Prepaid Advertising
Unexpired Insurance
Supplies Inventory
Interest Receivable
Furniture & Fixtures
40
114,600
30,000
8,250
4,160
40,000
24,000
12,000
Accum. Dep'n.- Furn. & Fixt.
Office Equipment
Note Payable (short-term)
Accounts Payable
Utilities Payable
Interest Payable
2,000 Taxes & Licenses
24,250 Interest Expense
4,250 Impairment Loss
10 Depreciation - Furn. & Fixt
2,000 Depreciation – Office Eqpmt.
200
280
Unearned Rental
840
500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0fd3997f-651f-4b95-b6a1-450b6d8388fc%2F7f0e6435-244e-42be-9222-d4a63f8b153a%2Fzzwr4z7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:and Balance Sheet.
D.
P 120,000
75,000
20,000
204,500
22,000
fiscal year ending May 31 200B:
P 40,860 Mortgage Payable
4,000 M. Lanza Capital
57,880 M Lanza Drawing
3,280 Service Income
10,000 Rental Income
6,000 Interest Income
1,260 Salaries Expense
40 Rent Expense
36,800 Utilities Expense
1,840 Supplies Expense
50,000 Advertising Expense
Accum. Dep’n.- Office Eqpmt. 2,500 Insurance Expense
Cash
Note Receivable
Accounts Receivable
Allow. for Impairment Loss
Prepaid Advertising
Unexpired Insurance
Supplies Inventory
Interest Receivable
Furniture & Fixtures
40
114,600
30,000
8,250
4,160
40,000
24,000
12,000
Accum. Dep'n.- Furn. & Fixt.
Office Equipment
Note Payable (short-term)
Accounts Payable
Utilities Payable
Interest Payable
2,000 Taxes & Licenses
24,250 Interest Expense
4,250 Impairment Loss
10 Depreciation - Furn. & Fixt
2,000 Depreciation – Office Eqpmt.
200
280
Unearned Rental
840
500
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