Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare the Statement of Financial Performance and Financial Position in good form.

Prepare the Statement of Financial Performance and Financial Position in good form.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Prepare the Statement of Financial Performance and Financial Position in good form.

 

Presented below is the unadilusted trial balance of the Leah May Santiago Information Systems for the year ended Dec. 31, 2020: Leah May Santiago information Systems Unadjusted Trial Balance Dec. 31, 2020 Cash 45,000 360,000 156,000 63,000 Notes Receivable Accounts Receivable Office Supplies Land 300,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Santiago, Capital, 1/1/2020 Santiago, Withdrawals Consulting Revenues Salaries Expense 1,590,000 P 254,000 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 Repairs Expense Miscellaneous Expense 875,000 116,000 37,000 Totals P6,292,000 P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2020 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2020. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2020 and will be settled together with a 20% interest on May е. 31, 2021.
Transcribed Image Text:Presented below is the unadilusted trial balance of the Leah May Santiago Information Systems for the year ended Dec. 31, 2020: Leah May Santiago information Systems Unadjusted Trial Balance Dec. 31, 2020 Cash 45,000 360,000 156,000 63,000 Notes Receivable Accounts Receivable Office Supplies Land 300,000 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Santiago, Capital, 1/1/2020 Santiago, Withdrawals Consulting Revenues Salaries Expense 1,590,000 P 254,000 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 Repairs Expense Miscellaneous Expense 875,000 116,000 37,000 Totals P6,292,000 P6,292,000 Additional information: a. Office supplies on hand as at Dec. 31, 2020 is P21,000. b. One-third of the unearned revenues has been earned as at Dec. 31, 2020. c. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment. d. Salaries in the amount of P14,000 have accrued at year-end. The notes receivable were accepted from several customers. The notes were issued on Sept. 1, 2020 and will be settled together with a 20% interest on May е. 31, 2021.
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Industry Specific Activities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS