Preparing the Financial Statements The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 60,000 60,000 105,000 1,437,500 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Land Miscellaneous Expense 24,600 Mortgage Payable Notes Payable Office Supplies 395,000 213,000 17,200 Blanche, Capital, 1/1/2017 Blanche, Withdrawals Representation Expense Salaries Expense Salaries Payable Travel Expense 50,500 148,600 164,000 673,200 17,300 159,000 During the year, Blanche invested additional P75,000 in the business. Required: Prepare the income statement, statement of changes in equity, and balance sheet.

Preparing the Financial Statements The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 60,000 60,000 105,000 1,437,500 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues Building Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 450,000 36,200 30,000 30,000 217,000 37,000 120,000 Land Miscellaneous Expense 24,600 Mortgage Payable Notes Payable Office Supplies 395,000 213,000 17,200 Blanche, Capital, 1/1/2017 Blanche, Withdrawals Representation Expense Salaries Expense Salaries Payable Travel Expense 50,500 148,600 164,000 673,200 17,300 159,000 During the year, Blanche invested additional P75,000 in the business. Required: Prepare the income statement, statement of changes in equity, and 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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