Provide Statement of Changes in Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Provide Statement of Changes in Equity
Transcribed Image Text:Accounts Payable
Accounts Receivable
Accumulated Depreciation - Machinery
Accumulated Depreciation - Office Equipment
Accumulated Depreciation - Store Equipment
Allowance for Doubtful Accounts
Cash
Commissions Income
Depreciation - Machinery
Depreciation - Office Equipment
Depreciation - Store Equipment
Doubtful Accounts Expense
Factory Payroll (60% direct, 40% indirect)
Finished Goods Inventory, Mar 1
Finished Goods Inventory, Mar 31
Interest Income
Machinery
Notes Receivable
Office Equipment
Office Salaries
Other Costs (30% factory, 40% store, 30% office)
Prepaid Insurance Expense
R. Biff, Capital, Mar 1
R. Biff, Drawing
Raw Materials Inventory, Mar 1
Raw Materials Inventory, Mar 31
Raw materials purchases
Rent (60% factory, 20% store, 20% office)
Repairs and Maintenance (60% factory, 40% office)
Salaries and Wages Payable
Sales
Sales Discount
Sales Returns and Allowances
Store Equipment
Store Salaries
Supplies Inventory (50% factory, 30% store, 20% office)
Supplies Used (40% factory, 30% store, 30% office)
Unearned Sales Revenue
Utilities (70% factory, 20% store, 10% office)
Utilities Payable
Work-in-Process Inventory, Mar 1
Work-in-Process Inventory, Mar 31
€ 76,000
320,000
52,000
26,000
24,000
16,000
488,000
45,000
27,000
13,000
12,000
14,000
400,000
40,000
37,000
3,000
520,000
50,000
240,000
156,000
30,000
60,000
???
85,000
39,000
46,000
187,000
100,000
23,000
60,000
1,500,000
21,000
15,000
130,000
234,000
20,000
48,000
50,000
170,000
46,000
61,000
65,000
Transcribed Image Text:Particulars
Sales
Less: Sales Discount
Less: Sales Returns and Allowances
Less: Cost of goods sold (WN 1)
Gross Profit
Less: Selling and Distribution Expenses
Statement of Profit and Loss
Depreciation - Store Equipment
Other store costs (P30,000*40%)
Store rent (P100,000* 20%)
Store Salaries
Store supplies used (P48000*30%)
Store Utilities (P170,000*20%)
Less: Administrative Expenses
Depreciation - Office Equipment
Doubtful accounts expense
Other Office costs (P30,000*30%)
Office Rent (P100,000*20%)
Office Repairs & Maintenance (P23000*40%)
Office supplies used (P48000*30%)
Office Utilities (P170,000* 10%)
Operating Income
Add: Other Income
Commissions Income
Interest Income
Net Income
Amount (P)
15,00,000
-21,000
-15,000
12,000
12,000
20,000
2,34,000
14,400
34,000
13,000
14,000
9,000
20,000
9,200
14,400
17,000
45,000
3,000
Amount (P)
14,64,000
8,27,000
6,37,000
3,26,400
96,600
2,14,000
48,000
2,62,000
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