Questions: Continue with Santos illustration, refer to the photo.The following transactions took place for the month of July. Sales amounted to ₱ 52,000. Paper and ink were purchase and paid for ₱ 10,000. Total supplies available amounted to ₱ 22,000 half of which were use up. Monthly rent was again paid. Santos made a ₱ 5,000 cash withdrawal.Required. Prepare a simple financial statementa. Statement of Incomeb. Statement of Changes in Equity for Julyc. Statement of Financial Positiond. Statement of Cash Flow Ms. Santos got her retirement pay of P 420,000 and thought of putting up a PhotocopyService Center. She invested, P 350,000 on June 1 to purchase a reproducing machine for P300,000 and paper and ink for P20,000. She set aside the remaining P 30,000 as cash fund ofthe business. During the month of June, reproduction of documents brought in cash sales of P48,000. 40% of the supplies were used up and rent was paid for P 5,000.

Hi student Since there are multiple subparts, we will answer only first three subparts.

Questions: Continue with Santos illustration, refer to the photo. The following transactions took place for the month of July. Sales amounted to ₱ 52,000. Paper and ink were purchase and paid for ₱ 10,000. Total supplies available amounted to ₱ 22,000 half of which were use up. Monthly rent was again paid. Santos made a ₱ 5,000 cash withdrawal. Required. Prepare a simple financial statement a. Statement of Income b. Statement of Changes in Equity for July c. Statement of Financial Position

Questions: Continue with Santos illustration, refer to the photo. The following transactions took place for the month of July. Sales amounted to ₱ 52,000. Paper and ink were purchase and paid for ₱ 10,000. Total supplies available amounted to ₱ 22,000 half of which were use up. Monthly rent was again paid. Santos made a ₱ 5,000 cash withdrawal. Required. Prepare a simple financial statement a. Statement of Income b. Statement of Changes in Equity for July c. Statement of Financial Position

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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