d) Prepare a properly classified report form of statement of finRent Deposit is classified as Other Non-Current Asset after Property and Equipment4. Using the cash data in Problem 3, analyze its movement (inflow or outflow) in a workingpaper. Give the net flow of cash from its operating, financing and investing activities.5. On July 1 of the current year Kenneth Brown formed the Pampanga Transport Linepopularly called PTL. The following transactions occurred for the month of July:1The owner invested cash of P1,000,000.2 Bought furniture and fixtures making a 50% down payment of P150,000 with thebalance on account.5Second hand buses were ordered from Japan, through its domestic dealer HinoMotors Corporation, amounting to 8,444,000 in Japanese yens. A yen is equal toP.45. The amount was loaned by Hong Kong and Shanghai Bank after Brown issueda five-year promissory note.8 The buses were delivered by Hino Motors.10Entered into an agreement with Petron who will supply the gas and oil of PTL,payable at the end of the month.Paid for radio advertisements and billboards which amounted to P100,000.1112Passenger fares collected amounted to P240,000.15 Paid for the salaries of clerks, drivers and conductors, P125,000.20Charged Holy Angel University P80,000 for the use of two buses for an educationaltrip to Manila. The school made a 50% payment, the balance payable next month. oftract.ied a0.the21 Cargo fares amounting to P70,000 were billed and collected from various customers.25 The owner made a cash withdrawal of P50,000.2728293031Utility bills were paid in the amount of P40,000.Lessor sent a bill for rental due on the bus terminal, P75,000.Summary of revenues collected: passenger fares P360,000 and cargo fares P120,000.Paid for salaries of employees, P125,000.Paid Petron P90,000.Required:a) Analyze the above transactions. Include money columns for the accounts Cash,Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable,Notes Payable, Rent Payable and Brown, Capital. Use the following temporary titlesto explain the changes in his capital account: Transportation Fare, Cargo Fare,Advertising Expense, Gas and Oil Expense, Rent Expense, Salaries Expense, UtilitiesExpense and Brown, Drawings.b) Prepare an income statement, a capital statement and a properly classified report formof statement of financial position.ging the cach data of problem 7

Financial statements refer to the statements which represent the financial performance and position…

Required: a) Analyze the above transactions. Include money columns for the accounts Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable and Brown, Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo Fare, Advertising Expense, Gas and Oil Expense, Rent Expense, Salaries Expense, Utilities Expense and Brown, Drawings. b) Prepare an income statement, a capital statement and a properly classified report form of statement of financial position.

Required: a) Analyze the above transactions. Include money columns for the accounts Cash, Accounts Receivable, Furniture and Fixtures, Transport Buses, Accounts Payable, Notes Payable, Rent Payable and Brown, Capital. Use the following temporary titles to explain the changes in his capital account: Transportation Fare, Cargo Fare, Advertising Expense, Gas and Oil Expense, Rent Expense, Salaries Expense, Utilities Expense and Brown, Drawings. b) Prepare an income statement, a capital statement and a properly classified report form of 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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