Required:pertain to the 2020 financial statements.. What is the amount of supplies expense that would appear on the incomestatement?1. What is the total amount of revenues appearing on the income statement?3. What is the amount of interest expense that would appear on the incomestatement?4. What is the amount of rent expense that would appear on the incomestatement?5. What is the amount of total expenses that would appear on the incomestatement?6. What is the amount of the gain from the sale of land appearing on the incomestatement?7. What is the amount of profit appearing on the income statement?8. What is the amount of unearned revenue that would appear on the balancesheet?9. What is the amount of interest payable that would appear on the balancesheet?10. What is the amount of total liabilities that would appear on the balance sheet?11. What is the amount of net cash flow from operating activities that would appearon the statement of cash flows?12. What is the amount of net cash flow from investing activities that would appearon the statement of cash flows?13. What is the amount of cash flow from financing activities that would appear onthe statement of cash flows? As at Dec. 31, 2019, the accounting records for Catherine Viesca Outdoor Ad Conceptscontained the following balances:Effect of Events on Financial StatementsPROFESSOR:Problem #6at Dec. 31, 2019, the accounting records for Catherine Viesca Outdoor Ad ConceptsAssetsEquitiesAccounts PayableCashP180,000Accounts Receivable110,000P 34,000Land90,000P380,000Viesca, Capital346,000P380,000TotalTotalThe following accounting events apply to 2020:Jan. 1 Received P100,000 additional cash investments from the owner.Purchased a service vehicle that cost P80,000. The vehicle has anP8,000 salvage value and a 3-year useful life.Feb. 1 Borrowed P100,000 by issuing a note that carried a 9% annual1interest rate and a 1-year term.Paid P24,000 cash in advance for a 1-year lease for office space.Viesca withdrew P30,000 for emergency personal use.1Mar. 1April 1 Acquired land that cost P70,000 cash.May 1July 1 Received P42,000 cash in advance as a retainer for services to beMade a cash payment on accounts payable amounting to P15,000.performed monthly over the coming year.Sept. 1 Sold land for P100,000 cash. The land originally cost P90,000.Oct. 1 Purchased P20,000 of supplies on account.Nov. 1 Purchased a 1-year P50,000 certificate of deposit that paid a 6%annual rate of interest.Dec. 31Total earned service revenues (on account) for the year, P250,000.31 Total cash collections from accounts receivable amounted to31 Incurred other operating expenses on account during the year thatamounted to P80,000.P200,000.31 Accrued salaries amounted to P32,000.31 P1,000 of supplies remained on hand at the end of the period.

The Numerical has covered the concept of Adjusting Entries. Adjusting Entries are prepared at the…

Required: Based on the preceding information, answer the following questions. All questions pertain to the 2020 financial statements. . what is the total amount of revenues appearing on the income statement? 2. What is the amount of supplies expense that would appear on the income statement? 3. What is the amount of interest expense that would appear on the income statement?

Required: Based on the preceding information, answer the following questions. All questions pertain to the 2020 financial statements. . what is the total amount of revenues appearing on the income statement? 2. What is the amount of supplies expense that would appear on the income statement? 3. What is the amount of interest expense that would appear on the income statement?

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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