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required income statement and the balance sheet in account form.

required income statement and the balance sheet in account form.

FINANCIAL ACCOUNTING
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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Hair and Make up By Rainne is a sole proprietorship established on January 1, 2021 engaged in providing beauty salon services. The following are the ending balances of the business's account on Dec 31, 2021. As the part-time bookkeeper hired by Mary Rainne, prepare the required income statement and the balance sheet in account form. 13th Month Pay Expense Accounts Receivable Accumulated Depreciation - FF Accumulated Depreciation - LI Accumulated Depreciation - OE Accumulated Depreciation - SE Advertising Expense Beauty supplies Beauty Supplies Expense Cash Commission Expense Depreciation Expense - FF Depreciation Expense - LI Depreciation Expense - OE Depreciation Expense - SE Furniture and Fixtures Leasehold Improvement Mary Rainne, Capital Office Equipment Office Supplies Office Supplies Expense Pag-IBIG Expense Pag-IBIG Payable - Employee share Pag-IBIG Payable- Employer's Share Philhealth Expense Philhealth Payable - Employee share Philhealth Payable Employer's Share Rent Deposit Rent Expense Salary Expense Salon Equipment Service Income SSS Payable - Employee share SSS Payable- Employer's Share SSS Expense Taxes & Licenses Expense Utility Expense Vat Payable 11,293.00 250,000.00 (9,200.00) (10,000.00) (12,200.00) (7,000.00) 6,000.00 852.68 203,790.18 5,935,086.83 689,464.20 9,200.00 10,000.00 12,200.00 7,000.00 1. Profitability 2. Growth 46,000.00 50,000.00 318,600.00 61,000.00 66.96 16,004.46 1,200.00 100.00 100.00 1.650.00 137.50 137.50 36,000.00 72,000.00 135,516.00 35,000.00 7,117,857.14 417.80 857.20 10,286.40 20,000.00 84,000.00 227,003.57 Examine the 2 financial statements that you prepared and make an analysis as to the following: 3. Solvency 4. Stability 5. Effectivity of Management
Transcribed Image Text:Hair and Make up By Rainne is a sole proprietorship established on January 1, 2021 engaged in providing beauty salon services. The following are the ending balances of the business's account on Dec 31, 2021. As the part-time bookkeeper hired by Mary Rainne, prepare the required income statement and the balance sheet in account form. 13th Month Pay Expense Accounts Receivable Accumulated Depreciation - FF Accumulated Depreciation - LI Accumulated Depreciation - OE Accumulated Depreciation - SE Advertising Expense Beauty supplies Beauty Supplies Expense Cash Commission Expense Depreciation Expense - FF Depreciation Expense - LI Depreciation Expense - OE Depreciation Expense - SE Furniture and Fixtures Leasehold Improvement Mary Rainne, Capital Office Equipment Office Supplies Office Supplies Expense Pag-IBIG Expense Pag-IBIG Payable - Employee share Pag-IBIG Payable- Employer's Share Philhealth Expense Philhealth Payable - Employee share Philhealth Payable Employer's Share Rent Deposit Rent Expense Salary Expense Salon Equipment Service Income SSS Payable - Employee share SSS Payable- Employer's Share SSS Expense Taxes & Licenses Expense Utility Expense Vat Payable 11,293.00 250,000.00 (9,200.00) (10,000.00) (12,200.00) (7,000.00) 6,000.00 852.68 203,790.18 5,935,086.83 689,464.20 9,200.00 10,000.00 12,200.00 7,000.00 1. Profitability 2. Growth 46,000.00 50,000.00 318,600.00 61,000.00 66.96 16,004.46 1,200.00 100.00 100.00 1.650.00 137.50 137.50 36,000.00 72,000.00 135,516.00 35,000.00 7,117,857.14 417.80 857.20 10,286.40 20,000.00 84,000.00 227,003.57 Examine the 2 financial statements that you prepared and make an analysis as to the following: 3. Solvency 4. Stability 5. Effectivity of Management
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