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Required: Prepare the following Financial Statements 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position

Required: Prepare the following Financial Statements 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position

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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Sales Discount 3,600 Merchandise Inventory, Nov 1, 50,000 2021 Purchases 137,800 Freight-In 2,400 Purchase Rets and Allo 4,500 Purchase Disc 600 Sales Salaries 24,000 Advertising Salaries 5,000 Freight-Out 3,120 Depreciation Delivery Van 7,000 Impairment Loss 1,410 Office Salaries 33,000 Rent Expense 15,000 Insurance Expense 2,000 Office Supplies Expense 1,000 Taxes and Licenses Expense 1,260 Light and Water Expense 20,500 Depreciation Expense-Office Equip 1,025 Depreciation Expense-Furn and Fixture 330 Rental Income 2,000 Interest Income 15 Interest Expense 20 Required: Prepare the following Financial Statements 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position
Transcribed Image Text:Sales Discount 3,600 Merchandise Inventory, Nov 1, 50,000 2021 Purchases 137,800 Freight-In 2,400 Purchase Rets and Allo 4,500 Purchase Disc 600 Sales Salaries 24,000 Advertising Salaries 5,000 Freight-Out 3,120 Depreciation Delivery Van 7,000 Impairment Loss 1,410 Office Salaries 33,000 Rent Expense 15,000 Insurance Expense 2,000 Office Supplies Expense 1,000 Taxes and Licenses Expense 1,260 Light and Water Expense 20,500 Depreciation Expense-Office Equip 1,025 Depreciation Expense-Furn and Fixture 330 Rental Income 2,000 Interest Income 15 Interest Expense 20 Required: Prepare the following Financial Statements 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position
I. Preparation of Financial Statements Batangas Product Trader FS Data November 30, 2021 Accounts Amount Cash 502,030 Notes Receivable 6,000 Accounts Receivable 51,500 Allo for impairment Loss 1,410 Interest Receivable 15 Prepaid Rent 30,000 Prepaid Advertising 5,000 Prepaid Insurance 22,000 Supplies Inventory 250 Merchandise Inventory, Nov 30, 2021 102,400 Delivery Van 850,000 Accum Depreciation- Del Van 7,000 Office Equipment 125,000 Accum Depreciation- Office Equip 1,025 Furniture and Fixture 40,000 Accum Depreciation-Fur and Fixture 330 Accounts Payable 855,500 Notes Payable 8,000 Interest Payable 20 Unearned Rental Income 2,000 Loan Payable -Long Term 200,000 Batangas Trader Capital, Nov 1, 2021 625,000 Batangas Trader Drawings 22,000 Sales 266,560 Sales Returns and Allowance 11,700
Transcribed Image Text:I. Preparation of Financial Statements Batangas Product Trader FS Data November 30, 2021 Accounts Amount Cash 502,030 Notes Receivable 6,000 Accounts Receivable 51,500 Allo for impairment Loss 1,410 Interest Receivable 15 Prepaid Rent 30,000 Prepaid Advertising 5,000 Prepaid Insurance 22,000 Supplies Inventory 250 Merchandise Inventory, Nov 30, 2021 102,400 Delivery Van 850,000 Accum Depreciation- Del Van 7,000 Office Equipment 125,000 Accum Depreciation- Office Equip 1,025 Furniture and Fixture 40,000 Accum Depreciation-Fur and Fixture 330 Accounts Payable 855,500 Notes Payable 8,000 Interest Payable 20 Unearned Rental Income 2,000 Loan Payable -Long Term 200,000 Batangas Trader Capital, Nov 1, 2021 625,000 Batangas Trader Drawings 22,000 Sales 266,560 Sales Returns and Allowance 11,700
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