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ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.

ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.... P1,000,000 Trade & Other Receivables.. 3,000,000 Inventories.. Dairy Livestock (immature)... Dairy Livestock (mature)... Plant, Property & Equipment (net). Trade & Other Payables... Notes Payable (long-term).. 200,000 100,000 800,000 2,800,000 P1,040,000 3,000,000 2,000,000 Common Stock... Retained Earnings- Jan. 1, 2020. 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value.. Inventories Used.. 100,000 280,000 240,000 Staff Costs... 30,000 Depreciation Expense... Other Operating Expenses.. Income Tax Expense.. Totals. . 380,000 110,000 P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.

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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Help me to answer the completely the Required 1 & 2 of this problem. Thank you so much!

ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.. . ..P1,000,000 Trade & Other Receivables.. 3,00,000 Inventories... 200,000 Dairy Livestock (immature). Dairy Livestock (mature).... Plant, Property & Equipment (net). . 2,800,000 Trade & Other Payables... Notes Payable (long-term).. Common Stock.. . 100,000 800,000 ..P1,040,000 3,000,000 2,000,000 Retained Earnings- Jan. 1, 2020... 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value... Inventories Used.. 100.000 280,000 Staff Costs.... 240,000 30,000 Depreciation Expense... Other Operating Expenses... Income Tax Expense.. Totals. . 380,000 110,000 . P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.
Transcribed Image Text:ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash.. . ..P1,000,000 Trade & Other Receivables.. 3,00,000 Inventories... 200,000 Dairy Livestock (immature). Dairy Livestock (mature).... Plant, Property & Equipment (net). . 2,800,000 Trade & Other Payables... Notes Payable (long-term).. Common Stock.. . 100,000 800,000 ..P1,040,000 3,000,000 2,000,000 Retained Earnings- Jan. 1, 2020... 1,600,000 Fair Value of Milk Produced.. 1,200,000 Gain from Change in Fair Value... Inventories Used.. 100.000 280,000 Staff Costs.... 240,000 30,000 Depreciation Expense... Other Operating Expenses... Income Tax Expense.. Totals. . 380,000 110,000 . P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020.
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