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С. C. Shown below is the preliminary trial balance of MAGINHAWA SERVICE CENTER for the calendar year 200A: P 1,200 E. Liwanag Capital Office Equipment Accounts Payable P 85,000 Notes Receivable 12,000 Notes Payable 16,600 Interest Income 18,540 Tel. & Telegrams Expense 21,500 Interest Expense 10,000 Postage & Stamps Expense 21,460 Insurance Expense 30,000 Car 20,000 Utilities Expense 78,560 Supplies Expense 8,900 Massage Equipment 21,000 Rental Income 8,000 360 Cash 1,250 220 Tools 50 E. Liwanag Drawing Accounts Receivable Mortgage Payable Loan Payable (short-term) Service Income Furniture & Fixtures 4,100 84,700 160 3,150 36,290 6,000 Salaries Expense REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Fguity ond Balance Sheet.

С. C. Shown below is the preliminary trial balance of MAGINHAWA SERVICE CENTER for the calendar year 200A: P 1,200 E. Liwanag Capital Office Equipment Accounts Payable P 85,000 Notes Receivable 12,000 Notes Payable 16,600 Interest Income 18,540 Tel. & Telegrams Expense 21,500 Interest Expense 10,000 Postage & Stamps Expense 21,460 Insurance Expense 30,000 Car 20,000 Utilities Expense 78,560 Supplies Expense 8,900 Massage Equipment 21,000 Rental Income 8,000 360 Cash 1,250 220 Tools 50 E. Liwanag Drawing Accounts Receivable Mortgage Payable Loan Payable (short-term) Service Income Furniture & Fixtures 4,100 84,700 160 3,150 36,290 6,000 Salaries Expense REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Fguity ond Balance Sheet.

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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Chapter 3 Financial Statements C. Shown below is the preliminary trial balance of MAGINHAWA SERVIICE CENTER for the calendar year 200A: E. Liwanag Capital Office Equipment Accounts Payable Cash Tools P 1,200 P 85,000 Notes Receivable 12,000 Notes Payable 16,600 Interest Income 18,540 Tel. & Telegrams Expense 21,500 Interest Expense 10,000 Postage & Stamps Expense 21,460 Insurance Expense 30,000 Car 20,000 Utilities Expense 78,560 Supplies Expense 8,900 Massage Equipment 21,000 Rental Income 000'8 09E 1,250 220 E. Liwanag Drawing Accounts Receivable Mortgage Payable Loan Payable (short-term) Service Income Furniture & Fixtures Salaries Expense 4,100 84,700 091 3,150 36,290 000'9 REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Equity and Balance Sheet. .n00 of LENMAR Soni . C
Transcribed Image Text:Chapter 3 Financial Statements C. Shown below is the preliminary trial balance of MAGINHAWA SERVIICE CENTER for the calendar year 200A: E. Liwanag Capital Office Equipment Accounts Payable Cash Tools P 1,200 P 85,000 Notes Receivable 12,000 Notes Payable 16,600 Interest Income 18,540 Tel. & Telegrams Expense 21,500 Interest Expense 10,000 Postage & Stamps Expense 21,460 Insurance Expense 30,000 Car 20,000 Utilities Expense 78,560 Supplies Expense 8,900 Massage Equipment 21,000 Rental Income 000'8 09E 1,250 220 E. Liwanag Drawing Accounts Receivable Mortgage Payable Loan Payable (short-term) Service Income Furniture & Fixtures Salaries Expense 4,100 84,700 091 3,150 36,290 000'9 REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Equity and Balance Sheet. .n00 of LENMAR Soni . C
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