Homework Help is Here – Start Your Trial Now!
Business
Accounting
Supplies A. Statement of Income (wealth produced for July): Copying Machine Total Assets Sales Rent Water and Power Loan Payable to Bank Supplies used Profit for July Doria, Capital Total Liabilities and Owner's Equity B. Statement of Changes in Equity for July: Doria, Capital June 30 275,000 Add Profit Less Drawings Doria Canital July 21

Supplies A. Statement of Income (wealth produced for July): Copying Machine Total Assets Sales Rent Water and Power Loan Payable to Bank Supplies used Profit for July Doria, Capital Total Liabilities and Owner's Equity B. Statement of Changes in Equity for July: Doria, Capital June 30 275,000 Add Profit Less Drawings Doria Canital July 21

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
To illustrate: a) Ms. Doria has a total savings of P250,000 which she invested in a busıness venture b) Knowing that this will not be cnough, she borrowed PI00,000 from BDO c) She looked for a site, one near a school or hospital, to start a copying business She purchased a copying machine for P300,000 and paper supplies and ink for P40,000 d) The remaining P10,000 she put aside as cash reserve for future needs of the copy center C. Statement of Cash Flows for July: Cash receipts from customers Cash paid for supplies During the month of June, the following activities took place: • Reproduction of documents which brought in sales revenues of P50,000 in cash • Operating expenses paid: P12,000 for rent of the stall, P3,000 for power and water. She used up 25% of the paper supplies and ink that she bought. Cash withdrawn by Doria Cash paid for rent Cash paid for water and power Increase in Cash e in Cash at the beginning of July 45,000 Continue with the Doria illustration in the month of June. The following transactions for July: Cash at the end of July 1. Cash Sales amounted to P60,000 2. Additional supplies worth P2,000 were purchased again. 3. From the total amount of supplies (on hand last June and the purchase made this July), 50% were used up. 4. Rent, water and electricity were also the same as in June. D. Statement of Financial Position (wealth accumulated) as at July 31: 5. Doria withdrew cash of P10,000 for personal use. Cash Supplies A. Statement of Income (wealth produced for July): Copying Machine Total Assets P Sales Rent Water and Power Supplies used Profit for July Loan Payable to Bank Doria, Capital Total Liabilities and Owner's Equity B. Statement of Changes in Equity for July: Doria, Capital June 30 275,000 Add Profit Less Drawings Doria, Capital July 31 P
Transcribed Image Text:To illustrate: a) Ms. Doria has a total savings of P250,000 which she invested in a busıness venture b) Knowing that this will not be cnough, she borrowed PI00,000 from BDO c) She looked for a site, one near a school or hospital, to start a copying business She purchased a copying machine for P300,000 and paper supplies and ink for P40,000 d) The remaining P10,000 she put aside as cash reserve for future needs of the copy center C. Statement of Cash Flows for July: Cash receipts from customers Cash paid for supplies During the month of June, the following activities took place: • Reproduction of documents which brought in sales revenues of P50,000 in cash • Operating expenses paid: P12,000 for rent of the stall, P3,000 for power and water. She used up 25% of the paper supplies and ink that she bought. Cash withdrawn by Doria Cash paid for rent Cash paid for water and power Increase in Cash e in Cash at the beginning of July 45,000 Continue with the Doria illustration in the month of June. The following transactions for July: Cash at the end of July 1. Cash Sales amounted to P60,000 2. Additional supplies worth P2,000 were purchased again. 3. From the total amount of supplies (on hand last June and the purchase made this July), 50% were used up. 4. Rent, water and electricity were also the same as in June. D. Statement of Financial Position (wealth accumulated) as at July 31: 5. Doria withdrew cash of P10,000 for personal use. Cash Supplies A. Statement of Income (wealth produced for July): Copying Machine Total Assets P Sales Rent Water and Power Supplies used Profit for July Loan Payable to Bank Doria, Capital Total Liabilities and Owner's Equity B. Statement of Changes in Equity for July: Doria, Capital June 30 275,000 Add Profit Less Drawings Doria, Capital July 31 P
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS