The accounts ror the balance sheet, statement of changes in equity, and income statement of Alfred Cesar Quinsay, CPA, are as follows: Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Office Equipment Auditing Revenues Building Cash P 63,500 198,000 110,000 120,000 1,361,500 750,000 118,500 55,000 Depreciation Expense-Building Depreciation Expense-Office Equipment Quinsay, Capital, 1/1/2018 Quinsay, Withdrawals Land 60,000 1,193,500 165,000 75,000 60,000 362,500 96,000 28,000 Notes Receivable Office Equipment Office Supplies Expense Office Supplies Professional Development Expense Rent Expense Salaries Expense Salaries Payable Travel Expense Utilities Expense 86,500 52,500 735,000 30,500 41,000 18,000 During the year, Quinsay invested additional P22,000 in the business. Required: repare the income statement, statement of changes in equity and balance sheet.
The accounts ror the balance sheet, statement of changes in equity, and income statement of Alfred Cesar Quinsay, CPA, are as follows: Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Office Equipment Auditing Revenues Building Cash P 63,500 198,000 110,000 120,000 1,361,500 750,000 118,500 55,000 Depreciation Expense-Building Depreciation Expense-Office Equipment Quinsay, Capital, 1/1/2018 Quinsay, Withdrawals Land 60,000 1,193,500 165,000 75,000 60,000 362,500 96,000 28,000 Notes Receivable Office Equipment Office Supplies Expense Office Supplies Professional Development Expense Rent Expense Salaries Expense Salaries Payable Travel Expense Utilities Expense 86,500 52,500 735,000 30,500 41,000 18,000 During the year, Quinsay invested additional P22,000 in the business. Required: repare the income statement, statement of changes in equity and balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:e accounts for the balance sheet, statement of changes in equity, and income
statement of Alfred Cesar Quinsay, CPA, are as follows:
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Building
Accumulated Depreciation-Office Equipment
Auditing Revenues
Building
Cash
Depreciation Expense-Building
Depreciation Expense-Office Equipment
Quinsay, Capital, 1/1/2018
Quinsay, Withdrawals
Land
Notes Receivable
Office Equipment
Office Supplies Expense
Office Supplies
Professional Development Expense
Rent Expense
Salaries Expense
Salaries Payable
Travel Expense
Utilities Expense
P 63,500
198,000
110,000
120,000
1,361,500
750,000
118,500
55,000
60,000
1,193,500
165,000
75,000
60,000
362,500
96,000
28,000
86,500
52,500
735,000
30,500
41,000
18,000
During the year, Quinsay invested additional P22,000 in the business.
Required:
Prepare the income statement, statement of changes in equity and balance sheet.
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