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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.

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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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.
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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