The following accounts relate to Juanito Usop Graphic Arts: Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Advertising Expense Php 122,500 219,000 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 24,600 395,000 213,000 17,200 164,000 673,200 17,300 159,000 Art Revenues Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Equipment Interest Expense Land Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Representation Expense Salaries Expense Salaries Payable Travel Expense Usop, Capital, 1/1/2018 Usop, Withdrawals 50,500 148,600 During the year, Usop invested additional Php 75,000 in the business. Required: Prepare the income statement using the single-step format and the balance sheet using the account form.

The following accounts relate to Juanito Usop Graphic Arts: Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Advertising Expense Php 122,500 219,000 60,000 60,000 105,000 1,437,500 450,000 36,200 30,000 30,000 217,000 37,000 120,000 24,600 395,000 213,000 17,200 164,000 673,200 17,300 159,000 Art Revenues Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Equipment Interest Expense Land Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Representation Expense Salaries Expense Salaries Payable Travel Expense Usop, Capital, 1/1/2018 Usop, Withdrawals 50,500 148,600 During the year, Usop invested additional Php 75,000 in the business. Required: Prepare the income statement using the single-step format and the balance sheet using the account form.

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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