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The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 60,000 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense 60,000 105,000 Art Revenues 1.437 500

The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 60,000 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense 60,000 105,000 Art Revenues 1.437 500

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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Preparing the Financial Statements The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense 60,000 60,000 105,000 Art Revenues 1,437,500 enoBuilding Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 450,000 36,200 30,000 30,000 217,000 37,000 Land 120,000 Miscellaneous Expense 24,600 Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2017 Blanche, Withdrawals Representation Expense Salaries Expense Salaries Payable Travel Expense 395,000 213,000 17,200 50,500 148,600 164,000 673,200 17,300 159,000 During the year, Blanche invested additional P75,000 in the business. Required: Prepare the income statement, statement of changes in equity, and balance sheet.
Transcribed Image Text:Preparing the Financial Statements The following accounts relate to Warlito Blanche Graphic Arts: P 122,500 219,000 Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense 60,000 60,000 105,000 Art Revenues 1,437,500 enoBuilding Cash Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 450,000 36,200 30,000 30,000 217,000 37,000 Land 120,000 Miscellaneous Expense 24,600 Mortgage Payable Notes Payable Office Supplies Blanche, Capital, 1/1/2017 Blanche, Withdrawals Representation Expense Salaries Expense Salaries Payable Travel Expense 395,000 213,000 17,200 50,500 148,600 164,000 673,200 17,300 159,000 During the year, Blanche invested additional P75,000 in the business. Required: Prepare the income statement, statement of changes in equity, and balance sheet.
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