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The nominal accounts of Entity A on December 31, 2017 have the following balances. Credit P696,000 48,000 16,000 Accounts Debit Service fees Interest income Gain on sale of equipment Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense Taxes and Licenses P240,000 24,000 16,000 8,000 32,000 56,000 6,400 1,600 800 Bad debts expense Interest expense Miscellaneous expense

The nominal accounts of Entity A on December 31, 2017 have the following balances. Credit P696,000 48,000 16,000 Accounts Debit Service fees Interest income Gain on sale of equipment Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense Taxes and Licenses P240,000 24,000 16,000 8,000 32,000 56,000 6,400 1,600 800 Bad debts expense Interest expense Miscellaneous expense

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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Prepare a single-step statement of comprehensive income. Provide proper heading for the statement.

 

The nominal accounts of Entity A on December 31, 2017 have the following balances. Accounts Debit Credit Service fees P696,000 48,000 16,000 Interest income Gain on sale of equipment Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense Taxes and Licenses P240,000 24,000 16,000 8,000 32,000 56,000 6,400 1,600 800 Bad debts expense Interest expense Miscellaneous expense
Transcribed Image Text:The nominal accounts of Entity A on December 31, 2017 have the following balances. Accounts Debit Credit Service fees P696,000 48,000 16,000 Interest income Gain on sale of equipment Salaries expense Rent expense Utilities expense Supplies expense Depreciation expense Taxes and Licenses P240,000 24,000 16,000 8,000 32,000 56,000 6,400 1,600 800 Bad debts expense Interest expense Miscellaneous expense
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