Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Acemed expancas 10 3930 -

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Using the tabular analysis of business transactions, prepare, in good form, the income statement
and balance sheet of IE Company for the year ended December 31, 2022. The balances of
specific accounts for IE Company as of December 31, 2021 are presented below.
Cash
12,582
Accounts receivable
155,865
Merchandise inventory
184,378
Prepaid asset
30,000
Land
500,500
Building
360,000
Accum. depn. - building
120,000
Equipment
123,200
Accum. depn.- equipment
12,320
Accounts payable
148,756
Accrued expenses
48.732
Short-term loan payable
80,000
240.000
Long-term loan payable
Capital stock
500,000
Retained eamings
216,717
The following transactions occurred in
1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash.
Transcribed Image Text:Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Accrued expenses 48.732 Short-term loan payable 80,000 240.000 Long-term loan payable Capital stock 500,000 Retained eamings 216,717 The following transactions occurred in 1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash.
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