• Write your monthly allowance (computed by daily allowance x number of days in a month). Compute the total. • Write the amount you spend on food, transportation, phone load, etc. (make it monthly to match their allowance). Compute the total. • Deduct the total amount you spend from the total amount of your allowance.
• Write your monthly allowance (computed by daily allowance x number of days in a month). Compute the total. • Write the amount you spend on food, transportation, phone load, etc. (make it monthly to match their allowance). Compute the total. • Deduct the total amount you spend from the total amount of your allowance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please give a sample answer for this. Thank you
Transcribed Image Text:ACTIVITY 2
PART I- Preparing personal income statement:
Things needed:
• Pen
• 4 piece of paper (a note book sheet is ok)
• Calculator Instructions:
• Write your monthly allowance (computed by daily allowance x number of days in a month).
Compute the total.
• Write the amount you spend on food, transportation, phone load, etc. (make it monthly to
match their allowance). Compute the total.
• Deduct the total amount you spend from the total amount of your allowance.
• Associate allowance with revenue and spending with expense with the net amount as net
income.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education