Below are the three independent sets of financial statements with several amounts missing. Complete each set of Financial Statement by finding the missing amounts corresponding to the letters Sta. Rosa San Pablo Lipa Income statement Revenues Php 110,000 Php Php 24,000 520,000 Expenses Profit a m Php b. Php h Php 8,000 Satement of Change s in Owner's Equity Beginning balance Php 290,000 Php 2,440,000 Php 34,000 Profit 160,000 Less: withdrawals 20,000 Ending Balance Php 300,000 Php Php Balance Sheet Total Assets Php 3,100,000.00 Php Liabilities Php 160,000 Php 500,000 Php Owner's Equity Owner's Capital 38,000 38,000 Total Liabilities & Owner's Equity Php Php Php

Below are the three independent sets of financial statements with several amounts missing. Complete each set of Financial Statement by finding the missing amounts corresponding to the letters Sta. Rosa San Pablo Lipa Income statement Revenues Php 110,000 Php Php 24,000 520,000 Expenses Profit a m Php b. Php h Php 8,000 Satement of Change s in Owner's Equity Beginning balance Php 290,000 Php 2,440,000 Php 34,000 Profit 160,000 Less: withdrawals 20,000 Ending Balance Php 300,000 Php Php Balance Sheet Total Assets Php 3,100,000.00 Php Liabilities Php 160,000 Php 500,000 Php Owner's Equity Owner's Capital 38,000 38,000 Total Liabilities & Owner's Equity Php Php Php

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Identify the financial statement on which each of the following accounts would appear: the income statement, the retained earnings statement, or the balance sheet: a. Insurance Expense b. accounts receivable c. office supplies d. sales revenue e. common stock f. notes payable
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the following items, identify the balance sheet category where the item typically would best appear. If an item does not appear on the balance, indicate that instead. Account Title 1. Notes receivable (due in 2 years) 2. Trademarks 3. Cash 4. Patents 5. Interest receivable 6. Machinery 7. Prepaid rent (2 months of Rent) 8. Equipment 9. Repairs expense 10. Land Classification Account Title 11. Depreciation expense Building 12. Office equipment 13. Prepaid Insurance (expires in 5 months) 14. Buildings 15. Bonds payable (due in 10 years) 16. Trucks 17. Mortgages payable (due in 6 years) 18. Automobiles 19. Notes payable (due in 3 years) 20. Utilities expense Classification
For each of the tollowing transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an nddition () or a subtraction ( Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. a. Recorded $200 of depreciation expense. b. Sold land that had originally cost $9,000 for $14,000 in cash. c. Acquired a new machine under a financing lease. The present value of future lease payments, discounted at 10%, was $10,000. d. Recorded the first annuai payment of $2.200 for the leased machine (in part c). e. Recorded a $5,100 payment for the cost of developing and registering a trademark. f. Recognized periodic amortization for the trademark (in part e) using a 34-year…
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category. a. Accrued interest revenue of $30 on a note receivable. b. Determined that the Allowance for Bad Debts account balance should be increased by $2,050. c. Recognized bank service charges of $22 for the month. d. Received $29 cash for interest accrued in a prior month. e. Purchased 3 units of a new item of inventory on account at a cost of $31 each. Perpetual inventory is maintained. f. Purchased…
The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent data found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs. А. Current assets В. Investments C. Property, plant, and equipment D. Intangible assets Е. Current liabilities F. Long-term liabilities G. Stockholders' equity Н. Not on the balance sheet
"How does adjusting entries affect the six main categories of accounting? Think about what accruals and deferrals do both individually to accounts and overall to the financial statements."
What is the total liabilities, please break down.
Which of the given series have the same normal balances in the Accounting Equitation? Select one: a. Assets & Expenses b. Assets & Liabilities c. Revenue & Owner's Drawings d. Liabilities & Expenses
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.