Answer to Question #231883 in Accounting for Another you

Question

A. Put an (*) before the number if it is part in the preparation of Statement of Comprehensive Income and (NA) if it is not part in the preparation of SCI.

----- 1. The company made an initial cash deposit amounting to P80,000.

----- 2. The owner bought shop's office chairs and tables for P20,000, paying P5,000 and

the balance on account.

----- 3. Miss Wow paid advance rent to P24,000.

----- 4. Supplies expense for the month is P12,500.

----- 5. The company's total revenue for the month of July amounted to P150,000.

----- 6. An employee of the shop was paid for P7,500.

----- 7. Her receivable amounted to P3,500 for services made to Customer A.

----- 8. The owner paid for internet subscription at P1,700.

----- 9. Light and water expense for the month amount to P8,000.

----- 10. Miss Wow made a loan to OOTD Bank amounting to P50,000 payable in 5

years.

B. Miss Wow, the service business owner, ask you to prepare her statement of comprehensive income for the month.

Answer 1

Solution:

A.). The answers are as below:

NA 1. The company made an initial cash deposit amounting to P80,000.

NA 2. The owner bought shop's office chairs and tables for P20,000, paying P5,000 and

the balance on account.

NA 3. Miss Wow paid advance rent to P24,000.

(*) 4. Supplies expense for the month is P12,500.

(*) 5. The company's total revenue for the month of July amounted to P150,000.

(*)  6. An employee of the shop was paid for P7,500.

NA 7. Her receivable amounted to P3,500 for services made to Customer A.

(*) 8. The owner paid for internet subscription at P1,700.

(*) 9. Light and water expense for the month amount to P8,000.

NA 10. Miss Wow made a loan to OOTD Bank amounting to P50,000 payable in 5

years.

B.). The statement of comprehensive income is as below: