Answer to Question #231887 in Accounting for Another you

Question

A. Solve for the unknown using the SCI format. Show your solution and answer.

Case 1:

Net Income/(Net Loss) ?

Service Income P120,000

Salaries Expense 12,000

Light and Water Expense 7,500

Miscellaneous Expense 2,500

Other Comprehensive Income 2,000

Total Comprehensive Income 100,000

Case 2:

Service Income P250,000

Accrued Expense 10,000

Insurance Expense 12,000

Prepaid Expense 20,000

Rent expense 8,500

Internet Expense 3,000

Net Income ?

I. This refers to the report that provides information on the performance of the business organization.

a. Balance Sheet c. Statement of Comprehensive Income

b. Statement of Financial Condition d. Statement of Financial Position

II. The following accounts are reported in the SCI except -

a. Costs c. Liabilities

b. Income d. Revenue

Answer 1

Solution:

The excel solutions for CASE 1 and CASE 2 are as follows:

 

 

 

I.). The correct answer is d. Statement of Financial Position.

II.). The correct answer is c. Liabilities.