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A. Prepare a Statement of Financial Position using the account form using the following balances available in the book of Una de La Seguridad Company owned by May Pers as of August 31, 2021.
Una de La Seguridad Company
August 31, 2021
Debit Credit
Accounts Payable 53,100
Accounts Receivable 24,000
Accumulated Depreciation 60,000
Cash 240,000
Furnitures 22,900
Loans Payable 9,000
May Pers, Capital ?
Merchandise Inventory 100,000
Notes Payable 150,000
Office Equipment 46,400
Prepaid Rent 71,000
Service Vehicle 330,000
1. Prepare the required Financial Statements in good term.
A. Using the following account balances, prepare a single-step Statement of Comprehensive Income for Laba Tindi Laundry Services for the month ended, August 31, 2021.
a. Advertising Expense - 3,500
b. Bad Debts Expense - 700
c. Depreciation Expense - 4,000
d. Laundry Supplies Expense - 10,000
e. Prepaid Expense - 5,000
f. Salaries Expense - 15,000
g. Service Income - 150,000
h. Unearned Income - 30,000
i. Utilities Expense - 12,000
j. Tax Expense - 8,500
a. Other names given
b. Information provided
c. Elements presented
d. Governing formula/equation
e. Reporting date
a. Cash -- 20,000
b. Accounts Receivable -- 30,000
c. Allowance for Bad Debts -- 2,500
d. Equipment -- 1,000,000
e. Inventory, including Php 50,000 consigned goods -- 500,000
f. Accumulated Depreciation-Equipment -- 150,000
-What account(s) will you include in the current section of the company's assets? How much will be reported as non-current and total assets respectively?
a. Paid 7,500 for rent
b. Provided services for 15,000 in cash
c. Paid 1,500 for internet subscription
d. Purchased repair tools for cash, 3,000
e. Provided 5,500 worth of services on account
f. Paid 4,000 salaries of workers
-The account recorded an earning of 15,000 and costs incurred at 16,000, thereby resulting to a net loss of Php 1,000.
-Did the accountant determine the elements of the SCI correctly? Why or why not?
2. The assets of the business compromise of 200,000 cash and 1,800,000 Land and Building. The only obligation by the business is its loan to Rural Bank of Baao related to its acquisition of land and building. The owner's equity is 1,300,000. How much is the liability of the business? How did you come up with the amount?
1. Presented Below are selected transactions for ABC Company during June 2021. ABC uses the perpetual inventory system.
June 4 Purchase merchandise from Mr. X at a cost of taka 45000, terms FOB shipping point, 3/10, n/30.
June 5 Paid freight charges of taka 2000 on June 4 merchandise purchase
June 7 Returned damaged goods costing taka 7000 received from Mr. X
June 13 Sold merchandise to Mr. Y costing taka 15000 on accounts for 21000, terms FOB destination point 1/10, n/30.
June 14 Paid Mr. X due related to June 4 transactions.
June 15 Paid freight on June 13 sale taka 2500.
June 16 Made refunds to Mr. Y for defective Merchandise taka 2100
June 21 Received balance due from Mr. Y.
Requirement: Journalize the transactions using net basis.
- Click “Show Amortization Table,” which shows how each one of Molly’s payments is being applied to her principal and interest. How much total interest will Molly pay using this plan?
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