Prepare the following a. Income statement b. Statement of Capital c. Statement o
ID: 2395351 • Letter: P
Question
Prepare the following a. Income statement b. Statement of Capital c. Statement of Financial Position 5. Prepare income statement, statement of capital, statement of financial position and cash flow statement. TING CYCLE Comprehensive Problem an enterprise to be known as S Designs, on June of the current year. During the remainder transactions the Mr. S transferred cash from his personal bank account to an account be used for the business, P500000 4 Purchased supplies for cash, P25,000 6: Purchased equipment on account, P30,000 s. Purchased a truck for P150,000, paying P80,000 cash and giving a note payable for the remainder 10: Paid rent for the period of June 15 to end of month, P5,000. 2: Received cash for job completed, P200,000 13: Purchased supplies on account, P40,000 15: Paid wages of workers, P60,000 17 Paid premiums of property and casualty insurance. P2.000 19 Paid creditor for equipment purchasod on June 6, P15,000 20: Recorded sales on account and sent invoices to customers P250,000 Received cash for job completed. P90,000. The sale had not bec 21: recorded previously. Received an invoice for truck repair, P4,000 24 25 27:/ utilities expense, P1,500 Paid miscellancous expense, P ved cash from customers on account, P100,000 Paid wages of workers, P75,000 Withdraw cash for personal use, P20,000 30: 30:Explanation / Answer
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Income Statement Revenue 540000 Expense: Wage Expense 135000 Rent Expense 5000 Insurance 2000 Repair Expense 4000 Utilities Expense 1500 Miscellaneous Expense 500 Net Income 392000