What is the answer in numbers 1, 2 and 3? Preparation of the Financial StatementsCastor, Arenas and Laurente, who are partners in the Super Manila Novelty Store, shareprofits in the ratio of 30:20:50. The adjusted trial balance on Dec. 31, 2016 folows:DebitsCreditsCash110,00080,000PAccounts ReceivableMerchandise Inventory800,00020,000Prepaid RentPrepaid insurance15,00050,000115,000Accounts PayableNotes PayableCastor, CapitalArenas, CapitalLaurente, CapitałSales125,000275,000110,0002,500,000Cost of SalesSalaries ExpenseRent ExpenseInsurance ExpenseUtilities Expense1,450,000450,000200,00030,00020,000P3,175,000P3,175,000TotalsRequired:Prepare the 2016 statement of c omprehensive income. Show the.division of profitat the l ower portion of the statement.1.Prepare the statement of changes in partners' equity for 2016.following additional information:Assume the2.Capital Accounts,Jan. 1, 2016Investmentsduringthe yearWithdrawalsduringthe yearP 50,000P.75,000300,000150,000-0-P50,00040,000Castor25,000Arenas-0-Laurente3.Prepare the stat ement of finànciai position as at Dec. 31, 2016.

Statement of Comprehensive income For the year ended December 31, 2016 Particular Detail…

Answered: 1, 2 and

Business

Accounting

1, 2 and

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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