Financial StatementsActivity Title:Learning Target:Demonstrate an understanding in preparing financial statement.Differentiate income statement from balance sheet.Prepare income statements and balance sheet.1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of thebusiness. The following are provided as of December 31, 2017.CashPhp 40,000.00Service VehicleAccounts Payable50,000.0066,350.00Furniture & fixtures25, 200,⁰⁰28,500,00Office EquipmentAccounts ReceivableNotes Payable45,000,0010,000.002. Looking Glass Photography is owned by Cymon Ken. Prepare the Income Statement ofthe business based on the following data provided as of December 31, 2017.Advertising ExpensePhp5,000.00Miscellaneous ExpensesRent Expense999.0017,525.00Salaries Expense20, 200,00Supplies Expense25,300.00Utilities Expense4,500.00Service Income95, 850.00⁰

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1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of the business. The following are provided as of December 31, 2017. Cash Php 40,000.00 Service Vehicle 50,000.00 Accounts Payable 66,350.00 Furniture & fixtures 25, 200,00 Office Equipment 28,500,00 Accounts Receivable 45,000.00 Notes Payable 10,000.00

1. Acer Computer Services is owned by Pepito Manoloto. Prepare the Balance Sheet of the business. The following are provided as of December 31, 2017. Cash Php 40,000.00 Service Vehicle 50,000.00 Accounts Payable 66,350.00 Furniture & fixtures 25, 200,00 Office Equipment 28,500,00 Accounts Receivable 45,000.00 Notes Payable 10,000.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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