3. Prepare a single-step Statement of Comprehensive Income using the following:Revenues – P20,000Rent expense – P3,000• Salaries expense – P4,0000Utilities expense – P2,000Note: Learners can use any business name and the end of the current year for theheading.

Business entities are required to prepare the income statement, so as to known how much Gross profit…

Answered: 3. Prepare a single-step Statement of…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.1P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
2. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – 20,000• Rent expense – 3,000 • Salaries expense – 4,000 • Utilities expense – 2,000 You can use any business name and the end of the current year for the heading.
2. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – 20,000• Rent expense – 3,000 • Salaries expense – 4,000 • Utilities expense – 2,000
Make a statement of financial position. Add this titles to the picture given: Service Income - 30,000 Rent Expense - 4930 Salaries Expense 10000
Preparation of SCI for a Service Business Using the Single-Step Approach Prepare a Statement of Comprehensive Income for the year ended December 31,2020 using the following account titles listed. You may use any desired business name. Revenues ₱860,000 Rent expense ₱120,000 Salaries expense ₱360,000 Utilities expense ₱180,000 Supplies expense ₱10,000 Depreciation expense ₱10,000 Read and understand each question carefully. Write the letter of the correct answer on the space provided each number. _________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000B. ₱1,700,000C. ₱2,000,000D. None of the above _________2. Calculate for the profit given the data below: Sales ₱2,000,000Prepaid Rent Expense (2 months…
sing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Beginning of Year: $25,000 - $19,000 Liabilities End of Year: $60,000 - $25,000 1) What is the equity at the beginning of the year? Beginning Equity 6,000 2) What is the equity at the end of the year? Ending Equity 35,000 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 This the answers I need help with but you need all of this to answer the questions 4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much…
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities Beginning of Year: $25,000 $15,000 End of Year: $63,000 $26,000 1) What is the equity at the beginning of the year? Beginning Equity 2) What is the equity at the end of the year? Ending Equity 3) If the owner contributes $9,600 and the owner withdraws $37,300, how much is net income (loss)? Net Income (Loss) 4) If net income is $3,900 and owner withdrawals are $6,200, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,000 and net income is $19,300, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,800 and the owner withdraws $4,600, how much is net income (loss)?
The accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.
For the two independent cases that follow, determine the missing amount for each letter. (Hint: You might not be able to calculate them in the order in which they appear.) Case 1 Case 2 Revenues $114,700 $Enter a dollar amount. E Expenses Enter a dollar amount. A 165,000 Net earnings 39,800 78,400 Dividends declared Enter a dollar amount. B 19,900 Retained earnings: Beginning of year 269,000 337,700 End of year 297,800 Enter a dollar amount. F Total assets: Beginning of year 378,700 599,500 End of year Enter a dollar amount. C 747,250 Total Liabilities: Beginning of year 8,400 214,100 End of year 407,400 279,500 Common shares: Beginning of year 101,300 47,700 End of year 151,950 Enter a dollar amount. G Proceeds from common shares issued during the year Enter a dollar amount.…
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3. Prepare a single-step Statement of Comprehensive Income using the following: Revenues – P20,000 Rent expense - P3,000 Salaries expense – P4,000 • Utilities expense – P2,000 Note: Learners can use any business name and the end of the current year for the heading.