Topic: Single entryRequirement e f g h only The following data were made available from a single entry set of books of ABC Tradingowned by Juan Abalos and transactions for the current year.January 1P 900,000270,0001,200,000December 31P1,200,000550,0001,100,000750,00050,000900,000P 4,550,000AssetsCashNotes ReceivableAccounts receivableInventoryPrepaid ExpenseFurniture and EquipmentTotal Assets900,00030,000750.000P4,050,000LiabilitiesNotes payableAccounts payableAccrued ExpenseInterest PayableP 400,000850,00050,0005,00020,000P1,325,000P 500,000710,00040,00015,00030,000P1, 295,000Unearned rent incomeTotal LiabilitiesThe cash record of the current year showed the following information:Receipts:Disbursements:Balance, January 1,P 900,000Accounts payable P1,200,000Accounts ReceivableNotes payableCash purchases2,150,000950,000Notes receivable750,000450,00050,000600,000Cash Sales600,000Interest paidRent collection150,000Expense paidEquipment purchased 300,000300,000Sales of equipment costingP150,000 – 50% depreciatedWithdrawalsAdditional investment400,000P 5,050,000P 1,200,000TotalTotalP 3,850,000Balance, December 31,Additional Information:1.Sales returns and allowance granted to customersSales discounts granted to customersUncollectible accounts written offPurchase discounts on accounts payable paidP175,00075,00040,00050,0002.3.4.Required:a.Determine the Net income or loss for the year ending December 31, 20CY.b.Compute the gross sales.С.Compute the total gross purchases.с.d. Compute the interest expense.Compute the rent income.Compute the gain on sale of equipment.g. Compute the expensesCompute the depreciation on furniture and equipmentPrepare the Statement of Comprehensive Income for the year endedDecember 31, 20CYPrepare the Statement of Financial Position as of December 31, 20CYе.f.h.i.j.

As per the norms of Bartleby, in case of multiple parts been asked for a single question, only…

Answered: е. Compute the rent income. f. Compute…

Business

Accounting

е. Compute the rent income. f. Compute the gain on sale of equipment. g. Compute the expenses

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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