Exercise Problem: The accounts for the balance sheet, statement of changes in equity, and income statement of Anne’s Garden Landscaping Services are as follows: Cash P99,500 Prepaid Insurance P23,400 Accounts Payable P39,673 Accounts Receivable 102,333 Office Supplies 4,900 Accrued Utilities Payable 2,800 Ms. Anne, Capital 205,000 Ms. Anne, Drawings 50,500 Salaries Expense 88,900 Rent Expense 50,220 Allowance for Bad Debts 27,890 Landscaping Supplies 43, 500 Landscaping Equipment 83,500 Accumulated Depreciation – Landscaping Equipment 26,700 Accrued Rent Payable 39,673 Unearned Landscaping Revenues 87,000 Landscaping Revenues 380,000 Bad Debts Expense 27,890 Insurance Expense 20,500 Office Equipment 67,800 Accumulated Depreciation – Office Equipment 21,000 Landscaping Supplies Expense 36,000 Office Supplies Expense 20,000 Utilities Expense 5,000 Depreciation Expense 30,000 Office Furniture and Fixtures 88,000 Accumulated Depreciation – Office Furniture & Fixtures 23,880 Require: Prepare the following financial statements Income Statement Statement of Changes in Owner’s Equity
Exercise Problem: The accounts for the balance sheet, statement of changes in equity, and
income statement of Anne’s Garden Landscaping Services are as follows:
Cash P99,500
Prepaid Insurance P23,400
Accounts Payable P39,673
Accounts Receivable 102,333
Office Supplies 4,900
Accrued Utilities Payable 2,800
Ms. Anne, Capital 205,000
Ms. Anne, Drawings 50,500
Salaries Expense 88,900
Rent Expense 50,220
Allowance for
Landscaping Supplies 43, 500
Landscaping Equipment 83,500
Accrued Rent Payable 39,673
Unearned Landscaping Revenues 87,000
Landscaping Revenues 380,000
Bad Debts Expense 27,890
Insurance Expense 20,500
Office Equipment 67,800
Accumulated Depreciation – Office Equipment 21,000
Landscaping Supplies Expense 36,000
Office Supplies Expense 20,000
Utilities Expense 5,000
Depreciation Expense 30,000
Office Furniture and Fixtures 88,000
Accumulated Depreciation – Office Furniture & Fixtures 23,880
Require: Prepare the following financial statements
- Income Statement
- Statement of Changes in Owner’s Equity
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