Where do income statements come from? Income Statement:P Co.Income Statement, for the two months ended on 31st March, 2021(Baht)39,000.00|(Baht)Service RevenueLess: ExpensesSalaries Expense60,000.00Depreciation-Computer EquipmentDepreciation-Office EquipmentSupplies ExpenseInsurance Expense9,000.006,100.0020,000.002,000.00Rent ExpenseCleaning ServicesNet Profit/(Loss)12,000.002,500.00111,600.00(72,600.00) The Puchita CO.TransactionsDateAccounting TransactionThai BahtJan. 27Pakanan invested cash in company1,250,000Jan. 27Porrarat invested cash in company1,300,000Jan. 27Jun Li invested computer equipment in company450,000Feb. 1Company puchased annual insurance premiumCompany purchased office equipment on creditCompany paid for two month's rentCompany purchased office supplies on creditCompany paid cash for February cleaning servicesCompany purchased electrical equipment total price as 60,000 Baht, but on12,000Feb. 2610,000Feb. 312,000Feb. 530,000Feb. 102,500Feb. 1260,000this date company paid cash to the seller only 40000 BahtCompany completed services and received cash40,000Feb. 1714,000Company provided services to Jinnipa on creditCompany paid cash for purchasing office equipment on credit on Jan. 29Company completed services to Pongsiri and she will paid in next 30 daysFeb. 1910,000Feb. 2461,000Feb. 2612,000Company collected cash for work completed from RawinCompany paid for employees's salary (since Jan. 27 until Feb. 28)Company received cash from Jinnipa for service provided on Feb.19Company paid cash for purchasing supplies on credit on Feb. 5Jun Li withdraw cash for personal usePorarat withdraw cash for personal useMar. 33,000Mar. 530,000Mar. 1010,000Mar. 1230,000Mar. 176,400Mar. 1914,000Additional items for March 31, 2021 adjusted entries(a)(b)(c)(d)(e)Expired insurance coverageOffice supllied on hand at the end of marchComputer equipment - depreciation expense for two monthUnpaid salaries since 1 MarchOffice equipment - depreciation expense for two month2,00010,0009,00030,0006,100

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Income Statement: Р Со. Income Statement, for the two months ended on 31st March, 2021 (Baht) 39,000.00 (Baht) Service Revenue Less: Expenses Salaries Expense Depreciation-Computer Equipment Depreciation-Office Equipment Supplies Expense Insurance Expense Rent Expense 60,000.00 9,000.00 6,100.00 20,000.00 2,000.00 12,000.00 2,500.00 Cleaning Services 111,600.00 Net Profit/(Loss) (72,600.00)

Income Statement: Р Со. Income Statement, for the two months ended on 31st March, 2021 (Baht) 39,000.00 (Baht) Service Revenue Less: Expenses Salaries Expense Depreciation-Computer Equipment Depreciation-Office Equipment Supplies Expense Insurance Expense Rent Expense 60,000.00 9,000.00 6,100.00 20,000.00 2,000.00 12,000.00 2,500.00 Cleaning Services 111,600.00 Net Profit/(Loss) (72,600.00)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 23E

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Where do income statements come from?

Income Statement:
P Co.
Income Statement, for the two months ended on 31st March, 2021
(Baht)
39,000.00
|(Baht)
Service Revenue
Less: Expenses
Salaries Expense
60,000.00
Depreciation-Computer Equipment
Depreciation-Office Equipment
Supplies Expense
Insurance Expense
9,000.00
6,100.00
20,000.00
2,000.00
Rent Expense
Cleaning Services
Net Profit/(Loss)
12,000.00
2,500.00
111,600.00
(72,600.00)

The Puchita CO.
Transactions
Date
Accounting Transaction
Thai Baht
Jan. 27
Pakanan invested cash in company
1,250,000
Jan. 27
Porrarat invested cash in company
1,300,000
Jan. 27
Jun Li invested computer equipment in company
450,000
Feb. 1
Company puchased annual insurance premium
Company purchased office equipment on credit
Company paid for two month's rent
Company purchased office supplies on credit
Company paid cash for February cleaning services
Company purchased electrical equipment total price as 60,000 Baht, but on
12,000
Feb. 2
610,000
Feb. 3
12,000
Feb. 5
30,000
Feb. 10
2,500
Feb. 12
60,000
this date company paid cash to the seller only 40000 Baht
Company completed services and received cash
40,000
Feb. 17
14,000
Company provided services to Jinnipa on credit
Company paid cash for purchasing office equipment on credit on Jan. 29
Company completed services to Pongsiri and she will paid in next 30 days
Feb. 19
10,000
Feb. 24
61,000
Feb. 26
12,000
Company collected cash for work completed from Rawin
Company paid for employees's salary (since Jan. 27 until Feb. 28)
Company received cash from Jinnipa for service provided on Feb.19
Company paid cash for purchasing supplies on credit on Feb. 5
Jun Li withdraw cash for personal use
Porarat withdraw cash for personal use
Mar. 3
3,000
Mar. 5
30,000
Mar. 10
10,000
Mar. 12
30,000
Mar. 17
6,400
Mar. 19
14,000
Additional items for March 31, 2021 adjusted entries
(a)
(b)
(c)
(d)
(e)
Expired insurance coverage
Office supllied on hand at the end of march
Computer equipment - depreciation expense for two month
Unpaid salaries since 1 March
Office equipment - depreciation expense for two month
2,000
10,000
9,000
30,000
6,100

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