INCOME STATEMENT WORKSHEET Part I. The following are the transactions on Bookchoice for December. Dec. 1 Maria A. Ganda deposited P300,000 of her personal funds in a special checking account for Bookchoice Services. Dec. 3 Maria purchased the printing equipment she needed for P120,000 cash Purchased P20,000 worth of office supplies on credit Dec. 6 Maria billed her client for P50,000 from services performed during the first half of December. Dec 20 Maria issued a P10,000 check to the supplier from whom office supplies had been purchased Dec. 17 on Dec. 6. Dec. 22 Maria received P50,000 from clients in response to the bills sent out on Dec. 17. Dec. 31 Maria paid salaries of P20,000 to the workers she hired to assist her in the business operation. AP10,000 check was written to pay December's rent for the office -Maria billed her client for services performed during the last half of December -Maria withdrew P5,000 from the business for her personal use. Maria paid P5,000 for utility services received to P1,000 Required: Based on the above-numbered transactions, prepare an income statement using a single-step form Revenue/Income INCOME STATEMENT BOOKCHOICE December 2022 Total Revenue/Income Expenses P P P P P
INCOME STATEMENT WORKSHEET Part I. The following are the transactions on Bookchoice for December. Dec. 1 Maria A. Ganda deposited P300,000 of her personal funds in a special checking account for Bookchoice Services. Dec. 3 Maria purchased the printing equipment she needed for P120,000 cash Purchased P20,000 worth of office supplies on credit Dec. 6 Maria billed her client for P50,000 from services performed during the first half of December. Dec 20 Maria issued a P10,000 check to the supplier from whom office supplies had been purchased Dec. 17 on Dec. 6. Dec. 22 Maria received P50,000 from clients in response to the bills sent out on Dec. 17. Dec. 31 Maria paid salaries of P20,000 to the workers she hired to assist her in the business operation. AP10,000 check was written to pay December's rent for the office -Maria billed her client for services performed during the last half of December -Maria withdrew P5,000 from the business for her personal use. Maria paid P5,000 for utility services received to P1,000 Required: Based on the above-numbered transactions, prepare an income statement using a single-step form Revenue/Income INCOME STATEMENT BOOKCHOICE December 2022 Total Revenue/Income Expenses P P P P P
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 3PB: Hajun Company started its business on May 1, 2019. The following transactions occurred during the...
Related questions
Question
Please answer asap. Follow the format thanks
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning