Activity No. 06 - Financial Statement PreparationInstruction: Prepare the following1. Income Statement2. Statement of Changes in Equity3. Statement of Financial Positionusing the following accounts of Warlito Blanche Graphic Arts:Accounts PayableAccounts ReceivableAccumulatedBuildingAccumulatedEquipmentAdvertising ExpenseArt RevenuesBuildingCashDepreciation ExpenseEquipmentInterest Expense122,500 Land219,000 Miscellaneous Expense60,000 Mortgage Payable120,00024,600Depreciation-395,000Depreciation-60,000 Notes Payable213,000105,000 Office Supplies1,437,500 Blanche, Capital (1/1/2020)450,000 Blanche, Withdrawals36,200 Representation Expense60,000 Salaries Expense217.000 Salaries Payable37.000 Travel Expense17,20050,500148,600164,000673,20017,300159,000During the year, Blanche invested additional P75,000 in the business.

Name: Activity No. 06 - Financial Statement PreparationInstruction: Prepare
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Description: Activity No. 06 - Financial Statement PreparationInstruction: Prepare the following1. Income Statement2. Statement of Changes in Equity3. Statement of Financial Positionusing the following accounts of Warlito Blanche Graphic Arts:Accounts PayableAcc

Financial statements refers to the statement which includes BS (Balance Sheet), income statement…

Business

Accounting

Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,00 24.60 Depreciation- 395,00 Depreciation- 60,000 Notes Payable 21300 105,000 Office Supplies 1,437,500 Blanche, Capital (1/1/2020) 17,20 50,50

Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,00 24.60 Depreciation- 395,00 Depreciation- 60,000 Notes Payable 21300 105,000 Office Supplies 1,437,500 Blanche, Capital (1/1/2020) 17,20 50,50

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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