nstruction: make the statement of Financial Position The balances shown are as of December 31, 2021. Sales Returns and Allowances P11,000 Accounts Payable 100,000 Accounts Receivable 220,000 Merchandise Inventory, December 31, 2021 80,000 Cash 50,000 Freight-In 10,000 General and Administrative Expense 200,000 Merchandise Inventory, January 1, 2021 100,000 Mr. Ian Capital, Jan. 1, 2021 200,000 Accumulated Depreciation – Office Equipment 50,000 Net Income from Operation 200,000 Notes Payable 200,000 Office Equipment 220,000 Office Supplies 30,000 Prepaid Rent 100,000 Purchase Discounts 8,000 Sales Discounts 29,000 Purchase Returns and Allowances 2,000 Purchases 400,000 Sales 1,050,000 Mr Ian Drawings 50,000 Selling Expenses 190,000
nstruction: make the statement of Financial Position The balances shown are as of December 31, 2021. Sales Returns and Allowances P11,000 Accounts Payable 100,000 Accounts Receivable 220,000 Merchandise Inventory, December 31, 2021 80,000 Cash 50,000 Freight-In 10,000 General and Administrative Expense 200,000 Merchandise Inventory, January 1, 2021 100,000 Mr. Ian Capital, Jan. 1, 2021 200,000 Accumulated Depreciation – Office Equipment 50,000 Net Income from Operation 200,000 Notes Payable 200,000 Office Equipment 220,000 Office Supplies 30,000 Prepaid Rent 100,000 Purchase Discounts 8,000 Sales Discounts 29,000 Purchase Returns and Allowances 2,000 Purchases 400,000 Sales 1,050,000 Mr Ian Drawings 50,000 Selling Expenses 190,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...
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Instruction: make the statement of Financial Position
The balances shown are as of December 31, 2021.
Sales Returns and Allowances P11,000
Accounts Payable 100,000
Merchandise Inventory, December 31, 2021 80,000
Cash 50,000
Freight-In 10,000
General and Administrative Expense 200,000
Merchandise Inventory, January 1, 2021 100,000
Mr. Ian Capital, Jan. 1, 2021 200,000
Accumulated
Net Income from Operation 200,000
Notes Payable 200,000
Office Equipment 220,000
Office Supplies 30,000
Prepaid Rent 100,000
Purchase Discounts 8,000
Sales Discounts 29,000
Purchase Returns and Allowances 2,000
Purchases 400,000
Sales 1,050,000
Mr Ian Drawings 50,000
Selling Expenses 190,000
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