Income statement, Capital statement , Balance sheet Accounts PayableP 122,500Accounts Receivable219,000Accumulated Depreciation-BuildingAccumulated Depreciation-EquipmentAdvertising Expense60,00060,000105,000Art Revenues1,437,500BuildingCash450,00036,200Depreciation Expense-BuildingDepreciation Expense-EquipmentEquipmentInterest ExpenseLandMiscellaneous Expense30,00030,000217,00037,000120,00024,600Mortgage PayableNotes PayableOffice SuppliesBlanche, Capital, 1/1/2009Blanche, Withdrawals395,000213,00017,20050,500148,600Representation ExpenseSalaries ExpenseSalaries PayableTravel Expense164,000673,20017,300159,000During the year, Blanche invested additional P75,000 in the business.

Formula: Net income = Revenues - Expenses

P 122,500 219,000 Accounts Payable Accounts Receivable 60,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues 60,000 105,000 1,437,500 450,000 Building Cash 36,200 Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 30,000 30,000 217,000 37,000

P 122,500 219,000 Accounts Payable Accounts Receivable 60,000 Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advertising Expense Art Revenues 60,000 105,000 1,437,500 450,000 Building Cash 36,200 Depreciation Expense-Building Depreciation Expense-Equipment Equipment Interest Expense 30,000 30,000 217,000 37,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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