Prepare a Statement of Comprehensive Income Preparing Financial Reports:Argem loved everything that involves computers so she decided to open a small Internet cafeupon the encouragement of her family and friends. After a year's operations she wanted toknow how much she earned and what is the financial status of the business. The ff. Are thesummarized data based on the various receipts and records she meticulously kept:Account TitlesAmountAccounts PayableP 12,250Accounts Receivable8,000Accumulated Depreciation - Equipment5,00033,05,000CashDepreciation ExpenseEquipment (includes all computers in the Internet cafe)Interest Income (interest earned from cash depositedin the bank)Miscellaneous Expense(disbursements too small to be classified as independent90,0002,0005,000expense account)Notes Payable12,00010,0004,3005,00092,05010,00010,0004,00020,00088,0007,000Notes ReceivableOffice SuppliesPrepaid RentArgem, Capital (initial investment)Argem, Personal withdrawalsRent ExpenseRepairs and Maintenance ExpenseSalaries ExpenseService Income (total revenues earned by the Internet cafe)Supplies Expense

Statement of comprehensive income is one of the financial statement that is being prepared by the…

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Business

Accounting

Prepare a Statement of Comprehensive Income

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2PA: B. Kelso established Computer Wizards during November of this year. The accountant prepared the...

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B. Kelso established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month: a. Kelso deposited 45,000 in a bank account in the name of the business. b. Paid the rent for the current month, 1,800, Ck. No. 2001. c. Bought office desks and filing cabinets for cash, 790, Ck. No. 2002. d. Bought a computer and printer from Cyber Center for use in the business, 2,700, paying 1,700 in cash and placing the balance on account, Ck. No. 2003. e. Bought a neon sign on account from Signage Co., 1,350. f. Kelso invested her personal computer software with a fair market value of 600 in the business. g. Received a bill from Country News for newspaper advertising, 365. h. Sold services for cash, 1,245. i. Received and paid the electric bill, 345, Ck. No. 2004. j. Paid on account to Country News, a creditor, 285, Ck. No. 2005. k. Sold services for cash, 1,450. l. Paid wages to an employee, 925, Ck. No. 2006. m. Received and paid the bill for the city business license, 75, Ck. No. 2007. n. Kelso withdrew cash for personal use, 850, Ck. No. 2008. o. Kelso withdrew cash for personal use, 850, Ck. No. 2008. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance, with a three-line heading, dated November 30, 20--.
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Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May 1 Invested $78,000 in cash and office equipment that had a fair value of $51,000 in the business. 1 Prepaid $15,300 cash for three months rent for an office 2 Made credit purchases of office equipment for $25,500 and office supplies for $5,100 6 Completed a report on hiring solutions for a client and collected $8,300 cash 9 Completed a $16,300 project implementing a training program for a client, who will pay within 30 days 10 Paid half of the account payable created on May 2 19 Paid $7,800 cash for the annual premium on an insurance policy 22 Received $13,100 as partial payment for the work completed on May 9…
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