Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted 30 September 2018 Account Debit Credit Cash ₱21 700 Accounts Receivable 4 200 Supplies 1 800 Prepaid Insurance 6 300 Land 43 500 Buildings 132 000 Accumulated Depreciation – Building ₱25 000 Accounts Payable 3 700 Notes Payable 10 300 Salaries Payable 2 500 Property Taxes Payable 4 100 Unearned Revenue 2 600 Loans Payable(due in 4 years) 100 000 Mr. L, Capital ? Service Revenue 78 600 Wages Expense 14 800 Utilities Expense 4 600 Property Tax Expense 3 500 Insurance Expense 6 700 Supplies Expense 5 100 Depreciation Expense 8 800 Interest Expense 13 200 Miscellaneous Expense 1 200 Total ₱267 400 ₱267 400 For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue. Instructions: How much will be the total capital of Mr. L.? How much is the net income or net loss for the year? Prepare a statement of comprehensive income as well as statement of financial position.
6. Raon Electronics Company
The adjusted
RAON Electronics Company
Trial Balance - Adjusted
30 September 2018
Account Debit Credit
Cash ₱21 700
Accounts Receivable 4 200
Supplies 1 800
Prepaid Insurance 6 300
Land 43 500
Buildings 132 000
Accounts Payable 3 700
Notes Payable 10 300
Salaries Payable 2 500
Property Taxes Payable 4 100
Unearned Revenue 2 600
Loans Payable(due in 4 years) 100 000
Mr. L, Capital ?
Service Revenue 78 600
Wages Expense 14 800
Utilities Expense 4 600
Property Tax Expense 3 500
Insurance Expense 6 700
Supplies Expense 5 100
Depreciation Expense 8 800
Interest Expense 13 200
Miscellaneous Expense 1 200
Total ₱267 400 ₱267 400
For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation
down to service revenue.
Instructions:
How much will be the total capital of Mr. L.?
How much is the net income or net loss for the year?
Prepare a statement of comprehensive income as well as
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