The following information is extracted from the general ledger of Super Massage Clinic on December 31, 200H, the end of its accounting period: Case 1: A. Cash Notes Payable Due from Customers Delivery Van Ofice Équipment Loan Payable Nates Receivable Due to Suppliers Furniture & Fixtures P 24,200 12,000 13,450 200,000 48,000 40,000 8,000 21,000 28,000 Case 2: Cash Accounts Receivable Aliow. for Impairment Loss Unused Office Supplies Prepaid Advertising Unexpired Insurance Furniture & Equipment Accumulated Depreciation Accounts Payable Notes Payable Accrued Interest Expense Accrued Interest Income Unearned Commission Salaries Payable Rental Receivable P 68,900 36,500 1,200 2,350 12,000 6,500 76,000 7,600 32,000 16,500 1,200 2,340 11,000 8,000 15,000 4,000 Repair Supplies Inventory REQUIRED: For each case above compute the owner's equity as at December.31, 200H В. The following information is available from the books of Nelson Trucking Company as of June 30, 200C, the end of its accounting period. P 500,000 25,000 267,000 48,000 36,000 12,450 76,000 25,000 12,000 8,450 Note: An additional investment of P 20,000 was made during the year. Nelson Capital, June 30, 200B Nelson Personal Trucking Service Income Rent Repairs & Maintenance Utilities Gas & Oil Insurance Rental Income Taxes & Licenses REQUIRED: Prepare the Statement of Changes in Owner's Equity.
The following information is extracted from the general ledger of Super Massage Clinic on December 31, 200H, the end of its accounting period: Case 1: A. Cash Notes Payable Due from Customers Delivery Van Ofice Équipment Loan Payable Nates Receivable Due to Suppliers Furniture & Fixtures P 24,200 12,000 13,450 200,000 48,000 40,000 8,000 21,000 28,000 Case 2: Cash Accounts Receivable Aliow. for Impairment Loss Unused Office Supplies Prepaid Advertising Unexpired Insurance Furniture & Equipment Accumulated Depreciation Accounts Payable Notes Payable Accrued Interest Expense Accrued Interest Income Unearned Commission Salaries Payable Rental Receivable P 68,900 36,500 1,200 2,350 12,000 6,500 76,000 7,600 32,000 16,500 1,200 2,340 11,000 8,000 15,000 4,000 Repair Supplies Inventory REQUIRED: For each case above compute the owner's equity as at December.31, 200H В. The following information is available from the books of Nelson Trucking Company as of June 30, 200C, the end of its accounting period. P 500,000 25,000 267,000 48,000 36,000 12,450 76,000 25,000 12,000 8,450 Note: An additional investment of P 20,000 was made during the year. Nelson Capital, June 30, 200B Nelson Personal Trucking Service Income Rent Repairs & Maintenance Utilities Gas & Oil Insurance Rental Income Taxes & Licenses REQUIRED: Prepare the Statement of Changes in Owner's Equity.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.6APR: Single-step income statement and balance sheet Selected accounts and related amounts for Clairemont...
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Concept explainers
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Chapter 3
PROBLEMS
The following information is extracted from the general ledger of Super Massage
Clinic on December 31, 200H, the end of its accounting period:
Case 1:
A.
Cash
Notes Payable
Due from Customers
Delivery Van
Office Equipment
Loan Payable
Nates Receivable
Due to Suppliers
Furniture & Fixtures
P 24,200
12,000
13,450
200,000
48,000
40,000
8,000
21,000
28,000
Case 2:
Cash
Accounts Receivable
Aliow. for Impairment Loss
Unused Office Supplies
Prepaid Advertising
Unexpired Insurance
Furniture & Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
Accrued Interest Expense
Accrued Interest Income
P 68,900
36,500
1,200
2,350
12,000
6,500
76,000
7,600
32,000
16,500
1,200
2,340
11,000
8,000
15,000
4,000
Unearned Commission
Salaries Payable
Rental Receivable
Repair Supplies Inventory
REQUIRED: For each case above compute the owner's equity as at December.31, 200H
The following information is available from the books of Nelson Trucking
Company as of June 30, 200C, the end of its accounting period.
P 500,000
25,000
267,000
48,000
36,000
12,450
76,000
25,000
12,000
8,450
Note: An additional investment of P 20,000 was made during the year.
B.
Nelson Capital, June 30, 200B
Nelson Personal
Trucking Service Income
Rent
Repairs & Maintenance
Utilities
Gas & Oil
Insurance
Rental Income
Taxes & Licenses
REQUIRED: Prepare the Statement of Changes in Owner's Equity.
75
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