What is the financial statements (income statement, balance sheet, statement of changes in equity)? The accounts for the balance sheet, statement of changes in 'equity, and incomestatement of Marife Sarmiento, CPA, are as follows:Aćcounts PayableAccounts ReceivableAccumulated Depreciation-BuildingAccumulated Depreciation-Office EquipmentAuditing RevenuesBuildingCash63,500198,000110,000120,0001,361,500750,000118,50055,00060,0001,193,500165,00075,00060,000362,50096,00028,00086,50052,500735,00030,50041,000Depreciation Expense-BuildingDepreciation Expense-Office EquipmentSarmiento, Capital, 1/1/2014Sarmiento, WithdrawalsLandNotes ReceivableOffice EquipmentOffice Supplies ExpenseOffice SuppliesProfessional Development ExpenseRent ExpenseSalaries ExpenseSalaries PayableTravel ExpenseUtilities Expense18,000During the year, Sarmiento invested additional P22,000 in the business.

Financial statements seem to be reports issued by the management of the company to demonstrate the…

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Business

Accounting

What is the financial statements (income statement, balance sheet, statement of changes in equity)?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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