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    Far - BS - Is - Rak N' Koll

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    she kiora
    The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.

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    Far - BS - Is - Rak N' Koll

    Uploaded by

    she kiora
    110 views4 pages
    The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.

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    _FAR_BS_IS_RAK N' KOLL

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    The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    110 views4 pages

    Far - BS - Is - Rak N' Koll

    Uploaded by

    she kiora
    The income statement shows the company earned revenues of P5.69 million for December 2021. Expenses totaled P2.78 million, resulting in a net profit of P2.91 million. The balance sheet lists total assets of P1.88 million, including cash, receivables, and computer equipment. Total liabilities were P1.02 million, including notes payable and interest payable. Owner's equity was P864,250. The statement of financial position restates these assets, liabilities, and equity amounts using standard accounting terms.

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    of 4

    Financial Accounting and Reporting

    RAK N' KOLL

    Income Statement

    For the month ended December 31, 20x1

    Revenue:

    Service Fees P 5,689,000.00

    Less: Expenses:

    Salaries P 1,155,000.00

    Rent 1,200,000.00

    Utilities 187,500.00

    Office Supplies 95,000

    Insurance 5,000.00

    Depreciation 126,250.00

    Interest 10,000.00

    P 2,778,750.00

    Net Profit P 2,910,250.00

    RAK N' KOLL

    Balance Sheet
    December 31, 20x1

    Assets

    Cash P 650,000.00

    Accounts Receivable 34,000.00

    Prepaid Office Supplies 9,000.00

    Prepaid Insurance 5,000.00

    Computer Equipment 1,550,000.00

    Accumulated Depreciation -366,250.00

    Total Assets P 1,881,750.00

    Liabilities

    Notes Payable P 1,000,000.00

    Interest Payable 10,000.00

    Utilities Payable 7,500.00

    Total Liabilities P 1,017,500.00

    Equity

    Owner's Equity P 864,250

    Total Equity P 864,250.00

    Total Liabilities and Owner's Equity P 1,881,750.00

    P.S. For Formal Statement of Financial Position 


    RAK N' KOLL

    Statement to Financial Position

    December 31, 20x1

    Assets

    Current Assets

    Cash P 650,000.00

    Trade and Other Receivables 34,000.00

    Prepaid Expense 14,000.00

    Total Current Assets P 698,000.00

    Non- Current Assets

    Property Plant and Equipment P 1,183,750.00

    Total Assets P 1,881,750.00

    Liabilities and Owner's Equity

    Current Liabilities

    Trade and Other Payables P 1,017,500.00

    Owner's Equity

    Owner's Capital Ending 864,250

    Total Liabilities and Owner's Equity P 1,881,750.00

    Notes to Financial Statements


    Note 1 Depreciation Expense P 126,250.00

    Note 2 Trade and Other Receivables

    Accounts Receivable P 34,000.00

    Less: Allowance for Doubtful Account 0

    P 34,000.00

    Note 3 Prepaid Expense

    Prepaid Insurance P 5,000.00

    Prepaid Office Supplies 9,000.00

    P 14,000.00

    Note 4 Property Plant and Equipment

    Computer Equipment P 1,550,000.00

    Less: Accumulated Depreciation 366,250.00

    P 1,183,750.00

    Note 5 Trade and Other Payables

    Notes Payable P 1,000,000.00

    Interest Payable 10,000.00

    Utilities Payable 7,500.00

    P 1,017,500.00

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