Answer to Question #232796 in Accounting for Another you

Question

A. Put an (*) before the number if it is part in the preparation of Statement of Comprehensive Income and (NA) if it is not part in the preparation of SCI.

----- 1. The company made an initial cash deposit amounting to P80,000.

----- 2. The owner bought shop's office chairs and tables for P20,000, paying P5,000 and the balance on account.

----- 3. Miss Wow paid advance rent to P24,000.

----- 4. Supplies expense for the month is P12,500.

----- 5. The company's total revenue for the month of July amounted to P150,000.

----- 6. An employee of the shop was paid for P7,500.

----- 7. Her receivable amounted to P3,500 for services made to Customer A.

----- 8. The owner paid for internet subscription at P1,700.

----- 9. Light and water expense for the month amount to P8,000.

----- 10. Miss Wow made a loan to OOTD Bank amounting to P50,000 payable in 5 years.

B. Miss Wow, the service business owner, ask you to prepare her statement of comprehensive income for the month.

Answer 1

A.

(NA) 1. The company made an initial cash deposit amounting to P80,000.

(*) 2. The owner bought shop's office chairs and tables for P20,000, paying P5,000 and the balance on account.

(NA) 3. Miss Wow paid advance rent to P24,000.

(*) 4. Supplies expense for the month is P12,500.

(*) 5. The company's total revenue for the month of July amounted to P150,000.

(*)6. An employee of the shop was paid for P7,500.

(NA) 7. Her receivable amounted to P3,500 for services made to Customer A.

(*) 8. The owner paid for internet subscription at P1,700.

(*) 9. Light and water expense for the month amount to P8,000.

(*) 10. Miss Wow made a loan to OOTD Bank amounting to P50,000 payable in 5 years.

B.