A. Prepare single-step Income Statement of Quaranteen Comapany for the month ended, September 30, 2021.
Account Balances: Gross Sales - 1,771,800; Sales discount - 10,440; Sales returns and allowances - 9,000; Purchases - 1,000,000; Purchase discounts - 3,000; purchase returns and allowances - 9,000; Freight-in - 5,000. Merchandise inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000. General and administrative expenses include: Office supplies expense - 9,400; salaries expense - 30,000; utilities expense - 11,600; commission expense - 10,000; store supplies expense - 12,400; delivery expense - 18,600; Interest expense - 2,400.
A. Prepare the Multi-step income statement of Quaranteen Comapany for the month ended, September 30, 2021.
Account Balances: Gross Sales - 1,771,800; Sales discount - 10,440; Sales returns and allowances - 9,000; Purchases - 1,000,000; Purchase discounts - 3,000; purchase returns and allowances - 9,000; Freight-in - 5,000. Merchandise inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000. General and administrative expenses include: Office supplies expense - 9,400; salaries expense - 30,000; utilities expense - 11,600; commission expense - 10,000; store supplies expense - 12,400; delivery expense - 18,600; Interest expense - 2,400.
STATEMENT OF CHANGES IN EQUITY
The Retrieval Company has the following changes in equity items in year-end 2020.
prepare a Statement of Changes in Owners Equity
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year-end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020= ?
STATEMENT OF CHANGES IN EQUITY
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year-end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020= ?