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1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 450,000 120,000 80,000 Net Income 20X1 90,000 2. IMERLDA SERVICES ADJUSTED TRIAL BALANCE May 31, 2016 Accounts Debit Credit Cash 8,000 16,500 Accounts Receivable Allowance for uncollectible accounts 2,000 Office Supplies Prepaid Insurance Furniture 600 300 10,000 Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable Salaries Payable Imelda, Capital Imelda, Drawing 3,000 25,000 3,500 5,000 9,000 200 1,500 29,600 500 Service Income 32,000 Supplies Expense Rent Expense Salaries 4,000 5,000 9,500 Insurance Expense Depreciation Expense-furniture Depreciation Expense-equipment 600 2,000 2,000 1,500 Bad Debts Interest Expense 300 ТОTAL P 85,800 85,800 Required: Prepare a statement of equity for Imelda Services.

1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 450,000 120,000 80,000 Net Income 20X1 90,000 2. IMERLDA SERVICES ADJUSTED TRIAL BALANCE May 31, 2016 Accounts Debit Credit Cash 8,000 16,500 Accounts Receivable Allowance for uncollectible accounts 2,000 Office Supplies Prepaid Insurance Furniture 600 300 10,000 Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable Salaries Payable Imelda, Capital Imelda, Drawing 3,000 25,000 3,500 5,000 9,000 200 1,500 29,600 500 Service Income 32,000 Supplies Expense Rent Expense Salaries 4,000 5,000 9,500 Insurance Expense Depreciation Expense-furniture Depreciation Expense-equipment 600 2,000 2,000 1,500 Bad Debts Interest Expense 300 ТОTAL P 85,800 85,800 Required: Prepare a statement of equity for Imelda Services.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Learner's Packet FABM2 Grade 12 First Semester 1st Quarter PERFORMANCE TASK ASSIMILATION 1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 P 450,000 120,000 80,000 Net Income 20X1 90,000 2. DA SERVICES ADJUSTED TRIAL BALANCE May 31, 2016 Accounts Debit Credit Cash P 8,000 Accounts Receivable 16,500 Allowance for uncollectible accounts P 2,000 Office Supplies Prepaid Insurance Furniture 600 300 10,000 Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable Salaries Payable Imelda, Capital Imelda, Drawing 3,000 25,000 3,500 5,000 9,000 200 1,500 29,600 500 Service Income 32,000 Supplies Expense Rent Expense 4,000 5,000 9,500 Salaries Insurance Expense Depreciation Expense-furniture Depreciation Expense-equipment 600 2,000 2,000 1,500 Bad Debts Interest Expense 300 ТОTAL 85,800 P 85,800 Required: Prepare a statement of equity for Imelda Services.
Transcribed Image Text:Learner's Packet FABM2 Grade 12 First Semester 1st Quarter PERFORMANCE TASK ASSIMILATION 1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 P 450,000 120,000 80,000 Net Income 20X1 90,000 2. DA SERVICES ADJUSTED TRIAL BALANCE May 31, 2016 Accounts Debit Credit Cash P 8,000 Accounts Receivable 16,500 Allowance for uncollectible accounts P 2,000 Office Supplies Prepaid Insurance Furniture 600 300 10,000 Accumulated Depreciation-Furniture Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable Salaries Payable Imelda, Capital Imelda, Drawing 3,000 25,000 3,500 5,000 9,000 200 1,500 29,600 500 Service Income 32,000 Supplies Expense Rent Expense 4,000 5,000 9,500 Salaries Insurance Expense Depreciation Expense-furniture Depreciation Expense-equipment 600 2,000 2,000 1,500 Bad Debts Interest Expense 300 ТОTAL 85,800 P 85,800 Required: Prepare a statement of equity for Imelda Services.
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