Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies Equipment 5,400 113,700 Accounts Payable P 5,250 Unearned Fees 6,000 Hans Donald, Capital 78,000 Hans Donald, Drawings 4,500 Fees earned 135, 750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense Miscellaneous Expense 17,250 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: a. Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. Required: 3. Prepare Income Statement.
Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of its first year of operations shown below: Donald Electronics Trial Balance April 30, 2019 Cash 3,450 Accounts Receivable 22,500 Supplies Equipment 5,400 113,700 Accounts Payable P 5,250 Unearned Fees 6,000 Hans Donald, Capital 78,000 Hans Donald, Drawings 4,500 Fees earned 135, 750 Salaries Expense 31,500 Rent Expense 24,000 Utilities Expense Miscellaneous Expense 17,250 2,700 225,000 P 225,000 For preparing the adjusting entries, the following data were assembled: a. Fees earned but unbilled on April 30 were P1,775. b. Supplies on hand on April 30 were P1,200. c. Depreciation of equipment was estimated to be P4,100 for the year. d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only P1,750 of the services was provided between April 1 and April 30. e. Unpaid wages accrued on April 30 were P600. Required: 3. Prepare Income Statement.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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