FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare Notes to Financial Statements (Statement of Comprehensive Income)

The following information is taken from the ledger of SAP Trading as of December 31, 2019:

 

Cash

P 520,000

Accounts receivable

690,000

Notes receivable

170,500

Prepaid insurance

80,000

Merchandise inventory, beginning

400,000

Merchandise inventory, end

565,000

Store supplies

100,750

Office supplies

150,210

Furniture and fixture

830,500

Accounts payable

450,000

Notes payable

500,000

Sallie A. Perez, capital

 

Sallie A. Perez, drawing

380,000

Sales

4,200,000

Sales returns and allowances

130,050

Purchases

2,840,500

Purchase discount

230,000

Transportation in

180,600

Store salaries

360,400

Advertising

140,500

Transportation out

80,700

Office salaries

240,800

Rent expense

360,000

Other office expense

50,540

Interest income

1,800

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