FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pl3ase answer in a table form/typewritt3n (not in photo)
Note: The total liabilities on December 31, 2023 is 527,773
Transcribed Image Text:Exercise 3-10. Preparation of Financial Statements
The following adjusted balances were taken from the books
of RGem Trading as of December 31, 2023;
Accounts Payable
Accounts Receivable
Accumulated Depreciation- Delivery Equipment
Allowance for Doubtful Accounts
Cash
Delivery Equipment
Freight in
Gem, Capital
Romy, Capital
Gem, Drawing
Romy, Drawing
General and administrative expenses
Financial Assets at Fair Value through Profit or Loss
Merchandise Inventory, January 1
Notes Payable (due 2025)
Notes Receivable
Prepaid expenses
Purchase Discounts
Purchase Returns and Allowances
Purchases
Sales
Sales Discounts
Sales Returns & Allowances
Distribution Costs
SSS & Philhealth Contributions Payable
P 93,033
143,000
140,000
5,000
150,000
350,000
18,000
80,000
70,000
10,000
5,000
112,700
26,000
100,000
413,100
36,700
7,633
3,000
5.000
520,000
790,000
11,000
15,000
103,100
9,000
Transcribed Image Text:Merchandise Inventory as of December 31, 2023 amounted to
P145,000.
Required:
1. Prepare the statement of profit or loss, statement of changes
in partners' equity and the statement of financial position of
RGem Trading.
2. The articles of co-partnership provide that net income shall be
divided as follows: (a) 5% interest on beginning capital of
each partner and (b) the balance to be divided equally.
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