Pl3ase answer in a table form/typewritt3n (not in photo) Note: The total liabilities on December 31, 2023 is 527,773 Exercise 3-10. Preparation of Financial StatementsThe following adjusted balances were taken from the booksof RGem Trading as of December 31, 2023;Accounts PayableAccounts ReceivableAccumulated Depreciation- Delivery EquipmentAllowance for Doubtful AccountsCashDelivery EquipmentFreight inGem, CapitalRomy, CapitalGem, DrawingRomy, DrawingGeneral and administrative expensesFinancial Assets at Fair Value through Profit or LossMerchandise Inventory, January 1Notes Payable (due 2025)Notes ReceivablePrepaid expensesPurchase DiscountsPurchase Returns and AllowancesPurchasesSalesSales DiscountsSales Returns & AllowancesDistribution CostsSSS & Philhealth Contributions PayableP 93,033143,000140,0005,000150,000350,00018,00080,00070,00010,0005,000112,70026,000100,000413,10036,7007,6333,0005.000520,000790,00011,00015,000103,1009,000 Merchandise Inventory as of December 31, 2023 amounted toP145,000.Required:1. Prepare the statement of profit or loss, statement of changesin partners' equity and the statement of financial position ofRGem Trading.2. The articles of co-partnership provide that net income shall bedivided as follows: (a) 5% interest on beginning capital ofeach partner and (b) the balance to be divided equally.

Partnership is the relation between two or more person, it has the following characteristics They…

Prepare the statement of profit or loss, statement of changes in partners' equity and the statement of financial position of RGem Trading. 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.

Prepare the statement of profit or loss, statement of changes in partners' equity and the statement of financial position of RGem Trading. 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.

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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