Sales Discount3,600Merchandise Inventory, Nov 1,50,0002021Purchases137,800Freight-In2,400Purchase Rets and Allo4,500Purchase Disc600Sales Salaries24,000Advertising Salaries5,000Freight-Out3,120Depreciation Delivery Van7,000Impairment Loss1,410Office Salaries33,000Rent Expense15,000Insurance Expense2,000Office Supplies Expense1,000Taxes and Licenses Expense1,260Light and Water Expense20,500Depreciation Expense-Office Equip1,025Depreciation Expense-Furn and Fixture330Rental Income2,000Interest Income15Interest Expense20Required: Prepare the following Financial Statements1. Income Statement2. Statement of Changes in Owner's Equity3. Statement of Financial Position I. Preparation of Financial StatementsBatangas Product TraderFS DataNovember 30, 2021AccountsAmountCash502,030Notes Receivable6,000Accounts Receivable51,500Allo for impairment Loss1,410Interest Receivable15Prepaid Rent30,000Prepaid Advertising5,000Prepaid Insurance22,000Supplies Inventory250Merchandise Inventory, Nov 30, 2021102,400Delivery Van850,000Accum Depreciation- Del Van7,000Office Equipment125,000Accum Depreciation- Office Equip1,025Furniture and Fixture40,000Accum Depreciation-Fur and Fixture330Accounts Payable855,500Notes Payable8,000Interest Payable20Unearned Rental Income2,000Loan Payable -Long Term200,000Batangas Trader Capital, Nov 1,2021625,000Batangas Trader Drawings22,000Sales266,560Sales Returns and Allowance11,700

Name: Sales Discount3,600Merchandise Inventory, Nov 1,50,0002021Purchases13
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Description: Sales Discount3,600Merchandise Inventory, Nov 1,50,0002021Purchases137,800Freight-In2,400Purchase Rets and Allo4,500Purchase Disc600Sales Salaries24,000Advertising Salaries5,000Freight-Out3,120Depreciation Delivery Van7,000Impairment Loss1,410Office

Financial statements are those statements which are prepared at the end of accounting period in…

Answered: Required: Prepare the following…

Business

Accounting

Required: Prepare the following Financial Statements 1. Income Statement 2. Statement of Changes in Owner's Equity 3. Statement of Financial Position

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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