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Answer all questions please II. Preparation of Statement of Comprehensive Income of a service business The following data were taken from the records of Gensan
Answer all questions please
II. Preparation of Statement of Comprehensive Income of a service business The following data were taken from the records of Gensan Auto Repair Shop owned by Kenneth Carmelo for the quarter ended June 30, 2021. Accounts Amount Accrued Service Income Service Income Salaries Expense Taxes and Licenses Shop Supplies Used Insurance Expense Accrued Rent Expense Depreciation Estimated Uncollectible Accounts Utilities Expense 30,000 150,000 25,000 5,000 15,000 1,500 4,000 2,000 1,800 2,000 Required: Prepare a Statement of Comprehensive Income using the single-step approach (50 Points) ehensive Income using the single-step approach (50 Points) II. Statement of Cash Flow. Compute for operating, investing, financing activities, and statemem preparation using the direct approach. (100 points) Mariposa Sari-San Store had the following transactions for the quarter ending June 30, 2021 Purchase of goods and paid cash P600.000 Sale of goods and received cash 350.000 Sold equipment for cash 200.000 Paid rent 20.000 Owner withdraws investment 25,000 Purchase equipment for cash 300,000 Paid utilities 10,000 Sale of goods on account 150.000 Additional investment of the owner 450.000 Purchase of goods on credit 500.000 . . . Cash, April 1, 2021 - P650,000. 1. Compute for the net cash flow generated/used in operating activities. 2. Compute for the net cash flow generated/used in investing activities. 3. Compute for the net cash flow generated/used in financing activities. 4. Prepare a Cash Flow StatementStep by Step Solution
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