Assignment: Elaboration of the profit and loss statement Topic: Financial statements and analysis of financial reasons Instructions: Read chapter # 3 of the textbook on, Preparation of financial statements and analysis of financial ratios and work the following exercises. Once completed send as an attachment (attachmente). Please use the correct formats. Expiration date: Refer to the Blacbboard calendar P3.3 Preparation of the profit and loss statement On December 31, 2012, Cathy Chen, a certified public accountant working on her own, finished her first year of business. During the year, it billed S 360,000 for its accounting services. I had two employees: a bookkeeper and an administrative assistant. In addition to your monthly of S 8,000, Cathy Chen paid annual salaries of S 48,000 and S 36,000 to the holder of books and the administrative assistant, respectively. Taxes on payroll and Cathy's benefit costs and her employees totaled S 34,600 during the year. Expenses on totaled a total of S 10,400 during the year. In addition, Cathy spent S 17,000 during the year on trips and entertainment (tax deductible) related to customer visits and development of new businesses. Lease payments for leased office space (a tax deductible expense) were S 2,700 per month. Expenses for depreciation in the furniture and accessories of the office were S 15,600 in that year During the year, Cathy paid interest of S 15,000 on theS 120,000 she borrowed to start the business. He paid an average tax rate of 30% during 2012. salary office supplies, including mail expenses, a) Prepare the profit and loss statement of Cathy Chen for the year ending the December3, 2012. b) Evaluate your financial performance in 2012. Assignment: Elaboration of the profit and loss statement Topic: Financial statements and analysis of financial reasons Instructions: Read chapter # 3 of the textbook on, Preparation of financial statements and analysis of financial ratios and work the following exercises. Once completed send as an attachment (attachmente). Please use the correct formats. Expiration date: Refer to the Blacbboard calendar P3.3 Preparation of the profit and loss statement On December 31, 2012, Cathy Chen, a certified public accountant working on her own, finished her first year of business. During the year, it billed S 360,000 for its accounting services. I had two employees: a bookkeeper and an administrative assistant. In addition to your monthly of S 8,000, Cathy Chen paid annual salaries of S 48,000 and S 36,000 to the holder of books and the administrative assistant, respectively. Taxes on payroll and Cathy's benefit costs and her employees totaled S 34,600 during the year. Expenses on totaled a total of S 10,400 during the year. In addition, Cathy spent S 17,000 during the year on trips and entertainment (tax deductible) related to customer visits and development of new businesses. Lease payments for leased office space (a tax deductible expense) were S 2,700 per month. Expenses for depreciation in the furniture and accessories of the office were S 15,600 in that year During the year, Cathy paid interest of S 15,000 on theS 120,000 she borrowed to start the business. He paid an average tax rate of 30% during 2012. salary office supplies, including mail expenses, a) Prepare the profit and loss statement of Cathy Chen for the year ending the December3, 2012. b) Evaluate your financial performance in 2012
