clarification: Sales of equipment costing P100,000

REQUIRED:

The following data were made available from a single entry set of books of ABC Trading owned by Juan Abalos and transactions for the current year: Assets January 1 December 31 Cash P 900,000 P 1,200,000 Notes Receivable 270,000 550,000 Accounts receivable 1,200,000 1,100,000 Inventory 900,000 750,000 Prepaid Expense 30,000 50,000 Furniture and Equipment 750,000 900,000 Total Assets P 4,050,000 P 4,550,000 Liabilities Notes payable P 400,000 P 500,000 Accounts payable 850,000 710,000 Accrued Expense 50,000 40,000 Interest Payable 5,000 15,000 Unearned rent income 20,000 30,000 Total Liabilities P 1.325,000 P1, 295,000 The cash record of the current year showed the following information: Receipts: Disbursements: Balance, January 1, P 900,000 Accounts payable P1,200,000 Accounts Receivable 2,150,000 Notes payable 950,000 Notes receivable 750,000 Cash purchases 450,000 Cash Sales 600,000 Interest paid 50,000 Rent collection 150,000 Expense paid 600,000 Sales of equipment costing Equipment purchased 300,000 P100,000 - 50% depreciated Withdrawals 300,000 Additional investment 400.000 Total P5,050,000 Total P3.850,000 Balance, December 31, P 1,200,000 Additional Information: 1. 2. 3. 4. Sales returns and allowance granted to customers Sales discounts granted to customers Uncollectible accounts written off Purchase discounts on accounts payable paid P175,000 75,000 40,000 50,000 a. Determine the Net income or loss for the year ending December 31, 20CY. i. Prepare the Statement of Comprehensive Income for the year ended December 31, 20CY j. Prepare the Statement of Financial Position as of December 31, 20CY