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Note: Please help me to answer this! I need 100% correct answer this is 10 points. Ella Manalo, the proprietress of Manalo Slimming Center, presented
Note: Please help me to answer this!
I need 100% correct answer this is 10 points.
Ella Manalo, the proprietress of Manalo Slimming Center, presented the following adjusted account balances as of December 31, 2018: Cash on hand and in bank P 9,560 Utilities expense 500 Accounts receivable 6,000 Depreciation expense 1,100 Allowance for doubtful accounts 1,000 Rent expense 700 Notes receivable 4,000 Interest income 100 Supplies 300 Slimming fees 12,000 Manalo, drawing 4,000 Manalo, Capital 59,220 Prepaid rent 720 Building 86,000 Accounts payable 7,000 Salaries payable 1,560 Accumulated depreciation 20,000 Unearned slimming fees 12,000 Compute for the following: (Indicate the no. of your answer) 1. Profit (Loss) - please indicate if it is "Profit" or "Loss" 2. Capital balance at the end (after closing entries) 3. Total assets 4. Total liabilitiesStep by Step Solution
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