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please answer all the questions thankyou 16. Mina Narvaez formed the Cavite Day Care Center for Kids. The following are the transactions for the month
please answer all the questions thankyou
16. Mina Narvaez formed the Cavite Day Care Center for Kids". The following are the transactions for the month of April to prepare the center in time for the opening in June. Analyze the transactions using the Copyclear demo format but extract the balances only after the last transaction. Include the following money columns: Cash, Furniture and Fixtures, Supplies. Equipment, Car Accounts Payable, Notes Payable. Narvaez Capital and Narvaez Drawing April 1 2 10 15 Ms. Narvaez, using her personal savings transferred cash of P300,000 for the account of the center. Purchased play equipment for use in the center costing P100.000. Terms: a down payment of P50,000 and the balance was evidenced by a note payable in installments at the end of the month for five months. She purchased three compue sets, a printer and a fax machine for the center amounting to P300.000 by using her own bank express card Hired a carpenters to build chairs, tables and cabinets for the center and for her office. Total cash paid amounted to P100,000 Purchased school supplies (coloring books and materials) P15.000 and medical supplies for cash, P10,000. Bought a slightly used car for the center. A 50% down payment was made for P75,000 with the balance due after thirty days. Ms. Narvaez withdrew P500 worth of medical supplies for her personal use Paid for the first installment on the note 20 25 30 Prepare a statement of financial position as at April 30, 2015 using the final balances. 17. In each number cite what quantitative attribute that is violated: understandability, prudence, materiality, timeliness, completeness, substance over form, representational faithfulness. a. Miss Sanchez, a fresh graduate, was hired as bookkeeper of Skin Care, a manufacturer of beauty products. She prepared a statement where total assets amounted to P2,500,000 including waste basket P100, broom P150 and dustpan P80. b. Mr. Bo, the bookkeeper of Nature Spa, prepared a statement of the owner on April 13, presenting only three items: Cash P50.000. Other Assets P4,500,000 for all six kinds of assets and Total Claims of creditors and owner P3,250,000. c. A firm spent P400.000 for cooking wares which was recorded as cooking expense. d. The December 31, 2016 financial reports were submitted to the owner on April 13, 2017, a Friday. Deadline for submission to the BIR is April 15, a Sunday. e. The financial reports were presented to the shareholders of Cebu Hospital. Several issues were raised by the medical practitioners such as why the cash was down by P2,500,000. The Chief Finance Officer had a hard time explaining why profit improved by P10.000.000 although cash went down by P2,500,000 f. The shareholders had a hard time evaluahag the 2016 reports submitted to them by AJA Company which showed assets, liabilities and profit for 2016 only. "We can't determine trend of performance nor the improvement in its financial structure. g. Presented as on of the assets in the company's 2016 statement was a parcel of land worth P300.000 but which current market value is P500.000. The Finance Officer was surprised to see this account as P500.000 which no additional acquisition was made. h. The company borrowed P500.000 and reported this not as liability but as revenueStep by Step Solution
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