Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me 1. How much is the total current assets on December 31? 2. How much is the total non-current assets, net of accumulated

Please help me

image text in transcribed 1. How much is the total current assets on December 31?

2. How much is the total non-current assets, net of accumulated depreciation on December 31?

3.How much is the total assets on December 31?

4.How much is the total liabilities?

5.How much is the ending balance of Mayumi, Capital to be presented in both statement of changes in equity and balance sheet?

6.How much is the total income at year-end?

7.How much is the total expenses at year-end?

The unadjusted trial balance of Martha Mayumi Information Systems Company as of December 31, 2019 follows: Martha Mayumi Information Systems Company Unadjusted Trial Balance December 31, 2019 Cash Notes Receivable Accounts Receivable Office Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Consulting Revenues Mayumi, Capital Mayumi, Drawings Consulting Revenues Salaries Expense Repairs Expense Miscellaneous Expense Total 45,000 360,000 156,000 63,000 300,000 1,590,000 254,000 2,150,000 612,000 213,000 450,000 2,655,000 600,000 2,108,000 875,000 116,000 37,000 6,292,000 6,292,000 Additional Information: a. Office supplies on hand as of December 31, 2019 is P21,000. b. One-third of the unearned revenues has been earned as of December 31, 2019. C. Depreciation for the year amounted to P38,000 for the building and P123,000 for the equipment d. Salaries in the amount of P14,000 have accrued at year-end. e. The notes receivable were accepted from several customers. The notes were issued on September 1, 2019 and will be settled together with a 20% interest on May 31, 2020. w REQUIRED: Prepare the following: 1 A 10-column worksheet 2 Income statement 3 Balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions