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10,000 Preparing Financial Reports: Rent Expense Repairs and Maintenance Expense 4,000 Just Like a Puzzle Game Salaries Expense 20,000 Argem loved everything that involves computers so she decided to open Service Income (total revenues earned by the 88,000 a small Internet cafe upon the encouragement of her family and friends. Internet cafe) After a year's operations she wanted to know how much she earned and what Supplies Expense 7,000 is the financial status of the business. The following are the summarized data based on the various receipts and records she meticulously kept: 1. Using the following perspective charts, classify the given accounts above into Income, Expense, Assets, Liabilities, and Owner's Account Titles Amount Equity. Accounts Payable P 12,250 Accounts Receivable 8,000 2. Fill in the space in the given form to complete the income Accumulated Depreciation - Equipment 5,000 statement, owner's equity, and statement of financial position of Argem Internet Cafe, Cash 33,000 Depreciation Expense 5,000 3. Will you advise Argem to continue his business operations or not? Equipment (includes all computers in the Internet 90,000 Why? cafe) Interest Income (interest earned from cash 2,000 4. Was the business profitable? Support your answer with figures deposited in the bank) from the statement. Miscellaneous Expense (disbursements too small to 5,000 be classified as independent expense account) 5. What do you suggest to improve revenues? Notes Payable 12,000 6. What expenses will you monitor and what actions do you suggest Notes Receivable 10,000 to minimize them? Office Supplies 4,300 7. Did Argem's capital increase or decrease after a year? Explain. Prepaid Rent 5,000 Argem, Capital (initial investment) 92,050 8. What suggestions do you have to improve the financial operation Argem, Personal withdrawals and position of the business? 10,000