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Problem 5: XYZ Co. Trace the effects (+ or -) on the different balance sheet and income statement accounts of the following transactions. Prepare a balance sheet and income statement in proper form for the year 1997. Balance sheet as of Dec 31, 1996 is given below: XYZ Co. Balance Sheet As of Dec. 31, 1996 Assets Liabilities and Equities Cash P10,000 Accts. Payable P 20,000 Accts. Receivables 5,000 Bank Loan 15,000 Inventory 15,000 Common Stocks 100,000 Land 50,000 Retained Earnings 55,000 Equipment 20,000 Building 100,000 Acc. Dep'n (10,000) Total P190,000 Total P190,000 Transactions during the year 1997 are as follows: a. Office equipment was purchased on credit for P10,000. b. Merchandise worth P15,000 was sold for P20,000 with customer paying in cash. c. XYZ bought additional merchandise for P50,000 on credit. d. The company paid P20,000 for salaries. e. XYZ sold goods costing P50,000 for P 70,000, 50% paid in cash and 50% on credit. f. XYZ collected P30,000 from its customers. g. Depreciation for 1997 amounted to P 15,000. h. Inventory at the end of 1997 amounted to P20,000 (all paid for in cash). i. The company pay 30% of its net income as income tax, j. Other expenses amounted to P10,000 paid for in cash