Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please include manual computation , thank you! ? The following are the balances of the ledger accounts of Balagbag Transit owned and operated by Marcelino

Please include manual computation, thank you!

image text in transcribed

? The following are the balances of the ledger accounts of Balagbag Transit owned and operated by Marcelino Banez, after a year of operation ended September 30, 2020. Supplies Expense P 3,000 Fares Earned P 2,450,000 Trucks 7,500,000 Utility Expense 140,000 Cash 153,500 Accumulated Depreciation-trucks 72,000 Gas and Oil Expense 150,000 Accumulate Depreciation - furniture and equipment 3,400 Accounts Payable 10,000 Rent Expense 120,000 Notes Payable 50,000 Banez, Capital 1,486,600 Depreciation Expense 75,400 Salary Expense 450,000 Mortgage Payable 4,885,400 Interest Expense 70,000 Salaries Payable 4,500 Insurance Expense 11,250 Repairs and Maintenance 88,000 Prepaid Insurance 4,750 Banez, Drawing 15,000 Office Supplies Unused 500 Equipment 180,500 Required: Total Assets Total Liabilities Total Proprietorship Revenue Expenses

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

Step: 3

blur-text-image

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

Food And Beverage Cost Control

Authors: Jack E. Miller, Lea R. Dopson, David K. Hayes

3rd Edition

0471273546, 978-0471273547

More Books

Students also viewed these Accounting questions

Question

Avoid evasiveness. Be direct with your answers when possible.

Answered: 1 week ago