TRUE OR FALSE
1. The income statement shows the types and amounts of revenues and expenses for the accounting period.
2. The amount for owner's Withdrawals will appear in the Income Statement columns of a worksheet.
3. The Adjusted Trial Balance columns of the worksheet are prepared by combining the Trial Balance and Adjustments columns of the worksheet.
4. The balances of the Accumulated Depreciation
PS. Please answer the activities below... don't mind the true or false above.. your help is so much appreciated. Thanks
Classification of Events on Statement of Cash Flows. The following transactions pertain to the operations of Party Experts, an events planning entity owned by Ram Dionisio. The entity had the following transactions during the month: The following transactions pertain to the operations of Party Experts, an events planning entity owned by Ram Dionisio. The entity had the following transactions during the month: a) Received a P180,000 cash investment from the owner. b ) Provided P400, OOO services on account. c) Incurred P220,000 of operating expenses on account. d) Collected P320,000 cash from accounts receivable e) Allowed a P30,000 cash withdrawal to the owner of the business. Paid P160,000 cash on accounts payable. 9) Performed services for P30,000 cash. h ) Paid P12,000 cash for expenses Sold old party equipment for P 10,000 Paid P 3,000 for social media advertisement. Required: 1. Classify each of these transactions as a cash flow from operating activities (OA), investing activities (IA), or financing activities (FA). Transactions that do not affect the statement of cash flows should be identified as "n/a". 2. Prepare a statement of cash flows. III. Completing the Accounting Cycle. Zeljade Villamar is a lawyer specializing in corporate tax law. trial balance taken on Dec. 31, 2020 Villamar Legal Services Trial Balance December 31, 2020 Cash P 75,000 Office Supplies 8,000 Prepaid Insurance 12,000 Office Equipment 150,000 Computer Equipment 60,000 Notes Payable P 50,000 Accounts Payable 5,000 Villamar, Capital 114,000 Villamar, Withdrawals 35,000 Consulting Revenues 390,000 Rent Expense 50,000 Salaries Expense 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P 559,000 P 559,000Information for year-end adjustments: a) Ofce supplies on hand at year-end amounted to P3,000. b} On Jan. 1 of the current year. Uillarnar purchased ofce equipment which cost P150000 with an expected life of 5 years and no salvage value. c) Computer equipment costing P60.000 with an expected life of three years and no salvage value was purchased on July 1 cf the current year. d) A premium of P12,000 for a one-year insurance policy was paid on Dec, 1. e) Salaries earned by legal aide. which have not yet been paid, amounted to P 3.000. Required: 1. Complete the 10-cclumn worksheet. 2. Joumalize the adjusting entries. 3. Prepare the income statement. statement of owner's equity and balance sheet. 4. Joumalize the closing entries and prepare the Post-Closing Trial balance
