Prepare the Statement of Comprehensive Income using the multi-step format. Beautiful Life Enterprises Trial Balance 31 December 2020 Account Debit (in peso) Credit (in peso) Cash on Hand 318,000.00 Accounts Receivable 25,000.00 Allowance for Bad Debts 4,800.00 Supplies Inventory 5,650.00 Prepaid Insurance 45,000.00 Merchandise Inventory, January 1 154,985.00 Store Furniture and Equipment 409,500.00 Office Furniture and Equipment 254,650.00 Accumulated Depreciation – Office Furniture and Equipment 39,500.00 Accumulated Depreciation – Store Furniture and Equipment 56,000.00 Accounts Payable 26,585.00 Notes Payable (due 2023) 104,000.00 Taxes Payable 42,200.00 (your name), Capital 550,000.00 (your name), Drawing 55,000.00 Sales 1,645,000.00 Sales Returns and Allowances 18,000.00 Rent Income 4,500.00 Purchases 650,000.00 Purchase Discount 15,000.00 Freight-in 5,000.00 Salaries and Wages – Office 135,500.00 Salaries Expense – Store 36,500.00 Rent Expense – Office 20,000.00 Rent Expense – Store 35,500.00 Taxes and Licenses 35,500.00 Advertising and Promotion 138,000.00 Insurance Expense 55,000.00 Supplies Expense – Store 7,500.00 Supplies Expense – Office 5,500.00 Depreciation Expense – Store Furniture 25,000.00 Allowance for Bad Debts 2,800.00 Interest Expense 50,000.00 TOTAL 2,487,585.00 2,487,585.00
Prepare the Statement of Comprehensive Income using the multi-step format.
|
Beautiful Life Enterprises 31 December 2020 |
||
|
Account |
Debit (in peso) |
Credit (in peso) |
|
Cash on Hand |
318,000.00 |
|
|
Accounts Receivable |
25,000.00 |
|
|
Allowance for |
|
4,800.00 |
|
Supplies Inventory |
5,650.00 |
|
|
Prepaid Insurance |
45,000.00 |
|
|
Merchandise Inventory, January 1 |
154,985.00 |
|
|
Store Furniture and Equipment |
409,500.00 |
|
|
Office Furniture and Equipment |
254,650.00 |
|
|
Accumulated Depreciation – Office Furniture and Equipment |
|
39,500.00 |
|
Accumulated Depreciation – Store Furniture and Equipment |
|
56,000.00 |
|
Accounts Payable |
|
26,585.00 |
|
Notes Payable (due 2023) |
|
104,000.00 |
|
Taxes Payable |
|
42,200.00 |
|
(your name), Capital |
|
550,000.00 |
|
(your name), Drawing |
55,000.00 |
|
|
Sales |
|
1,645,000.00 |
|
Sales Returns and Allowances |
18,000.00 |
|
|
Rent Income |
|
4,500.00 |
|
Purchases |
650,000.00 |
|
|
Purchase Discount |
|
15,000.00 |
|
Freight-in |
5,000.00 |
|
|
Salaries and Wages – Office |
135,500.00 |
|
|
Salaries Expense – Store |
36,500.00 |
|
|
Rent Expense – Office |
20,000.00 |
|
|
Rent Expense – Store |
35,500.00 |
|
|
Taxes and Licenses |
35,500.00 |
|
|
Advertising and Promotion |
138,000.00 |
|
|
Insurance Expense |
55,000.00 |
|
|
Supplies Expense – Store |
7,500.00 |
|
|
Supplies Expense – Office |
5,500.00 |
|
|
Depreciation Expense – Store Furniture |
25,000.00 |
|
|
Allowance for Bad Debts |
2,800.00 |
|
|
Interest Expense |
50,000.00 |
|
|
TOTAL |
2,487,585.00 |
2,487,585.00 |
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