From the following data, prepare a properly classified Balance Sheet and a Single-step Income Statement for...

 

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From the following data, prepare a properly classified Balance Sheet and a Single-step Income Statement for Ace Mimeo Services for the month of Decem- ber, 2007. Salary expense Rent expense Supplies expense Taxes and licenses Light and water expense Mimeographing fee Other income Macario, Capital Notes payable Accounts payable SSS and PhilHealth premium payable Office equipment Office furniture Cash on hand Cash in bank Accounts receivable P3,000 1,350 1,350 375 270 6,635 1,680 52,285 30,000 2,500 137.50 61,140 3,000 8,970 13,482.50 300 From the following data, prepare a properly classified Balance Sheet and a Single-step Income Statement for Ace Mimeo Services for the month of Decem- ber, 2007. Salary expense Rent expense Supplies expense Taxes and licenses Light and water expense Mimeographing fee Other income Macario, Capital Notes payable Accounts payable SSS and PhilHealth premium payable Office equipment Office furniture Cash on hand Cash in bank Accounts receivable P3,000 1,350 1,350 375 270 6,635 1,680 52,285 30,000 2,500 137.50 61,140 3,000 8,970 13,482.50 300

Answer rating: 100% (QA)

Balance Sheet Ace Mimeo Services December 31 2007 Assets Cash on hand ... View the full answer