NEED ANSWER ASAP

Problem 7: Blackic Superstore After a year of operations, Mr. Terence Hall wanted to amalyze the performance of his supcrmarket. He wanted to lmow rubere the tupermarket utood an of September 30, 1933 and What its future prospects were. Blackie Supentore (BS) was a supermarket orgatized by Mr. Hall oe October 1, 1982 . The following list summarizes the transactions for the fint yoar of business which ended September 30, 1983. (1) For itn initial capital, Mr. Hall took out a P300.000 mortgage on his one land. He invested P200,000 of thin in common stock of the superratiket. (2) Mr. Bud Spencer, Mr. Fill's close friend and neishbor, anveted P1S0,000 in canh, receiving stocles in return. (3) A bailding and equipment were brought for P90.000. P30.000 of nukich was paid in enh. The baiance was paid in cash b borroming from a bark. This anovat wat paid at the end of the fitesl year together with a 10% interest. (4) Merchandise oosting P221,250 was bought on accocint. (5) Merchandise costing P189,100 was sold for P437,250. P125,500 was received in cach aed the balance on credit, PI, 000 of which was deemed to be uncollectible. (6) P42,450 cash wat paid at employees' wares (7) BS was billed P15,750 for other expenses, paid for it cash. (8) BS received P1, 500 cash for the rent of the storage space in the supemarket left during the fiscal year. (9) BS suffered an uninsured loss by fire of merchandze corting P10,000 and equigment costing P5, 200. All losses were charged against income (10). Accounts payable of P197,500 was paed in cauth (11) BS collected P107,500 of the amount owed by critcemers. (12) At the end of the fiscal year, the supermarket owed its mployees P500 for wages during September. (13) Mr. Hill withdrew P12,000 an cash and tacic merchandise costing P5, 250 from 357 inventory for his personal une without Mr. Spencer's inowiedige. (14) BS paid P1, 100 a caeb for spprles (paper bazs, besues ete) (15) Depreciation of the beiding and equipmeet during the period was entimated to be P2,0c0. (16) PS,000 of inurance for BS s teilding has expered. The feer-yes policy was originally boeght for P20,050 in cach on October 1. 1952 (17) A customer made an as iance depost of PS coo for goods to be delrieted in earh. October during the busuness' second year of operatisns. (18) Merchandise sold for Pl,000 was returned to Ns Hall because of defecth. (19) Mr. Hill evtimated that P200 of ropplies were itill ce hand and 35 onted P2s0 for sopplies. Mr. Hill contributed an additional PSO,000 for the vipermarket' I porposen. (20) Mr. Hitl it conaisering the purchase of a new bealdies that whe coit P35.000. If the buslding is parchased, 1P50,005 downepyrient wall be made with the balane fiasaced by a note payable doe at the end of Inve years Prepare a balance oheet and an income atatement for Blacibe Stopertore. Aswame a tax rate of 40% Problem 7: Blackic Superstore After a year of operations, Mr. Terence Hall wanted to amalyze the performance of his supcrmarket. He wanted to lmow rubere the tupermarket utood an of September 30, 1933 and What its future prospects were. Blackie Supentore (BS) was a supermarket orgatized by Mr. Hall oe October 1, 1982 . The following list summarizes the transactions for the fint yoar of business which ended September 30, 1983. (1) For itn initial capital, Mr. Hall took out a P300.000 mortgage on his one land. He invested P200,000 of thin in common stock of the superratiket. (2) Mr. Bud Spencer, Mr. Fill's close friend and neishbor, anveted P1S0,000 in canh, receiving stocles in return. (3) A bailding and equipment were brought for P90.000. P30.000 of nukich was paid in enh. The baiance was paid in cash b borroming from a bark. This anovat wat paid at the end of the fitesl year together with a 10% interest. (4) Merchandise oosting P221,250 was bought on accocint. (5) Merchandise costing P189,100 was sold for P437,250. P125,500 was received in cach aed the balance on credit, PI, 000 of which was deemed to be uncollectible. (6) P42,450 cash wat paid at employees' wares (7) BS was billed P15,750 for other expenses, paid for it cash. (8) BS received P1, 500 cash for the rent of the storage space in the supemarket left during the fiscal year. (9) BS suffered an uninsured loss by fire of merchandze corting P10,000 and equigment costing P5, 200. All losses were charged against income (10). Accounts payable of P197,500 was paed in cauth (11) BS collected P107,500 of the amount owed by critcemers. (12) At the end of the fiscal year, the supermarket owed its mployees P500 for wages during September. (13) Mr. Hill withdrew P12,000 an cash and tacic merchandise costing P5, 250 from 357 inventory for his personal une without Mr. Spencer's inowiedige. (14) BS paid P1, 100 a caeb for spprles (paper bazs, besues ete) (15) Depreciation of the beiding and equipmeet during the period was entimated to be P2,0c0. (16) PS,000 of inurance for BS s teilding has expered. The feer-yes policy was originally boeght for P20,050 in cach on October 1. 1952 (17) A customer made an as iance depost of PS coo for goods to be delrieted in earh. October during the busuness' second year of operatisns. (18) Merchandise sold for Pl,000 was returned to Ns Hall because of defecth. (19) Mr. Hill evtimated that P200 of ropplies were itill ce hand and 35 onted P2s0 for sopplies. Mr. Hill contributed an additional PSO,000 for the vipermarket' I porposen. (20) Mr. Hitl it conaisering the purchase of a new bealdies that whe coit P35.000. If the buslding is parchased, 1P50,005 downepyrient wall be made with the balane fiasaced by a note payable doe at the end of Inve years Prepare a balance oheet and an income atatement for Blacibe Stopertore. Aswame a tax rate of 40%