On February 1, 20a4, Mira Delamar opened a store that sells school supplies. Her main customers...

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On February 1, 20a4, Mira Delamar opened a store that sells school supplies. Her main customers are the students and teachers of Happy Students School which is situated in front of her store. Mira wanted to know the financial position of Mira's Store. Mira knew you were studying accounting so she asked for your help. The following information were made available to you: 1. To start her business, Mira opened a checking account in the name of Mira's Store. The statement of account from the bank shown that the checking account has a balance of P 31,535 as of December 31, 20a4. 2. Mira told you that she keeps P 1,000, in small bills and coins, in her store which she uses as a change (sukli) fund. 3. As of December 31, 20a4, cash on hand from sales and collections for the day amounted to P 12,000. This does not include Mira's change fund. 4. Mira showed you a delivery receipt for P 575. The receipt dated December 29, 20a4 showed that manila papers and color markers were delivered to a Ms. Rebecca Di who is a grade school teacher in Happy Students School. Ms. Di noted on the delivery receipt that she will pay Mira on January 15, 20a5. 5. Mira's Store is located on the ground floor of a commercial building. The commercial unit costs her P 5,000 per month for rent. As of December 31, 20a4, Mira's store has a remaining one month advance rent with the landlord. 6. Mira purchased shelves and cabinets amounting P 30,000 to be used as display racks and storage for her store. The shelves and cabinets are expected to be used in the store for 5 years. Mira started using the shelves and cabinets on December 1, 20a4. 7. After closing the store on December 31, 20a4, Mira counted all the unsold merchandise inside the store. Mira does not have any other storage space except for the store premises. Based on Mira's count, the remaining unsold merchandise costs P 15,345. 8. Mira showed you a folder where she kept her unpaid receipts and bills. You noted the following: A sales invoice dated December 25, 20a4 from Long Lasting Ballpoint Pens incorporated amounting to P 2,645. The invoice term is 30 days. 0 A sales invoice from Papier Paper Company dated December 15, 20a4 for P 5,465. The payment terms on the invoice is 40 days. o A Meralco bill for electricity consumption from December 1-31 for P 3,400. The bill is payable on January 15,20a5. February PLDT bill for P 600. The bill is payable on January 17, 20a5. O Mira hired Emily to help her inside the store. Emily's salary is P 500/day. Emily's wages were paid on December 30, 20a4 for work rendered until December 29. Her pay for December 30 and 31 will be included in her January wages. 9. Mira showed you an official receipt for P 1,395. She told you that this is a downpayment from Ms. Benny Ling, a grade 5 teacher in Happy Students School. Ms. Ling ordered green, red, and blue poster paints for her students. The total price of the order was P 2,790. According to their agreement, Mira will deliver the paints on January 3, 20a5. 1. On December 30, 20a4, Mira borrowed P 23,000 from her bank. She took advantage of the bank's special terms for small entrepreneurs. She signed a promissory note for her loan. The principal is payable on December 30, 20a6. The interest is payable monthly beginning January 31, 20a5. 2. Mira started her business by depositing P 30,000 to open the checking account. On October 15, 20a4, the business is in need of additional cash so Mira deposited P 5,000 to the checking account. Mira also withdrew P 15,000 from the business over the year. Requirements: 1. Prepare a classified Statement of Financial position for Mira's Store as of December 31, 20a4. 2. Determine net income for the month-ended December 31, 20a4. On February 1, 20a4, Mira Delamar opened a store that sells school supplies. Her main customers are the students and teachers of Happy Students School which is situated in front of her store. Mira wanted to know the financial position of Mira's Store. Mira knew you were studying accounting so she asked for your help. The following information were made available to you: 1. To start her business, Mira opened a checking account in the name of Mira's Store. The statement of account from the bank shown that the checking account has a balance of P 31,535 as of December 31, 20a4. 2. Mira told you that she keeps P 1,000, in small bills and coins, in her store which she uses as a change (sukli) fund. 3. As of December 31, 20a4, cash on hand from sales and collections for the day amounted to P 12,000. This does not include Mira's change fund. 4. Mira showed you a delivery receipt for P 575. The receipt dated December 29, 20a4 showed that manila papers and color markers were delivered to a Ms. Rebecca Di who is a grade school teacher in Happy Students School. Ms. Di noted on the delivery receipt that she will pay Mira on January 15, 20a5. 5. Mira's Store is located on the ground floor of a commercial building. The commercial unit costs her P 5,000 per month for rent. As of December 31, 20a4, Mira's store has a remaining one month advance rent with the landlord. 6. Mira purchased shelves and cabinets amounting P 30,000 to be used as display racks and storage for her store. The shelves and cabinets are expected to be used in the store for 5 years. Mira started using the shelves and cabinets on December 1, 20a4. 7. After closing the store on December 31, 20a4, Mira counted all the unsold merchandise inside the store. Mira does not have any other storage space except for the store premises. Based on Mira's count, the remaining unsold merchandise costs P 15,345. 8. Mira showed you a folder where she kept her unpaid receipts and bills. You noted the following: A sales invoice dated December 25, 20a4 from Long Lasting Ballpoint Pens incorporated amounting to P 2,645. The invoice term is 30 days. 0 A sales invoice from Papier Paper Company dated December 15, 20a4 for P 5,465. The payment terms on the invoice is 40 days. o A Meralco bill for electricity consumption from December 1-31 for P 3,400. The bill is payable on January 15,20a5. February PLDT bill for P 600. The bill is payable on January 17, 20a5. O Mira hired Emily to help her inside the store. Emily's salary is P 500/day. Emily's wages were paid on December 30, 20a4 for work rendered until December 29. Her pay for December 30 and 31 will be included in her January wages. 9. Mira showed you an official receipt for P 1,395. She told you that this is a downpayment from Ms. Benny Ling, a grade 5 teacher in Happy Students School. Ms. Ling ordered green, red, and blue poster paints for her students. The total price of the order was P 2,790. According to their agreement, Mira will deliver the paints on January 3, 20a5. 1. On December 30, 20a4, Mira borrowed P 23,000 from her bank. She took advantage of the bank's special terms for small entrepreneurs. She signed a promissory note for her loan. The principal is payable on December 30, 20a6. The interest is payable monthly beginning January 31, 20a5. 2. Mira started her business by depositing P 30,000 to open the checking account. On October 15, 20a4, the business is in need of additional cash so Mira deposited P 5,000 to the checking account. Mira also withdrew P 15,000 from the business over the year. Requirements: 1. Prepare a classified Statement of Financial position for Mira's Store as of December 31, 20a4. 2. Determine net income for the month-ended December 31, 20a4.

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