Introduction to Accounting Information System and Me Accounting Cyde ,1-35C
Test Material No. 6-1 Rating _____________ Name Date Year and Section Professor You have just been hired to prepare, if possible, an income statement for the year ended December 31, 2009, for Mi10's Carwash Company. The problem is that Milo Santos kept only the following records (on the back of a piece of cardboard): Pesos in: My investment Car washing Loan from brother-in-law P 12,000 113, 760 40, 000 Pesos out: P50, 800 62,000 14,000 Salaries Withdrawals Supplies expense What Iowe or they owe me A. People who work for me but I still owe salaries to P18,000 B. Owe bank interest 0fP3,000 C. Work done but clients still owe me P29,000 D. Advertising bill due but not paid P950 Assume that Milos Carwash Company records all revenues when earned and all expenses when incurred. You feel that it is part of your job to tell Milo how to organize his records better. What would you tell him?