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Problem 12 Accounting PDF
Problem 12 Accounting PDF
The accounts for the balance sheet, statement of changes in equity, and income statement of
Marife Sarmiento, CPA, are as follows;
Required:
Prepare the income statement, statement of changes in equity and balance sheet.
Marife Sarmiento, CPA
Income Statement
For the Year Ended December 31, 2012
Assets
Current Assets
Cash ₱118,500
Accounts Receivables 198,000
Notes Receivables 60,000
Office Supplies 28,000
Non-Current Assets
Land ₱ 75,000
Building 750,000
Accumulated Depreciation – Building (110,000) 640,000
Office Equipment 362,500
Accumulated Depreciation – Office Equipment (120,000) 242,500
Liabilities
Current Liabilities
Accounts Payable ₱63,500
Salaries Payable 30,500
OWNERS EQUITY
Sarmiento, Capital ₱1,268,000