prepare a Statement of Comprehensive Income and Statement of Financial Position (PERFORMANCE TASKS):Statement of Comprehensive IncomeLESSON 1Statement of Comprehensive IncomeThe Trial Balance of Paasa Interiors Company is shown below.Prepare the SCI for Service Business(Single Step Format) and SFP (Report Form)All currency is in Philippine PesosPaasa Interiors CompanyTrial BalanceMonday, December 31, 2018AccountDebitCreditCash186, 000.00Accounts Recievable71, 200.0012, 000.00Prepaid rentEquipmentAccumulated Depreciation EquipmentAccounts PayableNotes PayableMr. M, CapitalMr. M, Drawing177, 500.0012,625.0018,000.0012,000.00300,000.0019, 000.00Professional Fees276,300.0096, 100.0012, 000.0037, 800.007, 200.007, 125.00Salaries ExpenseSupplies ExpenseUtilities ExpenseRent ExpenseDepreciation ExpenseSalaries PayableInterest ExpenseInterest Payable12,000.0080.0080.00Bad Debts Expense3, 560.00Allowance for Bad Debts3,560.00Supplies InventoryTOTAL5, 000.00634, 565.00634,565.001|Page

The financial statements of the business includes the income statement and balance sheet.

Monday, December 31, 2018 Account Debit Credit 186, 000.00 71, 200.00 12, 000.00 177, 500.00 Cash Accounts Recievable Prepaid rent Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Mr. M, Capital Mr. M, Drawing 12,625.00 18,000.00 12,000.00 300,000.00 19, 000.00 Professional Fees 276,300.00 Salaries Expense 96, 100.00 12, 000.00 37, 800.00 7, 200.00 7, 125.00 Supplies Expense Utilities Expense Rent Expense Depreciation Expense Salaries Payable Interest Expense Interest Payable Bad Debts Expense 12,000.00 80.00 80.00 3, 560.00 Allowance for Bad Debts 3,560.00 Supplies Inventory 5, 000.00 634, 565.00 ТОTAL 634,565.00

Monday, December 31, 2018 Account Debit Credit 186, 000.00 71, 200.00 12, 000.00 177, 500.00 Cash Accounts Recievable Prepaid rent Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Mr. M, Capital Mr. M, Drawing 12,625.00 18,000.00 12,000.00 300,000.00 19, 000.00 Professional Fees 276,300.00 Salaries Expense 96, 100.00 12, 000.00 37, 800.00 7, 200.00 7, 125.00 Supplies Expense Utilities Expense Rent Expense Depreciation Expense Salaries Payable Interest Expense Interest Payable Bad Debts Expense 12,000.00 80.00 80.00 3, 560.00 Allowance for Bad Debts 3,560.00 Supplies Inventory 5, 000.00 634, 565.00 ТОTAL 634,565.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 7PA: Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then...

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