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Quiz- Merchandising FS

Preparation of the income statement, statement of changes in equity and balance sheet of a merchandising concern.

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lou-924
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11 views1 page

Quiz- Merchandising FS

Preparation of the income statement, statement of changes in equity and balance sheet of a merchandising concern.

Uploaded by

lou-924
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Below is the trial balance of Triple S General Merchandise as of December 31, 2022.

Below is the trial balance of Santos General Merchandise as of December 31, 2022.

Dr. Cr.
Cash ₱ 200,100
Accounts Payable ₱ 386,820
Accounts Receivable 138,000
Accumulated Depreciation-Office Building 26,400
Accumulated Depreciation-Office Equipment 159,500
Accumulated Depreciation-Store Building 86,400
Accumulated Depreciation-Store Equipment 59,500
Advertising Expense 30,000
Allowance for Bad debts 8,000
Bad Debts Expense 3,000
Depreciation Expense- Office Building 43,200
Depreciation Expense- Office Equipment 12,250
Depreciation Expense- Store Building 63,100
Depreciation Expense- Store Equipment 8,250
Freight-in 22,000
Freight-out 6,200
Insurance Expense-Office 16,280
Insurance Expense-Store 15,600
Interest Expense 4,520
Interest Income 9,530
Land 500,000
Merchandise Inventory, January 1 138,900
Miscellaneous Expenses 32,100
Mortgage Payable, due 2027 200,000
Notes Payable, due 2023 150,000
Notes Payable, due 2025 200,000
Notes Receivable 600,000
Office Building 250,000
Office Equipment 600,000
Office Salaries Expense 87,200
Office Supplies 7,000
Purchase Discounts 15,500
Purchase Returns and Allowances 22,800
Purchases 1,576,800
Repairs and Maintenance - Store Equipment 12,000
Sales 2,196,780
Sales Discount 8,800
Sales Returns and Allowances 22,000
Sales Salaries Expense 124,500
Santos, Capital 2,380,470
Santos, Drawing 100,000
Store Building 750,000
Store Equipment 300,000
Store Supplies 8,000
Taxes and Licenses 13,000
Telephone Expense-Office 23,000
Telephone Expense-Store 52,450
Utilities - Office 76,750
Utilities - Store 56,700
TOTAL ₱ 5,901,700 ₱ 5,901,700

Additional information:
Merchandise Inventory, Dec. 31, 2022 - ₱ 250,500
The store manager approves credit sales.

REQUIRED: Prepare the following financial statements:


1. Income Statement
2. Statement of Changes in Owner’s Equity
3. Balance Sheet

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