Reference no: EM132628051

Questions -

Q1. At the end of the first month of operations for Juan's Service Company, the business had the following accounts: Cash, Php19,000; Prepaid Rent, Php500; Equipment, Php5,000 and Accounts Payable Php2,000. By the end of the month, Jackson's had earned Php20,000 of Revenues, Php1,000 of Utilities Expenses and Php1,500 of Salaries Expenses. Calculate the net income to be reported by the company for this first month.

Q2. Make a single-step Statement of Comprehensive Income using the following: Revenues - 20,000 Rent expense - 3,000 Salaries expense - 4,000 Utilities expense - 2,000 Learners can use any business name and the end of the current year for the heading.

Q3. Make a multi-step Statement of Comprehensive Income using the following: Sales - 20,000 Cost of Goods Sold - 10,000 General and administrative expenses - 4,000 Selling expenses - 2,000 Learners can use any business name and the end of the current year for the heading.