Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues Building Cash 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,000 24,600 395,000 Depreciation- Depreciation- 60,000 Notes Payable 213,000 105,000 Office Supplies 1.437,500 Blanche, Capital (1/1/2020) 450,000 Blanche, Withdrawals 36.200 Representation Expense 17,200 50.500 148,600 164,000 CO 000 1 00

Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statement of Financial Position using the following accounts of Warlito Blanche Graphic Arts: Accounts Payable Accounts Receivable Accumulated Building Accumulated Equipment Advertising Expense Art Revenues Building Cash 122,500 Land 219.000 Miscellaneous Expense 60,000 Mortgage Payable 120,000 24,600 395,000 Depreciation- Depreciation- 60,000 Notes Payable 213,000 105,000 Office Supplies 1.437,500 Blanche, Capital (1/1/2020) 450,000 Blanche, Withdrawals 36.200 Representation Expense 17,200 50.500 148,600 164,000 CO 000 1 00

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 5SEA: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...

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