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For ACC0 101-Problem 1

The document provides financial data for Puregold Trading, including various accounts and their balances as of August 31 of the current year. It instructs the preparation of three financial statements: a Multiple-step Income Statement for August, a Statement of Owner’s Equity, and a Statement of Financial Position. The information includes details on assets, liabilities, capital, and expenses necessary for the financial statements.

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13 views

For ACC0 101-Problem 1

The document provides financial data for Puregold Trading, including various accounts and their balances as of August 31 of the current year. It instructs the preparation of three financial statements: a Multiple-step Income Statement for August, a Statement of Owner’s Equity, and a Statement of Financial Position. The information includes details on assets, liabilities, capital, and expenses necessary for the financial statements.

Uploaded by

dhonjaymieldeleon23
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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Problem 1-

Presented below are accounts of Puregold Trading and their balances on *-, of the current year.

Accounts payable P 32,070


Accounts receivable 44,800
Allowance for doubtful 5,000
accounts
Accumulated depreciation- 13,250
office equip.
Accumulated depreciation- 9,320
store equip.
Cash 38,480
Conrad Co, Capital- August 30 130,580
Conrad Co, Drawing 15,500
General expenses 115,745
Notes payable, long-term 50,000
Interest expense 9,800
Interest payable 5,500
Inventory – August 1 90,090
Inventory - August 31 86,085
Office equipment 75,500
Purchases 410,650
Purchase discounts 8,005
Purchase returns and 15,285
allowances
Salaries payable 7,180
Sales revenue 754,370
Sales discounts 25,850
Sales returns and allowances 13,525
Selling expenses 125,900
Store equipment 73,250
Supplies 7,525
Unearned sales revenue 16,055

Instructions: Prepare the following financial statements in good form

1. Multiple-step Income Statement for the Month of August of the current year.
2. Statement of Owner’s Equity
3. Statement of Financial position as at August 31.

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