Prepare income statement and balance sheet

Assignment Help Accounting Basics

Reference no: EM132736979

Questions -

1. You invested P600,000 to "your family name" Grains with office, store and warehouse at Leganes, Iloilo. It is engaged in buying and selling rice.

2. Paid AC Construction P325,000 warehouse construction, balance of 175,000 payable in 60 days.

3. Purchased 30 sacks of "White Rice" at Samson Trading for P1,500/sack, on account.

4. Purchased 50 sacks of "Regular Rice" at Lambunao Rice Mill for P950 per sack for cash.

5. Cash sale to CPU Dining Hall, 5 sacks "white rice" for P1,800 per sack.

6. Purchased from Calinog Grains 30 sacks of "white rice" for P1,300 per sack and 40 sacks "regular rice" at P930 per sack, for cash.

7. Sold to Mr. Andres Boni 10 sacks of "regular rice" for P1,900 per sack, cash.

8. Sold to Business Inn 20 sacks "white rice" at P1,550 per sack, cash. Paid CLC Trucking Services delivery cost for P8,500.

9. Paid taxes and licenses P15,400 to Leganes Municipal Government.

10. Purchased 100 empty sacks from Iloilo Plastic Factory, Iloilo City for a total of P1,000, cash.

11. Paid Samson Trading P45,000.

12. Sold to Iloilo Mission Hospital 40 sacks "regular rice" at P1,920/sack, cash

13. Sold to Panay Agri Retailer, 20 sacks "white rice" at P1,500 per sacks and 15 sacks "regular rice" at P1,000 per sack, cash

14. Purchased from Jaspe Rice Mill 20 sacks "regular rice" at P1,875 per sack, on account.

Inventory at the end of the period:

White Rice 15 sacks

Regular Rice 45 sacks

Use First In, First Out method of recognizing ending inventory.

Required - Prepare "income statement" and "balance sheet".

Reference no: EM132736979

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