Reference no: EM132703473
Make sure to show ALL necessary computations as well as labeling your answers properly. You are also asked to use the proper format of preparing the financial statements and the income tax format. Short cut answers will only be given points for the final answer.
1. Prepare the cash flow statement and Balance Sheet of Ms. Servi Tuto. Given the following information. Make sure to follow the correct format in the preparation of the financial statements. The data for the balance sheet are end of the year balances, while the cash flow is for the month of December.
Furnitures 1,680,915
Housing Loan (balance) 12,620,000
Appliances 1,015,020
Stock Investment 600,500
Savings account Balance 280,000
Checking account balance 157,600
Certificate of time deposit balance 900,000
Life insurance (cash value) 750,000
Salary loan (balance) 120,000
Car loan (balance) 985,615
Cooperative loan (balance) 456,810
Cars 1,964,320
House and Lot 18,750,000
Account Receivable - Maria 264,375
Account Receivable - Clara 116,432
Account Payable - Damaso 110,000
Condominium Unit 1,500,000
Personal property 2,986,815
Investment in Mutual Funds 255,210
Credit card balance 175,980
Unpaid utility bill 5,660
Food expense 23,750
Payment for utility (previous month bill) 5,490
Payment for LPG 800
Savings deposits 2,000
Interest Income 4,367
Income tax rebate 6,985
Payment for retirement contribution 2,000
Payment for medical expenses 11,146
Payment of real property tax 2736
Income (net of tax) 52,615
Purchase of gifts 10,000
Purchase of appliance 16,780
Transportation expenses 4,918
Purchase of a gadget 13,000
Purchase of clothes and apparel 5,000
Payment of tuition fees 20,000
Entertainment 3,750
Expense for hobbies 5,908
13 th month benefit 26,315
Dividend income 2,140
Income from sale of assets 16,214
Other bonuses 38,364
Automobile loan payment 8,000
Coop loan payment 7,640