Reference no: EM132707461

Question - As at Dec 31, 2019, the accounting records Goma Cabano V (GMA-CBN 5 Ads) contained the following balances:

Assets

Cash P180,000

Accounts Receivable 110,000

Land 90,000

Total 380,000

Liability and Owner's Equity

Accounts Payable P 34,000

Cabano, Capital 346,000

Total 380,000

The following accounting events apply to 2020:

Jan 1. Received P100,000 additional cash investment from the owner.

Jan 1. Purchased a service vehicle that cost P80,000 for cash. The vehicle has an P8,000 salvage value and a 3-yr useful life.

Feb 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-yr term.

Feb 1 Paid P24,000 cash in advance for a 1-year rent for office space.

Mar 1 Cabano withdrew P30,000 for emergency personal use.

April 1 Acquired land that cost P70,000 cash

May 1 Make a cash payment on accounts payable amounting to P15,000.

July 1 Received P42,000 cash in advance as retainer for services to be performed monthly over the next 12 months.

Oct 1 Purchased P20,000 of supplies on account.

Dec 31 Total earned service revenues (on account) for the year, P250,000

Dec 31 Total cash collections from accounts receivable amounted to P200,000.

Dec 31 Incurred other operating expenses on account during the year that amounted to P80,000.

Dec 31 Accrued salaries amounted to P32,000.

Dec 31 P1,000 of supplies remained on hand at the end of the period.

Required - Based on the above information, compute the adjusted balances at December 31, 2020?

1. What is the total amount of revenues appearing on the Statement of Financial Performance?

2. What is the total amount of expenses appearing on the income statement?

3. What is the cash balance appearing on the Statement of Financial Position?

4. What is the balance of accounts receivable appearing on the Statement of Financial Position?

5. What is the balance of notes payable appearing on the Statement of Financial Position?

6. What is the balance of Land appearing on the Statement of Financial Position?

7. What is the balance of supplies appearing on the Statement of Financial Position?

8. What is the balance of accounts payable appearing on the Statement of Financial Position?

9. What is the balance of salaries payable appearing on the Statement of Financial Position?

10. What is the balance of interest payable appearing on the Statement of Financial Position?

11. What is the total balance of the unadjusted trial balance?

12. What is the total amount of current assets appearing on the Statement of Financial Position?

13. What is the total balance of current liabilities appearing on the Statement of Financial Position?

14. What the profit or loss of the business?

15. What is the total balance of Cabano, Capital after closing entries?