The document provides financial statements for Peter's Car Wash for the month of June 2017 including:
1) A statement of financial position showing total assets of $131,333.33 including current assets of $77,250 and noncurrent assets of $54,083.33, with total liabilities of $41,421.88 resulting in total owner's equity of $89,911.45.
2) A statement of changes in owner's equity showing a beginning capital balance of $100,000, withdrawals of $3,000 and a net loss of $7,088.55 resulting in an ending capital balance of $89,911.45.
3) A
The document provides financial statements for Peter's Car Wash for the month of June 2017 including:
1) A statement of financial position showing total assets of $131,333.33 including current assets of $77,250 and noncurrent assets of $54,083.33, with total liabilities of $41,421.88 resulting in total owner's equity of $89,911.45.
2) A statement of changes in owner's equity showing a beginning capital balance of $100,000, withdrawals of $3,000 and a net loss of $7,088.55 resulting in an ending capital balance of $89,911.45.
3) A
The document provides financial statements for Peter's Car Wash for the month of June 2017 including:
1) A statement of financial position showing total assets of $131,333.33 including current assets of $77,250 and noncurrent assets of $54,083.33, with total liabilities of $41,421.88 resulting in total owner's equity of $89,911.45.
2) A statement of changes in owner's equity showing a beginning capital balance of $100,000, withdrawals of $3,000 and a net loss of $7,088.55 resulting in an ending capital balance of $89,911.45.
3) A
The document provides financial statements for Peter's Car Wash for the month of June 2017 including:
1) A statement of financial position showing total assets of $131,333.33 including current assets of $77,250 and noncurrent assets of $54,083.33, with total liabilities of $41,421.88 resulting in total owner's equity of $89,911.45.
2) A statement of changes in owner's equity showing a beginning capital balance of $100,000, withdrawals of $3,000 and a net loss of $7,088.55 resulting in an ending capital balance of $89,911.45.
3) A
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Asynchronous Activity
3 Sorsogon National High School May 6 , 2021
SENIOR HIGH SCHOOL DEPARTMENT
FABM 2 Name: __________________________________________________________________________________________ Louise Joseph G. Peralta Grade & Section: __________________________________, 11 - Fairness Date Accomplished: _________________________
NE Type: Synchronous and Asynchronous Platform: Google Meet/Classroom G-Meet Link: meet.google.com/pad-ybnu-bcn
FABM 2 – Summative Test
1 Quarter; School Year 2020-2021 st
A. Prepare the following financial statements from the adjusted trial balance of Peter's Car Wash:
a. Statement of Financial Position
PETER’S CAR WASH STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2017 Assets Current Assets Cash P 45,250.00 Account Receivable 6,000.00 Prepaid Rent 20,000.00 Car Wash Supplies 4,000.00 Office Supplies 2,000.00 Total Current Assets P 77,250.00 Noncurrent Assets Car Wash Equipment P 55,000.00 Accumulated Depreciation (916.67) Total Noncurrent Assets 54,083.33 Total Assets P 131,333.33
Liabilities Current Liabilities Accounts Payable P 41,250.00 Interest Payable 171.88 Total Current Liabilities 41,421.88 Total Liabilities P 41,421.88
Owner’s Equity Owner’s Equity P 89,911.45 Total Owner’s Equity P 89,911.45 Total Liabilities and Owner’s Equity P 131,333.33 b. Statement of Changes in Equity. PETER’S CAR WASH STATEMENT OF CHANGES IN OWNER’S EQUITY FOR THE MONTH ENDED OF JUNE 30, 2017 Juan, Capital, June 1, 2017 P 100,000.00 Less: Withdrawals 3,000.00 Net Loss 7,088.55 Total Decrease in Capital 10,088.55 Peter, Capital, June 30, 2017 P 89,911.45 c. Statement of Comprehensive Income. PETER’S CAR WASH STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDED OF JUNE, 2017 Revenues: P 35,000.00 Car Wash Revenue Total P 35,000.00 Revenues
Expenses: Rent Expense P 10,000.00 Salary Expense 18,000.00 Office Supplies Expense 500.00 Car Wash Supplies Expense 3,500.00 Utilities Expense 4,000.00 License Expense 5,000.00 Depreciation Expense 916.67 Interest Expense Total 171.88 Expenses P 42,088.55 Net Loss P 7,088.55
B. Complete the Cash Flow Statement given the transaction of Peter’s Car Wash for the No portion of this activity learning sheet may be reproduced without the expressed consent of the writer, and of Sorsogon National High School. March 15, 2021 month of June, 2017. PETER’S CAR WASH Statement of Cash Flow For the month of June, 2017 Cash Flow from Operating Services P 39,000.00 Cash Received form the Customers 67,000.00 Cash Payment of Expenses (P 28,000.00) Net Cash Outflow from Operating Activities
Cash Flow from Investing Services (P 13,750.00)
Cash Payment of Purchased Equipment (P 13,750.00) Net Cash Outflow from Investing Activities
Cash Flow from Financing Services P 100,000.00
Cash Investment from Owner (3,000.00) Cash Withdrawal of the Owner P 97,000.00 Net Cash Inflow from Financing Activities P 55,250.00 Net Increase in Cash P0 Cash Balance(Beginning) P55,250.00 Cash Balance (End)
