1. Prepare the income statement using the single-step format and the balance sheet using the account form.
2. Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is 10% of Net Sales.
Extracted text: A Classes A MIDTERM SUMMA X b My Questions | bar x b Answered: lo test G Required: Prepare 仓 classroom.google.com/u/2/c/NTMONzc1MzMwOTBa/a/NDE2ODCWOTK5MDYX/details 出 Apps A Classes E Reading list me Tonowmg accoumSTerate toJuato Osup orapmc ATS. FABM2 122,500 Accounts Payable Accounts Receivable ABM11A Php 219,000 Liz Araneta Accumulated Depreciation - Building Accumulated Depreciation - Equipment Advertising Expense 60,000 60,000 105,000 1,437,500 100 polnts nes- X Art Revenues See the atta Building 450,000 Cash 36,200 30,000 30,000 217,000 37,000 create Depreciation Expense - Building Depreciation Expense - Equipment Equipment Interest Expense Land 120,000 PROBL 24,600 395,000 213,000 17,200 164,000 Miscellaneous Expense Mortgage Payable Notes Payable Office Supplies Representation Expense Salaries Expense Salaries Payable Travel Expense Usop, Capital, 1/1/2018 Usop, Withdrawals Araneta PROBLE 673,200 17,300 159,000 50,500 148,600 의 Class c During the year, Usop invested additional Php 75,000 in the business. Required: Prepare the income statement using the single-step format and the balance sheet using the account form. Add a clas
Extracted text: A Classes A MIDTERM SUMMA X b My Questions | bar x b Answered: lo test G Required: Prepare classroom.google.com/u/2/c/NTMONzc1MzMwOTBa/a/NDE2ODCWOTK5MDYX/details 出 Apps A Classes E Reading list Net Sales Gross Sales Php Php 45,000 15,000 Less: Sales Returns & Allowances Sales Discounts Net Sales Php Cost of Goods Sold Inventory, Jan. 1, 2018 Purchases Php 220,000 Php 985,000 Less: Purchases Returns & Allowances Php 31,000 Purchase Discounts 20,000 Net Purchases Php 36,000 Transportation-In Net Cost of Purchases Cost of Goods Available for Sale Php 260,000 Less: Inventory, Dec. 31, 2018 Cost of Goods Sold Gross Profit from Sales Php 620,000 Operating Expenses Profit Required: Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is 10% of Net Sales.