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[solution]: Prepare the following: 1. Statement of Comprehensive Income


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Prepare the following:

1. Statement of Comprehensive Income

2.Statement of Financial Position

3. Statement of Capital 

4. Statement of Cash Flows


Laundry Star reported the following transactions:

1. Mr. Star invested the following to start a laundry business:

                                                             Cost               Market Value

Cash                                                   100,000           100,000

Washing equipment                          40,000            25,000

Furniture                                              30,000            28,000

Laundry detergent and activities       5,000                6,000

2.Paid 6 months advance rent to Porta Baga, 60,000

3.Renovate the laundry shop for 20,000. Fifty percent of this amount can be used to offset the rental expense.

4. Received bill from Gold News for advertising 1,000

5. Bought laundry equipment from Electrolux for 50,000 on account. Transportation and handling  costs, 20,000

6. Purchased laundry supplies 5,000 on cash and 3,000 on credit.

7. Paid Electrolux partially 60%.

8. Received a bank loan for business use, 20,000 to purchase a delivery van.

9. Purchased a delivery van for 250,000. He paid the amount received from the bank and the remaining balance is issued with a 2% note.

10. Laundry services totaled 150,000 of which 20% is on account.

11. Paid various operating expenses during the month: Janitorial expense,15,000 ; Water and electricity,20,000,  telephone expense 5,000 and repair expense 3,000.

12. Received laundry advances for customers 10,000

13. Collected 80% of the remaining services on account.

14. Received 90-day 5% promissory note from a customer for laundry services rendered 50,000

15. Paid the entire balance to Electrolux.

16. Paid commissions of workers 10% of actual service rendered and collected.

17. Paid customer for loss items 2,000

18. Paid 20,000 of bank loan plus interest of 1% based on the outstanding balance

19.Completed 60% of work related to customers who paid in advance

20. Mr. Star withdrew 15,000 for personal use.

 


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