Submit in excel form the financial statements report for Hyrule as presented in the worksheet Hyrule Motors, a motorcycle repairs and maintenance services provider, had the following transaction during 2020, its first month of operations:January 1. The owner, Link, invested P1,000,000 cash to start the business.January 1. Hyrule Motors bought computer equipment totaling P240,000 using cash.January 1. Bought furmiture and fixtures using cash, P400,000.January 1. Bought machineries totaling P500,000 on account.January 3. Bought office supplies amounting 50,000 cash.January 7. Rendered services amounting to P800,000, on account.January 8. Rendered services amounting to P200,000 cash.January 13. Paid 300,000 for the machineries bought on January 1.January 27. Received P400,000 cash as payment for the services rendered onJanuary 31. January 31. Paid P100,000 for the month's utilities. Hyrule MotorsWorksheetFor the Year Ended December 31, 2020Trial BalanceDebitF240,000400.00050,000360.000500.000240.000Adjusted Trial BalanceDebitP240,000425,00050,00090,000500,000240,000400,000AdjustmentsDebitIncome StatementDebitBalance SheetCreditDebitP240,000425,00050,00090.000500,000240,000No.Account TitleCreditCreditCreditCredit110 | Cash120 Accounts Receivable130 Ofice Supplies140P25,000Prepaid Rent150 Machinenes160 Computer Equipment170 | Furniture and Fixtures210220P270.000400,000400,000P200,000Accounts PayableUtilities Payable230 Uneamed Revenue310 Link, Capital410 Service Revenue510 Utities Expense520 | Rent ExpenseP200,00050,00045,0001,000,0001,070,000P200,00050.00045,0001,000,00050,00090,0001,000,0001,000,00045,00070,000P1,070.000100,00050,000270,000150,000270,000P390,000 P2,365,000 P2,365,000P150.000270,000P2,290,000 P2,290,000P420,000 P1,070,000 P1,945,000 P1,295,000650,000P1,070,000 | P1,070,000 | P1,945,000 | P1,945,000P390,000Profit650.000

Adjusted Trial Balance No. Account Titles Debit Credit 110 Cash 240000 120…

Hyrule Motors Worksheet For the Year Ended December 31, 2020 Adjusted TrialBalance Credit Income Statement Debit Balance Sheet Debit P240,000 425.000 50,000 90 000 500,000 240,000 400.000 Tral Balance Debit Adjustments Debit Account Title 110 Ca 120 Accounts Receivable 130 Office Supoles 140 Prepaid Rent 150 Machinenes 160 Computer Equipment 170 Funtuare and Fodure 210 Accounts Payable 220 UMes Payable 230 Uneamed Revenue 310 Unk Capital 410 Service Revenue 510 Ues Expense 520 Rent Expense Debit P240.000 425.000 50,000 90 000 500 000 240 000 400.000 No. Credit Credit Credit Credit P240.000 400,000 50,000 360 000 500 000 240,000 400,000 P25.000 P270 000 P200.000 50,000 45,000 1,000.000 1,070,000 P200.000 50,000 45,000 1.000,000 P200.000 50,000 90,000 1.000,000 1,000,000 45,000 70,000 P1.070.000 100 000 50.000 150,000 270 000 P390,000 P2,365,000 P2365,000 P150,000 270,000 P420,000 P1,070,000 P1,945,000 P1,295,000 650.000 P1070.000 P1,070.000 P1.945.000 | P1.945.000 270.000 P390,000 P2,790,000 P2,790,000 Profit 650.000

Hyrule Motors Worksheet For the Year Ended December 31, 2020 Adjusted TrialBalance Credit Income Statement Debit Balance Sheet Debit P240,000 425.000 50,000 90 000 500,000 240,000 400.000 Tral Balance Debit Adjustments Debit Account Title 110 Ca 120 Accounts Receivable 130 Office Supoles 140 Prepaid Rent 150 Machinenes 160 Computer Equipment 170 Funtuare and Fodure 210 Accounts Payable 220 UMes Payable 230 Uneamed Revenue 310 Unk Capital 410 Service Revenue 510 Ues Expense 520 Rent Expense Debit P240.000 425.000 50,000 90 000 500 000 240 000 400.000 No. Credit Credit Credit Credit P240.000 400,000 50,000 360 000 500 000 240,000 400,000 P25.000 P270 000 P200.000 50,000 45,000 1,000.000 1,070,000 P200.000 50,000 45,000 1.000,000 P200.000 50,000 90,000 1.000,000 1,000,000 45,000 70,000 P1.070.000 100 000 50.000 150,000 270 000 P390,000 P2,365,000 P2365,000 P150,000 270,000 P420,000 P1,070,000 P1,945,000 P1,295,000 650.000 P1070.000 P1,070.000 P1.945.000 | P1.945.000 270.000 P390,000 P2,790,000 P2,790,000 Profit 650.000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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