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Exercise 1 Directions: Prepare the statement of financial performance using the information of adjusted trial balance of Praca General Services for the Month of January 31, 2020. Praca General Services Adjusted Trial Balance January 31, 2020 Debit Credit Account Title Р 84,500 Cash 12,054 Accounts Receivable 5,300 Supplies 10
Prepaid Insurance 5,500 Office Equipment Accumulated Depreciation 24,000 Р 2,000 Accounts Payable 12,200 Unearned Service Revenue 3,000 Praca, Capital 106,000 Praca, Drawings 10,000 Service Revenue 42,200 Salaries Expense 14,000 1,500 Rent Expense Utilities Expense 1,600 Depreciation Expense-Office Equipment 2,000 Bad Debt Expense 246 Supplies Expense 4,200 Insurance Expense 500 Total Р 165,400 P 165,400 Guide Questions: 1. What are the accounts included in preparing the Statement of Financial Performance? 2. How much net income computed from the given transaction?
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