Presented below are information from the trial balance of Masheme Company.

Accounts payable 505,500 Building P1,211,000

Accumulated Depreciation-Building 97,500 Owner’s Capital 1,980,926
Allowance for Doubtful Accounts 117,000 Inventory 201,000
Prepaid Rent 29,250 Office Supplies Expense 370,422
Notes Payable 330,000 Depreciation Expense-Store Equipment 11,766
Store Equipment 390,000 Salaries Expense 234,800
Accounts Receivable 2,103,000 Rent Expense 20,000
Sales 3,870,000 Depreciation Expense –Building 15,000
Other Income 99,301 Unearned Service Revenue 72,000
Bad Debts Expense 400,000 Cash 133,222
Accumulated depreciation- Store Accrued Interest 24, 300
Equipment 200,233 Land 480,000
Long-term Debt 350,000 Cost of Sales 2,000,000

Required: Prepare the Balance Sheet and Income Statement of Masheme Company 

Presented below are information from the trial balance of Masheme Company.
Accounts payable 505,500 Building P1,211,000
Accumulated Depreciation-Building 97,500 Owner’s Capital 431,000
Allowance for Doubtful Accounts 117,000 Inventory 201,000
Prepaid Rent 29,250 Office Supplies Expense 370,422
Notes Payable 330,000 Depreciation Expense-Store Equipment 11,766
Store Equipment 390,000 Salaries Expense 234,800
Accounts Receivable 2,103,000 Rent Expense 20,000
Sales 3,870,000 Depreciation Expense –Building 15,000
Other Income 99,301 Unearned Service Revenue 72,000
Bad Debts Expense 400,000 Cash 133,222
Accumulated depreciation- Store Accrued Interest 24, 300
Equipment 200,233 Land 480,000
Long-term Debt 350,000 Cost of Sales 2,000,000

Required: Prepare the Balance Sheet and Income Statement of Masheme Company 

Presented below are information from the trial balance of Masheme Company.
Accounts payable 505,500 Building P1,211,000
Accumulated Depreciation-Building 97,500 Owner’s Capital 431,000
Allowance for Doubtful Accounts 117,000 Inventory 201,000
Prepaid Rent 29,250 Office Supplies Expense 370,422
Notes Payable 330,000 Depreciation Expense-Store Equipment 11,766
Store Equipment 390,000 Salaries Expense 234,800
Accounts Receivable 2,103,000 Rent Expense 20,000
Sales 3,870,000 Depreciation Expense –Building 15,000
Other Income 99,301 Unearned Service Revenue 72,000
Bad Debts Expense 400,000 Cash 133,222
Accumulated depreciation- Store Accrued Interest 24, 300
Equipment 200,233 Land 480,000
Long-term Debt 350,000 Cost of Sales 2,000,000

Required: Prepare the Balance Sheet and Income Statement of Masheme Company 