1 .

From the following data, prepare a single-step Income Statement for Arce Repair Shop for the quarter ended June 30, 2007. Repair income Interest income Supplies expenses Taxes and license Rent expense Salaries and wages Utilities expense Delivery expense 2. Prepare a Balance Sheet in an account form for Bhel's Beauty Parlor for the Year ended December.31, 2007. Cash on hand Prepaid rent Salary payable Furniture and Fixtures Allowance for bad debts Accounts payable Bhel, Capital Prepaid insurance Accumulated depreciation Bhel, drawing Unused office supplies Accounts Receivable Net income 12,000 750 900 38,400 600 27,000 30,000 450 3,840 1,200 1,500 60,300 52,260 P20,000 500 3,000 800 2,000 4,000 600 500