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    Alfred Cesar Quinsay

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    Irah Louise
    Alfred Cesar Quinsay generated $1,361,500 in auditing revenues and $1,144,000 in expenses in 2018, resulting in net income of $217,500. As of December 31, 2018, Quinsay had total assets of $1,362,000 including $404,500 in current assets and $957,500 in non-current assets. Total liabilities were $94,000 resulting in owner's equity of $1,268,000. Over the course of 2018, Quinsay's capital increased from $1,193,500 to $1,268,000 due to additional investment, net income, and withdrawals.

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    Alfred Cesar Quinsay

    Uploaded by

    Irah Louise
    4K views3 pages
    Alfred Cesar Quinsay generated $1,361,500 in auditing revenues and $1,144,000 in expenses in 2018, resulting in net income of $217,500. As of December 31, 2018, Quinsay had total assets of $1,362,000 including $404,500 in current assets and $957,500 in non-current assets. Total liabilities were $94,000 resulting in owner's equity of $1,268,000. Over the course of 2018, Quinsay's capital increased from $1,193,500 to $1,268,000 due to additional investment, net income, and withdrawals.

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    Alfred Cesar Quinsay generated $1,361,500 in auditing revenues and $1,144,000 in expenses in 2018, resulting in net income of $217,500. As of December 31, 2018, Quinsay had total assets of $1,362,000 including $404,500 in current assets and $957,500 in non-current assets. Total liabilities were $94,000 resulting in owner's equity of $1,268,000. Over the course of 2018, Quinsay's capital increased from $1,193,500 to $1,268,000 due to additional investment, net income, and withdrawals.

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    © All Rights Reserved
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    4K views3 pages

    Alfred Cesar Quinsay

    Uploaded by

    Irah Louise
    Alfred Cesar Quinsay generated $1,361,500 in auditing revenues and $1,144,000 in expenses in 2018, resulting in net income of $217,500. As of December 31, 2018, Quinsay had total assets of $1,362,000 including $404,500 in current assets and $957,500 in non-current assets. Total liabilities were $94,000 resulting in owner's equity of $1,268,000. Over the course of 2018, Quinsay's capital increased from $1,193,500 to $1,268,000 due to additional investment, net income, and withdrawals.

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    ALFRED CESAR QUINSAY

    Income Statement
    For the Year Ended December 31, 2018
    Revenues:
    Auditing Revenues 1,361,500
    Expenses:
    Depreciation Expense- Building 55,000
    Depreciation Expense- Office Equipment 60,000
    Office Supplies Expense 96,000
    Professional Development Expense 86,500
    Rent Expense 52,500
    Salaries Expense 735,000
    Travel Expense 41,000
    Utilities Expense 18,000
    Total Expenses (1,144,000)
    Net Income 217,500
    ALFRED CESAR QUINSAY

    Balance Sheet
    As of December 31, 2018
    Assets
    Current Asset
    Cash 118,500
    Accounts Receivable 198,000
    Notes Receivable 60,000
    Office Supplies 28,000
    Total Current Assets 404,500
    Non-Current Asset
    Building 750,000
    Accumulated Depreciation- Building (110,000)
    Office Equipment 362,500
    Accumulated Depreciation-Office Equipment (120,000)
    Land 75,000
    Total Non- Current Assets 957,500
    Total Assets 1,362,000
    Liabilities
    Current Liabilities
    Accounts Payable 63,500
    Salaries Payable 30,500
    Total Current Liabilities 94,000

    Owner’s Equity
    Quinsay, Capital, 12/31/2018 1,268,000

    Total Liabilities and Owner’s Equity 1,362,000


    ALFRED CESAR QUINSAY
    Statement of Changes in Equity
    For the Year Ended December 31, 2018

    Quinsay, Capital, 1/1/2018 1,193,500


    Additional Investment 22,000
    Net Income 217,500
    Total 1,433,000
    Less: Withdrawals 165,000
    Quinsay, Capital, 12/31/2018 1,268,000

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