PREPARATION OF INCOME STATEMENT

Karl Mitzi Faith Dalman Graphic Arts

Particulars Amount Amount
Revenues
Art revenues PHP 1,437,500.00
Less: Expenses
Advertising Expenses PHP 105,000.00
Depreciation expense - Building 30,000
Depreciation expense - Equipment 30,000
Interest expense 37,000
Miscellaneous expense 24,600
Representation expense 164,000
Salaries expense 673,200
Travel expense 159,000
Total expenses 1,222,800
Net Income 214,700

PREPARATION OF STATEMENT OF CHANGES IN EQUITY

Karl Mitzi Faith Dalman Graphic Arts

For the month ended December 31,2015
Particulars Amount
Owner's Capital as of Jan. 1,2021
Add:
Additional Capital PHP 75,000.00
Net income 214,700
Total
Less:
Dalman, Withdrawals 148,600
Total
Owner's Capital as of Dec 31,2021

PREPARATION OF BALANCE SHEET

ASSETS
Current Assets
Cash
Accounts receivable
Office Supplies
Property, Plant and Equipment
Land
Building
 Less: Accumulated depreciation - building
Equipment
Less: Accumulated depreciation - equipment
Total Assets
Liabilities and Equity
Current liabilities
Accounts payable
Salaries Payable
Long Term liabilities
Mortgage payable
Notes payable
Equity
Dalman, Capital, 31/12/2015
Total liabilities and Equity
 Amount
PHP 50,500.00

PHP 340,200.00

148,600
PHP 191,600.00

PHP 36,200.00
219,000
17,200 PHP 272,400.00

120,000
450,000
 60,000 390,000
217,000
60,000 157,000
PHP 939,400.00

122,500
17,300 139,800

395,000
213,000 608,000

191,600
939,400