Panganiban, Alexander Nicolas C.

E102

A. Prepare an income statement for the month of July.

Mabel Wong Professional System Analyst

Income Statement
For the Month of July

Service Revenue P57000

Less: Expenses

Rent Expense (P24,500)

Salaries Expense (P12,400)

Utilities Expense (P4,100)

Supplies Expense (P2,000)

Net Income = P14,000

B. Prepare a statement of owner’s equity for the month of July.

Mabel Wong Professional System Analyst

Statement of Owner’s Equity
For the Month of July
Beginning Capital
Add: Net Income P14,000
Total P14,000

Less: Drawings (P5,000)

Ending Capital (P9,000
c. Prepare a Statement of Financial Position as at July 31, 2019.

Mabel Wong Professional System Analyst

Statement of Financial Position
July 31, 2019
Assets Liabilities and Owner’s Equity

Cash P44,500 Accounts Payable P116,000

Furniture and Fixtures P10,000 Loans Payable -

Equipment P120,000 Wong Capital P69,000

Supplies P500

Accounts Receivable P10,000

Total Assets P185,000 Total Liabilities and Owner’s Equity P185,000