LANDING ON YOU TRAVEL SERVICES COMPANY

Statement of Comprehensive Income

For the month ended April 30, 2020

Revenues
Local Travel Fees Earned 73 160
International Travel Fees Earned 832 600
Total 905 600

Expenses
Salaries Expense 190 000
Utilities Expense 12 000
Repair and Maintenance Expenses 7 000
Organization Expense 250 000
Gas and Oil Expense 10 000
Interest Expense 1 000
Depreciation Expense - Automobile 25 000
Depreciation Expense – Office Equipment 4 500
Depreciation Expense – Furniture and Fixtures
Office Supplies Expense 35 000
Rent Expense 25 000
Total 569 000

Net Income 336 100

LANDING ON YOU TRAVEL SERVICES COMPANY
Statement of Changes in Equity
For the month ended April 30, 2020

Capital, April 1, 2020 Php 0

Add: Investment by the Owner Php 6 000 000
Add: Net Income Php 336 100
Less: Withdrawals by the owner (Php 30 000)
Capital, April 30, 2020 Php 6 306 100
LANDING ON YOU TRAVEL SERVICES COMPANY
Statement of Financial Position
April 30, 2020

Assets
Cash Php 4 180 456
Accounts Receivable Php 77 776
Office Supplies Php 15 000
Prepaid Rent Php 125 000
Automobile Php 3 200 000
Less: Depreciation (25 000) Php 3 175 000
Office Equipment Php 300 000
Less: Depreciation (4 500) Php 295 500
Furniture and Fixtures Php 600 000
Less: Depreciation (10 000) Php 590 000
Total Php 8 458 732

Liabilities and Capital

Accounts Payable Php 2 000 000
Notes Payable Php 100 000
Unearned Local Travel Fees Php 51 632
Interest Payable Php 1 000
Yoon, Capital Php 6 306 100
Total Php 8 458 732
Statement of Cash Flows – Direct Method
101 Cash
6 000 000 250 000
100 000 300 000
73 160 200 000
689 632 200 000
116 664 1 600 000
95 000
7 000
30 000
117 000
6 979 456 2 799 000
4 180 456
LANDING ON YOU TRAVEL SERVICES COMPANY
Statement of Cash Flows
April 30, 2020

Operating Activities
Local Travel Fees Earned Php 73 160
Advance payment from customers Php 689 632
Collection of A/R Php 116 664
Payment of organization expense (Php 250 000)
Payment of O/S and P/R (Php 200 000)
Salaries Expense (Php 190 000)
Payment of repairs and maintenance (Php 7 000)
Payment of month-end expenses (Php 22 000)
Net cash flow from operating activities Php 210 456

Investing Activities
Purchase of office equipment (Php 300 000)
Purchase of office supplies and prepaid rent (Php 200 000)
Purchase of furniture and fixtures (Php 1 600 000)
Net cash flow from investing activities (Php 2 100 000)

Financing Activities
Investment by the owner Php 6 000 000
Bank borrowing Php 100 000
Cash withdrawal Php 30 000
Net cash flow from financing activities Php 6 070 000

Net cash Flow Php 4 180 456

Cash, April 1, 2020 Php - --- ---
Cash, April 30, 2020 Php 4 180 456