Reference no: EM132845783

Question - Several transactions of the Consultancy and Law Services owned during the month of January 2021 were presented below.

January 1 Transferred P300,000 from his personal savings account to a checking account opened in the name of his Consultancy and Law Services.

January 1 Purchased the law books for office library for P30,000 from National Book Store paying cash of P15,000, and signed a 60-day promissory note at an interest rate of 6% on the balance

January 1 Purchased office supplies from National Book Store for COD, P1,500

January 1 Purchase office equipment from Nick Furniture, P25,000, paying cash of P5,000 and the balance on terms:30 days

January 10 Completed legal and consultancy services for Abraham Com on credit, P65,500

January 14 Received cash of P35,000 from Philippine Lawyers Association for the legal services completed.

January 20 Received cash of P10,000 to apply on account from Abraham Company

January 21 Cash of P15,000 was received from Burnham Company for work completed.

January 24 Paid for the salaries and wages of office staff, P19,500.

January 28 A. Santos took P5,000 cash for personal expenses.

January 31 Billed A. Reves for legal services rendered, P10,000

Additional Information

a. The office equipment has a salvage value Of 4,000 and the estimated useful life is 5 years.

b. Office supplies on hand at the end of January, P500.

c. Accrued interest on the notes payable (assume 360 days).

Required -

1. How much is the total assets at January 31, 2021?

2. How much is A. Santos, Capital at January 31, 2021?

3. How much is the net income for the month ended January 31, 2021?