Reference no: EM132958127
Problem - Preparing the Financial Statements
The accounts for the balance sheet, statement of changes in equity, and income statement of Alfred Cesar Quinsay, CPA are as follows:
Accounts Payable P 63,500
Accounts Receivable 198,000
Accumulated Depreciation-Building 110,000
Accumulated Depreciation-Office Equipment 120,000
Auditing Revenues 1,361,500
Building 750,000
Cash 118,500
Depreciation Expense-Building 55,000
Depreciation Expense-Office Equipment 60,000
Quinsay, Capital, 1/1/2018 1,193,500
Quinsay, Withdrawals 165,000
Land 75,000
Notes Receivable 60,000
Office Equipment 362,500
Office Supplies Expense 96,000
Office Supplies 28,000
Professional Development Expense 86,500
Rent Expense 52,500
Salaries Expense 735,000
Salaries Payable 30,500
Travel Expense 41,000
Utilities Expense 18,000
During the year, Quinsay invested additional P22,000 in the business.
Required - Prepare the income statement, statement of changes in equity and balance sheet.