NAME:
SECTION:
Problem #9
Worksheet and Financial Statements | 277
SCORE:
PROFESSOR:
Preparation of the Income Statement and the Statement of Changes in Equity
The income and expense accounts of Nora Maniquiz Real Estate Agency, which are listed
below, represent the activities for the month of June 2018:
Advertising Expense
P 163,000
Commissions Expense 475,000
Office Supplies Expense 27,000
Real Estate Revenues 1,250,000
Rent Expense 48,000
Salaries Expense 264,000
Utilities Expense 42,000
Depreciation Expense 5,000
Required:
1. Prepare an income statement for the month ended June 30, 2018.
2. On June 1, 2018, Maniquiz has a P123,000 capital balance. During the month,
Maniquiz invested an additional P16,000 in the business and withdrew P250,000.
Prepare a statement of changes in equity for the month ended June 30, 2018.