Income Statement and Statement of Changes in Equity Question
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 2012: 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, 2012. 2.On June 1,2012 Maniquiz has a P123,000 capital balance. During the month, Maniquiz invested an additional P16,000 the business and withdrew P250,000. Prepare a statement of changes in equity for the month ended June 30.