Income Statement and Statement of Changes in Equity Question

by MJ

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

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.

(P = currency used)

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