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)

Comments for Income Statement and Statement of Changes in Equity Question

Click here to add your own comments

by: Elle

Real Estate Revenues 1,250,000.0
Less: Operating Expenses
Advertising Expense 163,000.0
Commissions Expense 475,000.0
Office Supplies Expense 27,000.0
Rent Expense 48,000.0
Salaries Expense 264,000.0
Utilities Expense 42,000.0
Depreciation Expense 5,000.0 1,024,000.0
Net income 226,000.0

Maniquiz, Capital - June 1 123,000.0
Additional Investment 16,000.0
Add: Net Income 226,000.0
Withdrawal 250,000.0
Maniquiz, Capital - June 30 115,000.0

Click here to add your own comments

Return to Ask a Question About This Lesson!.

© Copyright 2009-2023 Michael Celender. All Rights Reserved. 
Click here for Privacy Policy.