ACTIVITY NO.

ALFRED CESAR QUINSAY

Income Statement

For the Year Ended December 31, 2018

Revenue

Auditing Revenues 1,361,500

Expenses

Salaries Expense 735,000

Rent Expense 52,500

Utilities Expense 18,000

Office Supplies Expense 96,000

Depreciation Expense-Building 55,000

Depreciation Expense-Office Equipment 60,000

Travel Expense 41,000

Professional Development Expense 86,500

Total Expenses (1,144,000)

Net Income 217,500

ALFRED CESAR QUINSAY

Statement of Changes in Equity

December 31, 2018

Quinsay, Capital, 1/1/2018 1,193,500

Additional Investment 22,000

Net Income 217,500

Total 1,433,500

Less: Quinsay, Withdrawals (165,000)

Quinsay, Capital 12/31/2018 1,268,000

 ALFRED CESAR QUINSAY

BALANCE SHEET

December 31, 2018

ASSETS

Current Assets

Cash 118,500

Accounts Receivable 198,000

Notes Receivable 60,000

Office Supplies 28,000

TOTAL CURRENT ASSET 404,500

Non- Current Assets

Land 75,000

Building 750,000

Accumulated Depreciation-Building (110,000)

Office Equipment 362,500

Accumulated Depreciation – Office Equipment (120,000)

TOTAL NON-CURRENT ASSET 957,500

TOTAL ASSET 1,362,000

 LIABILITIES

Current Liabilities

Accounts Payable 63,500

Salaries Payable 30,500

Total Current Liabilities 94,000

OWNER’S EQUITY

Quinsay, Capital, 12/31/2018 1,268,000

Total Liabilities and Equity 1,362,000

ACTIVITY NO. 2

Nora Maniquiz Real Estate Agency

Income Statement

For the Year Ended June 30, 2018

Revenue

Real Estate Revenue 1,250,000

Expenses

Salaries Expense 264,000

Rent Expense 48,000

Utilities Expense 42,000

Office Supplies Expense 27,000

Depreciation Expense 5,000

Advertising Expense 163,000

Commissions Expense 475,000

Total Expenses (1,024,000)

Net Income 226,000

Nora Maniquiz Real Estate Agency

Statement of Changes in Equity

For the Year Ended June 30, 2018

Manaquiz, Capital, 6/1/2018 123,000

Additional Investment 16,000

Net Income 226,000

Total 365,000

Less: Manaquiz, Withdrawals (250,000)

Maniquiz, Capital 06/30/2018 115,000