Dal Accounting Firm

Income Statement
For the Month Ended May 31, 2015

Accounting Revenues P 75,400.00

Expenses
Salaries 24,500.00
Rent 3,250.00
Telephone 650.00
Professional Dues 5,500.00 33,900.00
Net Income P 41,500.00

Dal Accounting Firm

Statement of Financial Position
As of May 31, 2015

Assets
Current Assets
Cash P 13,200.00
Accounts Receivable 51,050.00
Office Supplies 21,750.00
Total Current Assets P 86,000.00

Non-Current Assets
Office Condomium P 265,000.00
Office Equipment 36,800.00
Account Library 19,500.00
Total Non-Current Assets P 321,300.00
Total Assets P 407,300.00

Liabilities & Owner's Equity

Current Liabilities
Accounts Payable P 54,450.00
Notes Payable 227,000.00
Total Liabilities P 281,450.00

Owner's Equity
Dal, Capital 125,850.00
Total Liabilities & Owner's Equity P 407,300.00
 Dal Accounting Firm
Statement of Changes in Owner's Equity
For the Month Ended May 31, 2015

Dal, Capital P 92,500.00

Add: Net Income 41,500.00
Sub-Total P 134,000.00
Less: Withdrawals 8,150.00
Total Owner's Equity P 125,850.00

Dal Accounting Firm

Statement of Cash Flows
For the Month Ended May 31, 2015

Cash Flows from Operating Activites

Receipts
Collections from customers P 24,350.00
Payments
Payment of books (19,500.00)
Payment of accounts payable (4,100.00)
Payment of salaries (24,500.00)
Telephone expense (650.00)
Professional dues (5,500.00)
Rent expense (3,250.00)
Net Cash from Operating Activites P (33,150.00)

Cash Flows from Investing Activities

Receipts
P -
Payments
Payment condominium unit (38,000.00)
Net Cash from Investing Activites (38,000.00)

Cash Flows from Financing Activites

Receipts
investment of the owner P 92,500.00
Payments
Cash withdrwal of the owner (8,150.00)
Net Cash from Financing Activites 84,350.00

Net Increase/Decrease in Cash P 13,200.00

Cash balance - May 1, 2015 -
Cash balance - May 31, 2015 P 13,200.00