Cash on hand 250,000

Perez-Manalo, Capital 250,000

#
Rent Expense 72,000
Cash on hand 72,000
#
Cash on hand 210,000
Notes payable 210,000
#
Service Vehicle 420,000
Cash on hand 420,000
#
Office Equipment 60,000
Cash on hand 15,000
Accounts payable 45,000
#
Supplies 18,000
Accounts payable 18,000
#
Accounts payable 10,000
Cash on hand 10,000
#
Perez-Manalo, Drawings 14,000
Cash on hand 14,000
#
Utilities Expense 1,400
Utilities payable 1,400
#

Utilities Expense 3,000

Cash on hand 3,000
#
Cash on hand 501,500
Service Revenue 501,500
#

Net sales
Net sales = 590,000*85%= 501,500

Total Expenses
Total Expenses = Rent + Utilities + Utilities
= 72,000 + 1,400 + 1,300
= 74,700

Net Income/Loss
Sales(Income) 501,500
Less: Total Expenses (74,700)
Net income 426,800
Cash and Cash Equivalent
CASH ON HAND
250,000 72,000
210,000 420,000
501,500 15,000
10,000
14,000
3,000
961,500 534,000
427,500

Cash on hand = 427,500

Cash and cash equivalent = 427,500

Total Asset

Service Vehicle 420,000

Office Equipment 60,000
Supplies 18,000
Total Assets 498,000

Total Liability

Accounts payable(45,000+18,000-10,000) 53,000

Notes payable 210,000
Utilities payable 1,400
Total Liability 264,400

Total Owner’s Equity

Perez-Manalo, Capital 250,000
Add: Net income 426,800
676,800
Less: Perez-Manalo, Drawings (14,000)
Total Owner’s Equity 662,800