EXERCISE 3 AND 4

Date Cash Equipment Office Supplies Rent Deposit

May 3 ₱ 50,000
6 ₱ 100,000
11 (4,500) ₱ 4,500
14 (30,000) ₱ 30,000
15 ₱ 100,000
21 (50,000)
22 (500)
25
27 (15,000)
28 (5,000)
29 (1,500)
30 (17,500)
(6,000)
31 (4,500)
(500)
₱ 15,500 ₱ 100,000 ₱ 4,000 ₱ 30,000

Global Consultancy Services

Statement of Comprehensive income
For the Month of May 31, 20_

Revenue
Professional Income ₱ 220,000

Expenses
Rent Expense (17,500)
Utilities Expense (6,000)
Seminar Fee Expense (5,000)
Salary Expense (4,500)
Membership Fee Expense (1,500)
Advertising Expense (500)
Supplies Expense (500)

Net Income ₱ 184,500

Global Consultancy Services

Capital Statement
For the Month of May 31, 20_

Beginning Capital ₱ 50,000

Add:
Additional Contributions ₱ 50,000
Net Income ₱ 184,500
Less:
King, Withdrawals (15,000)
Ending Capital ₱ 269,500
Accounts Receivable Accounts Payable King, Capital Explanation for Changes
₱ 50,000 Investment
₱ 50,000 ₱ 50,000 Additional Contribution

₱ 100,000 Professional Income

(50,000)
(500) AdvertisingExpense
₱ 120,000 ₱ 120,000 Professional Income
(15,000) King, Withdrawals
(5,000) Seminar Fee Expense
(1,500) Membership Fee Expense
(17,500) Rent Expense
(6,000) Utilities Expense
(4,500) Salary Expense
(500) Supplies Expense
₱ 120,000 ₱ - ₱ 269,500
₱ 269,500 ₱ 269,500

Global Consultancy Services

Statement of Financial Position
As of May 31, 20_

Assets
Current Assets
Accounts Receivable ₱ 120,000
Cash ₱ 15,500
Office Supplies ₱ 4,000
Total Current Assets ₱ 139,500

Noncurrent Assets
Equipment ₱ 100,000
Rent Deposit ₱ 30,000
Total Noncurrent Assets ₱ 130,000
Total Assets ₱ 269,500

Liabilities and Owner's Equity

Owner's Equity ₱ 269,500
Total Owner's Equity ₱ 269,500
Total Liabilities and Owner's Equity ₱ 269,500

Global Consultancy Services

Cashflow Statement
For the Month of May 31, 20_

Cashflow Operating Activities

Cash received from Customers ₱ 100,000
Paid Rent Expense (17,500)
Paid Utilities Expense (6,000)
Paid Seminar Fee Expense (5,000)
Paid Salary Expense (4,500)
Paid Supplies bought (4,500)
Paid Membership Fee Expense (1,500)
Paid Advertising Expense (500)
Net Cash Provided Operating Activities

Cashflow Investing Activities

Paid Equipment from Electroworld (50,000)
Paid Rent Deposit (30,000)
Net Cash Used Investing Activities

Cashflow Financing Activities

King, Capital ₱ 50,000
King, Withdrawals (15,000)
Net Cash Used Financing Activities
Cash Balance May 31
 y Services
cial Position
, 20_

y Services
ement
May 31, 20_
₱ 60,500

(80,000)

₱ 35,000
₱ 15,500