GANAO, FRANCINE SAYRA S.

11-ZEUS
Same transaction of A. Moreno " At-Your-Service Motor Shop"

Required:

1. Income Statement

2. Balance Sheet

At-Your-Service Motor Shop

Income Statement
For the month ended January 30, 2020

Service Income P4,600

Less: Salaries Expense P500
Rent Expense P800
Total Expenses P1,300
Net Income P3,300

At-Your-Service Motor Shop

Balance Sheet
As of January 30, 2020
 Assets

Current Assets:
Cash P2,000
Accounts Receivable- R. Hernandez P1,000
Repair Supplies P5,250
Total Current Assets P8,250

Properties and Equipment:

Tools P1,550
Repair Equipment P4,500
Total Properties and Equipment P6,050

Total Assets P14,300

Liabilities

Accounts Payable- ABC Trading P1,000

Owner’s Equity

A.Moreno, capital P10,000

Add: Net Income P3,300 P13,300

Total Liabilities and Owner’s Equity P14,300