MR.

EAC Company
Income Statement
For the year ended June 30, 2022

Service Income ₱650,000

Less: Operating Expenses

Salaries Expense ₱35,000

Legal Fees Expense ₱20,000
Utilities Expense ₱2,500
Office Supplies Expense ₱51,500
Rent Expense ₱15,000
₱51,500
Telephone Expense ₱2,500
Total Expenses ₱126,500

Service Income ₱650,000

Less: Total Expenses ₱126,500
NET INCOME: ₱523,500
 MR. EAC Company
Balance Sheet
As of June 30, 2022

ASSETS

Current Assets
Cash ₱373,500
TOTAL CURRENT ASSETS: ₱373,500
Long Term Assets
Office Equipment ₱100,000
Transportation Equipment ₱2,500,000
Land ₱1,000,000
LONG TERM ASSETS TOTAL ₱3,600,000
TOTAL ASSETS: ₱3,973,500

LIABILITIES

Total Current Liabilities

Accounts Payable ₱50,000
Notes Payable ₱500,000
TOTAL CURRENT LIABILITIES: ₱550,000

OWNER’S EQUITY

Owner’s Equity
EAC, Capital ₱2,900,000
Net Income ₱523,500
TOTAL OWNER’S EQUITY: ₱3,423,500

LIABILITIES AND OWNER’S EQUITY

TOTAL LIABILITIES ₱550,000

TOTAL OWNER’S EQUITY ₱3,423,000
₱3,973,500