Alfred Cesar Quinsay, CPA

INCOME STATEMENT/FINANCIAL PERFORMANCE

For the Month Ended December 31, 2019

Revenues
Auditing Revenues P 1,361,500.00
Total P 1,361,500.00

Expenses
Depreciation Expense-Building P 55,000.00
Depreciation Expense-Office Equipment 60,000.00
Office Supplies Expense 96,000.00
Professional Development Expense 86,500.00
Rent Expense 52,500.00
Salaries Expense 735,000.00
Travel Expense 41,000.00
Utilities Expense 18,000.00
Total P 1,144,000.00

Profit P 217,500.00
 Alfred Cesar Quinsay, CPA
Statement of Changes in Equity
For the Month Ended December 31, 2019

Quinsay, Capital, 1/1/2019 P 1,193,500.00

Add: Additional Investment by Quinsay P 22,000.00
Profit 217,500.00 239,500.00
Total P 1,433,000.00
Less: Withdrawals 165,000.00
Quinsay, Capital, 12/31/2019 P 1,268,000.00
 Alfred Cesar Quinsay, CPA
BALANCE SHEET/FINANCIAL POSITION
For the Month Ended December 31, 2019

ASSETS
Current Asset
Cash P 118,500.00
Notes Receivable 60,000.00
Accounts Receivable 198,000.00
Office Supplies 28,000.00
Total Current Assets P
Property and Equipment (Net)
Land P 75,000.00
Building P 750,000.00
Less: Accu. Depn. - Building 110,000.00 P 640,000.00
Office Equipment 362,500.00
Less: Accu. Depn. - Office Equipment 120,000.00 P 242,500.00
Total Non -Current Assets P
Total Assets P

LIABILITIES
Current Liabilities
Accounts Payable P 63,500.00
Salaries Payable 30,500.00
Total Current Liabilities P

OWNER'S EQUITY
Quinsay, Capital, 1/1/2019 P
Total Liabilities and Owner's Equity P
 404,500.00

957,500.00
1,362,000.00

94,000.00

1,268,000.00
1,362,000.00
Accounts Payable 63,500
Accounts Receivable 198,000
Accumulated Depreciation-Building 110,000
Accumulated Depreciation-Office Equipment 120,000
Auditing Revenues 1,361,500
Building 750,000
Cash 118,500
Depreciation Expense-Building 55,000
Depreciation Expense-Office Equipment 60,000
Quinsay, Capital, 1/1/2019 1,193,500
Quinsay, Withdrawals 165,000
Land 75,000
Notes Receivable 60,000
Office Equipment 362,500
Office Supplies Expense 96,000
Office Supplies 28,000
Professional Development Expense 86,500
Rent Expense 52,500
Salaries Expense 735,000
Salaries Payable 30,500
Travel Expense 41,000
Utilities Expense 18,000