De Guzman Legal Services

Income Statement
For the month ended Dec. 31, 2017
Revenues:
Consulting Revenues P390,000

Expenses:
Rent expense P50,000
Salaries Expense 123,000
Telephone Expense 10,000
Utilities Expense 39,000
Office supplies Expense 5,000
Insurance Expense 1,000
P228,000
Net Income P162,000

De Guzman Legal Services

Balace Sheet
For the month ended Dec. 31, 2017
Assets
Current Assets:
Cash P75,000
Office Supplies 3,000
Prepaid Insurance 11,000
total current assets P89,000

Non- Current Assets

Office Equipment 180,000
Accum. Depreciation Office equipment 30,000
Computer Equipment 70,000
Accum. Depreciation Computer equipment 10,000
total non-current assets P210,000
TOTAL ASSET P299,000

Liabilities and Owner's Equity

Current Liability
Notes Payable P50,000
Accounts Payable 5,000
Salaries Payable 3,000
TOTAL LIABILITY P58,000

De Guzman, Capital Dec. 31,2017 P241,000 P241,000

TOTAL LIABILITY AND OWNER'S EQUITY P299,000
 De Guzman Legal Services
Statement of Changes in Equity
For the month ended Dec. 31, 2017
De Guzman Capital, Dec. 1,2017 P114,000
Add: Additional Investment 0
Net Income P162,000 162,000
TOTAL 276,000
Less: Withdrawals 35,000
De Guzman Capital, Dec. 31,2017 P241,000