Squirtle's Saxophone School

INCOME STATEMENT
For the year ending December 31, 2023
REVENUE
Service Income ₱409,940
Less: OPERATING EXPENSES
Salaries & Wages Expense ₱14,500
Utilities Expense 3,000
Advertising Expense 1,000
Repair & Maintenance Expense 5,000
Taxes Expense 3,000
Cleaning Expense 295,000
Bad Debts Expense 250
Rent Expense 55,000
Supplies Expense 8,000
Depreciation Expense - F&F 990
Depreciation Expense - Equipment 1,375 ₱387,115
NET INCOME ₱22,825
 Squirtle's Saxophone School
BALANCE SHEET
For the year ending December 31, 2023
ASSETS LIABILITIES
Cash ₱1,013,000 Accounts Payable
Accounts Receivable 25,000 Salaries & Wages Payable
Less: Allowance for Bad Debts 250 24,750 Utilities Payable
Supplies 12,000 Rent Payable
Furnitures & Fixtures 27,000 Unearned Income
Less: Accumulated Depreciation - F&F 990 26,010 TOTAL LIABILITIES
Equipment 50,000 OWNER'S EQUITY
Less: Accumulated Depreciation - Equipment 1,375 48,625 J. Marave, Capital
Less: J. Marave, Drawings
NET CAPITAL
Add: NET INCOME
TOTAL OWNER'S EQUITY
TOTAL ASSETS ₱1,124,385 TOTAL LIABILITIES & OWNER'S EQUITY
TIES
₱86,000
10,000
2,000
5,000
2,060
₱105,060
ER'S EQUITY
₱1,000,000
3,500
996,500
22,825
ITY ₱1,019,325
OWNER'S EQUITY ₱1,124,385