Financial Statement Preparation - II. The following accounts were taken from the adjusted trial balance of Mariell's Beauty Salon, a Calendar - year business, as of December 31, 2019 (disregarding effect of income taxes):

Debit Credit Debit Credit Accounts Payable P54,000 Interest Income 15,000 Accounts Receivable P96,000 Interest Receivable 15,000 Accumulated 20,000 Investment Income 3,500 Depreciation- Beauty Machine Accumulated 10,000 Investment in 70,000 Depreciation - Trading Securities Furniture and Fixture Accumulated 6,500 Notes Receivable - 150,000 Depreciation - Office due in two years Equipment Allowance for 15,000 Office Equipment 70,000 Doubtful Accounts Mariell, Capital 7 Office Supplies 8,000 Mariell, Drawing 40,000 Salon Revenues 980,000 Beauty Machine 220,000 Rent Expense 144,000 Cash 120,000 Salaries Expense 312,000 Depreciation 36.500 Salaries Payable 12,000 Expense Doubtful Accounts 15,000 Utilities Expense 77,500 Expense Furniture and Fixture 120,000 Totals P1,494,000 P1,494 000Statement of Financial Position As of July 31, 2019 Assets Liabilities and Note Owner's Equity Note Current Assets Current Liabilities Cash P16,500 Trade and other 5 P60, 117 Payables Trade and Other 2 12.878 Owner's Equity Receivable Prepaid Expense 3 8,000 Mercado, Capital 11,736 Total Current Asset P37,378 Non-current Assets Property, Plant and 4 34.475 Equipment TOTAL LIABILITIES TOTAL ASSETS P71,853 AND OWNER'S P71,853 EQUITYStatement of Financial Position As of July 31, 2019 Note Current Assets Cash P16,500 Trade and Other Receivables 2 12,878 Prepaid Expenses 3 8.000 Total Current Assets P37,378 Non-current Assets Property, Plant and Equipment 4 34,475 TOTAL ASSETS P71,853 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables 5 P60, 117 Owner's Equity Mercado, Capital 11,736 TOTAL LIABILITIES AND OWNER'S P71,853 EQUITYStatement of Changes In Owner's Equity For the month ended July 31, 2019 Note Mercado, Capital - July 1 P10,000 Net Income 2,236 Subtotal P12,236 Mercado, Drawing (500) Mercado, Capital - July 31 P11,736Income Statement For the month ended July 31, 2019 Revenues Photocopying Services P24,200 Interest Income 28 24,728 Operating Expenses Bupplies Expense P7,000 Flank Expense 5.000 Balarios Expense 4,800 Utilities Expense 2.500 Taxes and Licenses Expense 2,000 Depreciation Expense 525 Doubtful Account Expense 150 Interest Expense 17 (21,902) Net Income PEITY