Hello!

Presented below is the adjusted trial balance of Masikap Company. Can you please explain how to prepare the income statement and statement of changes in owner's equity in the given below.

Masikap Company Adjusted Trial Balance December 31, 2019 DEBIT CREDIT Cash P275,000 Accounts Receivable 180,000 Office Supplies 10,500 Prepaid Insurance 22,500 Furniture and Fixtures 187,500 Accumulated Depreciation- Furniture & Fixture P 22,500 Accounts Payable 67,500 Notes Payable one my 82,500 RA, Capital So straight 334,500 RA, Drawing deprecation 75,000 Delivery Income 315,750 Rent Expense 60,000 Salaries Expense 11,250 Utilities Expense 37,500 Advertising Expense 13,500 Total P897 750 P897.750