1. How are the assets and liabilities of XYZ Company affected for receiving P4,000.00 from LGD Company as professional services?

PROBLEM 5 PREPARING A BALANCE SHEET AND INCOME STATEMENT From the following facts accumulated for the month of December 2004, prepare a balance sheet and a profit and loss statement of XYZ Company. Cash Truck.. Furniture Due from Holiday (customer) Due to A Company (creditor) XYZ Company, Capital XYZ Company. Withdrawal (deduction) Delivery Income Rent Expense Delivery Salaries Expense General Expenses PHP30,000.00 45,000.00 20,000.00 13,000.00 16,000.00 77,000.00 7,000.00 50,000.00 3,000.00 11,000.00 14,000.00 (Note: Save changes in separate worksheet) RESULTS AND INTERPRETATION