Income statement Revenue 26,000 Less: Expenses (Operating Expenses) Rental Expense Salaries Expense Telephone Expense Advertising Expense Repair Supplies Expense or Used Repair Supplies 14,650 NET INCOME 11,350 Capital Statement Beginning Capital Add: Additional Investment Net Income 100,000 (4) 170,000 (5) 11,350 Total Less: Withdrawal Net Loss 281,350 3,000 (7) 0 Ending Capital 278,350 Prepare the statement of financial position - jilagan Prepare the statement of financial position - real estate agency 25,000 (2) 1,000 (6) 5,000 (1) 7,500 (3) 1,500 (8) 500 (9) 150 (11) 1. Rental expense + Cash Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 2. REVENUE + Cash 25,000+ Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 3. salaries expense + Cash Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 100,000+ J Ilagan capital 100,000+ Capital - J Ilagan 100,000 Asset - Real Estate Agency 100,000 Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 170,000+ 170,000+ J Ilagan Capital Capital - J Ilagan 170,000 170,000 Asset - Real Estate Agency Liability - Real Estate Agency 0 Income Real Estate Agency 0 Expense - Real Estate Agency 0 4. cash 5. automobile 5,000 5,000- 0 -5,000 0 0 +5,000 25,000 0 25,000 0 25,000 0 7,500 7,500- 0 7,500- 0 0 7,500+ 6. office equipment book value Selling price Gain Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 8. telephone expense 1,500.00+ Cash 1,500.00- Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income Real Estate Agency Expense - Real Estate Agency 9. advertising expense Accounts payable Capital - Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 10. ignore Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency Unused repair supplies Used repair supplies Capital - J Ilagan Asset - Real Estate Agency Liability - Real Estate Agency Income - Real Estate Agency Expense - Real Estate Agency 7. office supplies Capital 11. repair supplies 4,000 5,000 1,000 0 1,000 0 1,000 0 3,000- 3,000- 3,000- 3,000 0 0 0 0 1,500- 0 0 1,500+ 500.00 500.00 0 0 500+ 0 500+ 00000 1,000 850 150 0 150- 0 0 150+
