Problem

E. Detoya, tax consultant, began his practice on Dec 1, 2020. The transaction of the firm are as follows:

Dec 1- Invested P150,000 cash in the firm.

Dec 2 - Paid rent for December to Recoletos Realty, P8,000.

Dec 2 - Purchased supplies on account, P7,200.

Dec 3 - Acquired P75,000 office equipment, paying P37,000 down with the balance due in 30 days.

Dec 8 - Paid P7,200 on account for supplies purchased.

Dec 14 - Paid assistant's salaries for 2 weeks, P6,000

Dec 20 - Performed consulting services for cash, P20,000

Dec 28 - Paid assistants salaries for 2 weeks, P6,000

Dec 30 -Billed clients for December consulting services - P48,000

Dec 31 - Detoya withdrew P12,000 from the business.

Dec 31- Supplies on Hand at Dec 31 amounted to P4,700.

Dec 31 - Salaries of P1,800 have accrued at month-end.

Dec 31- Depreciation of P800 for December.

Dec 31 - Detoya spent 20 hours on a tax fraud case during December. His work will be billed at P500 per hour.

1. What is the total amount of revenues appearing on the Statement of Financial Performance?

2.What is the total amount of expenses appearing on the income statement?

3.What is the cash balance appearing on the Statement of Financial Position?

4. What is the balance of accounts receivable appearing on the Statement of Financial Position?

5. What is the balance of accounts payable appearing on the Statement of Financial Position?