Virgie Litton Accounting Firm

Statement of Comprehensive Income

December, 31, 200E
REVENUES
Professional Fees P 55,600.00
Operating Expenses
Rent Expense P 16,400.00
Office Supplies Expense 15,500.00
Light and Water 4,000.00
Salary Expense 30,750.00
Taxes and Licenses Expense 3,000.00

Total Operating Expense P (69,650.00)

NET LOSS FROM OPERATIONS P (14,050.00)

Virgie Litton Accounting Firm

Statement of Changes in Equity
December, 31, 200E

Virgie Litton Capital, Dec. 01 P 200,000.00

Profit in Oct. (14,050.00)
Total 185,950.00
Less: Virgie Litton's Drawing (10,000.00)
Virgie Litton’s Capital, Dec. 31 P 175,950.00

Virgie Litton Accounting Firm

Statement of Financial Condition
December, 31, 200E
ASSETS
Current Assets
Cash P 102,250.00
Accounts Receivable 25,200.00
Notes Receivable 12,000.00
Total Current Assets 139,450.00

Non-Current Assets
Furnitures and Fixtures P 27,500.00
Office Equipment 112,000.00
Total Non-Current Assets 139,500.00
Total Assets P 278,950.00
LIABILITIES AND OWNER'S EQUITY
LIABILITIES
Current Liabilities
Accounts Payable P 51,000.00
Note Payable 32,000.00
Total Current Liabilities 83,000.00

Non-Current Liabilities
Loan Payable P 20,000.00
Total Non-Current Liabilities 20,000.00
Total Liabilities P 103,000.00

OWNER'S EQUITY
Virgie Litton's Capital P 200,000.00
Less: Net loss (14,050.00)
Total 185,950.00
Less: Virgie Litton's Drawings (10,000.00)
Total Owners Equity P 175,950.00
Total Liabilities And Owner's Equity P 278,950.00

Virgie Litton Accounting Firm

Statement of Cash Flows
December, 31, 200E
Cash flows from Operating Activities
Collection from Clients P 18,400.00
Payment for expenses (54,150.00) (35,750.00)

Cash Flow From Investing Activities

Payment for Furnitures and Fixtures P (16,500.00)
Payment for Office Equipment (55,500.00) (72,000.00)

Cash Flow from Financing Activities

Investment of Virgie Litton's Capital 200,000.00
Cash from Bank Loan 20,000.00
Cash Withdrawal of Virgie Litton (10,000.00) 210,000.00
Net Cash Flow (December 31, Balance) P 102,250.00
 C. Lahis Auto Repair Shop (QUICK REPAIR SHOP)
Statement of Comprehensive Income
December, 31, 200F
REVENUES
Repair Income P 150,950.00
Interest Income 28.00
Total revenue 150,978.00
Operating Expenses
Rent Expense P 12,000.00
Repair Supplies Expense 6,000.00
Office Supplies Expense 3,120.00
Light and Water 2,500.00
Salary Expense 32,000.00
Taxes and Licenses Expense 4,850.00
Advertising Expense 15,000.00
Insurance Expense 6,000.00
Interest Expense 12,000.00
Total Operating Expense P (93,470.00)
PROFIT FROM OPERATIONS P57,508.00

Virgie Litton Accounting Firm

Statement of Changes in Equity
December, 31, 200F

C. Lahis’ Capital, Dec. 01 P 190,000.00

Profit in Dec.31 57,508.00
Total 247,508.00
Less: C. Lahis’ Drawing (14,000.00)
C. Lahis’ Capital, Dec. 31 P 233,508.00
 C. Lahis Auto Repair Shop (QUICK REPAIR SHOP)
Statement of Financial Condition
December, 31, 200F
ASSETS
Current Assets
Cash P 356,328.00
Notes Receivable 2,000.00
Accounts Receivable 24,300.00
Total Current Assets 382,628.00

Non-Current Assets
Tools P 38,000.00
Furnitures and Fixtures 24,400.00
Office Equipment 21,600.00
Repair Equipment 29,350.00
Total Non-Current Assets 113,350.00
Total Assets P 495,978.00

LIABILITIES AND OWNER'S EQUITY

LIABILITIES
Current Liabilities
Accounts Payable P 24,720.00
Note Payable 37,750.00

Total Current Liabilities 62,470.00

Non-Current Liabilities
Loan Payable P 200,000.00
Total Non-Current Liabilities 200,000.00
Total Liabilities P 262,470.00

OWNER'S EQUITY
C. Lahis’ Capital P 190,000.00
Add: Profit 57,508.00
Total 247,508.00
Less: C. Lahis’ Drawings (14,000.00)
Total Owners Equity P 233,508.00
Total Liabilities And Owner's Equity P 495,978.00
 C. Lahis Auto Repair Shop (QUICK REPAIR SHOP)
Statement of Cash Flows
December, 31, 200F
Cash flows from Operating Activities
Collection from Clients P 124,650.00
Interest Collection 28.00
Payment for expenses (78,350.00) (46,328.00)

Cash Flow From Investing Activities

Payment for Furnitures and Fixtures P (16,000.00)
Payment for Repair Equipment (6,000.00) (22,000.00)

Cash Flow from Financing Activities

Investment of C. Lahis’ Capital 190,000.00
Cash from Bank Loan 300,000.00
Cash Payment for Loan (100,000.00)
Loan Interest (12,000.00)
Cash Withdrawal of C Lahis (14,000.00) 416,000.00
Net Cash Flow (December 31, Balance) P 347,672.00