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March Financial Summary

The document shows accounting transactions from March 1-31 for Lopez Consultancy Services. It experienced a net income of $260,050 for the month from revenues of $762,550 primarily from consulting and auditing fees. Expenses totaled $502,500, including advertising, software, rent, salaries, supplies and utilities. The company's cash balance decreased from $500,000 to $307,550 during the month due to purchases of equipment and accounting software.

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Shaina Aragon
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146 views5 pages

March Financial Summary

The document shows accounting transactions from March 1-31 for Lopez Consultancy Services. It experienced a net income of $260,050 for the month from revenues of $762,550 primarily from consulting and auditing fees. Expenses totaled $502,500, including advertising, software, rent, salaries, supplies and utilities. The company's cash balance decreased from $500,000 to $307,550 during the month due to purchases of equipment and accounting software.

Uploaded by

Shaina Aragon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

ACCOUNTS OFFICE FURNITURE ACCOUNTS

DATE CASH RECEIVABLE SUPPLIES & FIXTURES EQUIPMENT PAYABLE


1-Mar 500,000.00 175,000.00
3-Mar (40,000.00) 80,000.00 40,000.00
5-Mar (15,000.00)
8-Mar (15,000.00) 15,000.00
9-Mar
10-Mar 52,550.00
11-Mar (20,000.00) (20,000.00)
12-Mar 150,000.00
13-Mar 150,000.00
15-Mar (75,000.00)
18-Mar (15,000.00)
20-Mar 110,000.00
22-Mar 32,000.00 32,000.00
25-Mar (350,000.00)
26-Mar 300,000.00
27-Mar 75,000.00 (75,000.00)
28-Mar (50,000.00)

29-Mar (12,500.00)
31-Mar (2,000.00) (2,000.00)
₱ 307,550.00 ₱ 375,000.00 ₱ 2,500.00 ₱ 205,000.00 ₱ 80,000.00 ₱ 50,000.00

3-Mar (40,000.00) Payment of Equipment IA


5-Mar (15,000.00) Payment of newspaper publication OA
8-Mar (15,000.00) Payment of supplies OA
10-Mar 52,550.00 Collection from Tax Services OA
11-Mar (20,000.00) Payment of Equipment IA
12-Mar 150,000.00 Collection from Auditing and Accou OA
15-Mar (75,000.00) Payment of Salaries OA
18-Mar (15,000.00) Cash withdrawal by Owner FA
20-Mar 110,000.00 Collection from Auditing and Accou OA
25-Mar (350,000.00) Payment of Accounting Software IA
27-Mar 75,000.00 Collection from Auditing and Accou OA
28-Mar (45,000.00) Payment of Rent OA
(5,000.00) Payment of Utilities OA
NOTES LOPEZ,
PAYABLE CAPITAL Changes in Capital
675,000.00 Initital Investment LOPEZ CONSUL
Income
(15,000.00) Advertising Expense For the month en
REVENUES:
350,000.00 (350,000.00) Software License Expense
52,550.00 Tax Service Revenue

150,000.00 Consultancy Fees Revenue EXPENSES:


150,000.00 Consultancy Fees Revenue
(75,000.00) Salaries Expense
(15,000.00) Withdrawal of owner
110,000.00 Auditing and Accounting Fees Revenue

(350,000.00)
300,000.00 Consultancy Fees Revenue NET INCOME

(45,000.00) Rent Expense


(5,000.00) Utilities Expense LOPEZ CONSUL
(12,500.00) Supplies Expense Staement of C
For the month en
₱ - ₱ 920,050.00 Lopez, Capital (March 01, 2019)
Add: Additional Investment
Total Capital Invested
Add: Net Income
Less: Lopez, Drawing
Lopez, Capital (March 31, 2019)
LOPEZ CONSULTANCY SERVICES LOPEZ CO
Income Statement Statem
For the month ended March 31, 2019 As
REVENUES:
Auditing and Accounting Fees Revenue ₱ 410,000.00 Current Assets:
Consultancy Fees Revenue 300,000.00
Tax Service Revenue 52,550.00 ₱ 762,550.00
EXPENSES:
Advertising Expense ₱ 15,000.00 Property and Equipment:
Software License Expense 350,000.00
Rent Expense 45,000.00
Salaries Expense 75,000.00 TOTAL ASSETS
Supplies Expense 12,500.00 Liabilit
Utilities Expense 5,000.00 (502,500.00) Current Liability:
NET INCOME ₱ 260,050.00
Owner's Equity:

LOPEZ CONSULTANCY SERVICES TOTAL LIABILITIES AND OWNER'S EQ


Staement of Changes in Capital
For the month ended March 31, 2019
Lopez, Capital (March 01, 2019) ₱ 410,000.00 RETURN ON EQUITY
Add: Additional Investment -
Total Capital Invested 410,000.00
Add: Net Income ₱ 260,050.00
Less: Lopez, Drawing (15,000.00) 245,050.00
Lopez, Capital (March 31, 2019) ₱ 655,050.00
LOPEZ CONSULTANCY SERVICES LOPEZ C
Statement of Financial Position Sta
As of March 31, 2019 For the m
Assets Cash provided by operating activities:
Current Assets:
Cash ₱ 307,550.00
Accounts Receivable 375,000.00
Office Supplies 2,500.00 ₱ 685,050.00
Property and Equipment:
Furniture and Fixtures 205,000.00
Equipment 80,000.00 285,000.00
TOTAL ASSETS ₱ 970,050.00 Cash used by investing activities
Liabilities and Owner's Equity
Current Liability:
Accounts Payable ₱ 50,000.00 Cash used by financing activity
Owner's Equity:
Lopez, Capital 920,050.00 Net Increase (Decrease) in Cash
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 970,050.00 Cash Balance, March 01, 2019
Cash Balance, March 31, 2019

RETURN ON EQUITY
Net Income ₱ 260,050.00
Owner's Equity ₱ 655,050.00
0.40
LOPEZ CONSULTANCY SERVICES
Statement of Cash Flows
For the month ended March 31, 2019
Cash provided by operating activities:
Collection from Auditing and Accounting Fees ₱ 335,000.00
Collection from Tax Services 52,550.00
Payment of newspaper publication (15,000.00)
Payment of Rent (45,000.00)
Payment of Salaries (75,000.00)
Payment of Supplies (15,000.00)
Payment of Utilities (5,000.00) ₱ 232,550.00
Cash used by investing activities
Payment of Equipment (60,000.00)
Payment of Accounting Software (350,000.00) (410,000.00)
Cash used by financing activity
Withdrawal by Owner (15,000.00)
Net Increase (Decrease) in Cash (192,450.00)
Cash Balance, March 01, 2019 500,000.00
Cash Balance, March 31, 2019 ₱ 307,550.00

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