Professional Documents
Culture Documents
and Income
Statement
Prepared by:
Ezrha C. Godilano
BSIE, CIE
ecgodilano@mcl.edu.ph
Objectives
After the exercise, students should be able to:
• Know how to prepare a balance sheet and
income statement using MS Excel
spreadsheets.
• NET LOSS
– If expenses exceed revenue
Example
From the following facts accumulated for the
month of June 2008, prepare a balance sheet
and income statement of Juan dela Cruz.
Example
Cash 294,000
Jeeps 165,000
Furnitures 29,000
Due to Nicfur Co. 13,000
Additional Investment 9,000
J. dela Cruz, Capital 405,000
J. dela Cruz, Withdrawal 19,000
Net profit 20,600
Office rent expense 2,400
Salaries expense 12,000
Transportation income 35,000
Solution
Solution
Exercise 4
Balance Sheet and Income Statement
Instructions:
Save your all the Excel Sheets in ONE Excel File. Label the
sheets as Problem 4-A, Problem 4-B, etc.
File name should be in the format: LAST NAME_Exer4
Problem 4-A
• From the following facts accumulated for the
month of August 2009, prepare a Balance
sheet and Income Statement of ABC
Company.
Problem 4-A
Cash Php 30,000
Truck 45,000
Furniture 20,000
Due from Holiday (customer) 13,000
Due to X Company (creditor) 16,000
ABC Company, Capital 77,000
ABC Company, Withdrawal 7,000
Delivery income 50,000
Rent expense 3,000
Delivery salaries expense 11,000
General expenses 14,000
Questions
1. How are the assets and liabilities of ABC
Company affected by receiving Php 3,000 from
AGV Company for professional services?
3. Conclusion
Problem 4-B
• Use the following figures to create a Balance
Sheet and Income Statement for the month
ended October 31, 2009 of XYZ Company.
Problem 4-B
Cash Php 100,000
Accounts Receivable 20,000
Equipment 50,000
Bank Loan 60,000
Accounts Payable 1,000
Notes Payable 34,000
Common Stock 49,000
Net Income 26,000
Service Revenue 120,000
Rent expense 14,000
Salaries expense 60,000
Supplies expense 10,000
Travel expenses 10,000
Question
1. What is the current financial position of the
company? Explain and support your answer.