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Depreciation

Alfred Cesar Quinsay's auditing business generated $1,361,500 in revenues for 2018. After expenses totaling $1,144,000, including salaries, rent, supplies and depreciation, the business earned a profit of $217,500 for the year. The statement of changes in equity shows that with additional investment and profit, Quinsay's capital increased to $1,433,000 for 2018, even after withdrawals of $165,000.

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JEYASHREE ESTEBAN
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110 views2 pages

Depreciation

Alfred Cesar Quinsay's auditing business generated $1,361,500 in revenues for 2018. After expenses totaling $1,144,000, including salaries, rent, supplies and depreciation, the business earned a profit of $217,500 for the year. The statement of changes in equity shows that with additional investment and profit, Quinsay's capital increased to $1,433,000 for 2018, even after withdrawals of $165,000.

Uploaded by

JEYASHREE ESTEBAN
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
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Alfred Cesar Quinsay

Income Statement
For the year ended December 31, 2018

Auditing Revenues 1,361,500

Expenses
Office Supplies Expense 96,000
Professional Development Expense 86,500
Rent Expense 52,500
Salaries Expense 735,000
Travel Expense 41,000
Utilities Expense 18,000
Depreciation Expense-Building 55,000 Current Assets
Depreciation Expense-Office Equipment 60,000 1,144,000
217,500 Cash
Accounts Receivable
Notes Receivable
Office Supplies

Total Assets

Current liabilities:
Notes Payable 60,000
Accounts Payable 63,500
Salaries Payable 30,500
154,000
Alfred Cesar Quinsay
Statement of Changes in Equity
For the year ended December 31, 2018

Quinsay, Capital 1/1/2018 1,193,500


Add: Additional Investment 22,000
Profit 217,500 239,500
Total 1,433,000
Less: Withdrawals 165,000
Ending Equity 1,268,000

Current Assets Non Current Assets

118,500 Building 750,000


Accounts Receivable 198,000 Less: Accumulated Depreciation-Building 110,000
Notes Receivable 60,000 Land 75,000
Office Supplies 28,000 Less: Accumulated Depreciation-Office Eq 120,000
404,500 Office Equipment 362,500
230,000 1,187,500

957,500
Total Assets 1,362,000

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