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The balance sheet for AIM Engineering Services as of June 30, 2024, shows total assets of P 1,436,000.00, with current assets at P 377,600.00 and liabilities totaling P 958,167.00. The income statement for the same period reports a net income of P 57,833.00, derived from gross income of P 113,433.00 after deducting operating expenses of P 55,600.00. Owner's equity at the end of the period stands at P 477,833.00.

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Shella Mae Dadubo
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3 views

Report-form

The balance sheet for AIM Engineering Services as of June 30, 2024, shows total assets of P 1,436,000.00, with current assets at P 377,600.00 and liabilities totaling P 958,167.00. The income statement for the same period reports a net income of P 57,833.00, derived from gross income of P 113,433.00 after deducting operating expenses of P 55,600.00. Owner's equity at the end of the period stands at P 477,833.00.

Uploaded by

Shella Mae Dadubo
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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AIM ENGINEERING SERVICES

BALANCE SHEET

JUNE 30, 2024

ASSETS

CURRENT ASSETS

Cash P 293,000.00

Account Receivable 15,000.00

Less: Allowance For Doubtful Accounts 750.00 14,250.00

Add: Notes Receivable 30,000.00

Interest Receivable 100.00

Prepaid Rent 20,000.00

Prepaid Insurance 17,250.00

Office Supplies 3,000.00

TOTAL CURRENT ASSETS P 377,600.00

PROPERTY, PLANTS & EQUIPMENT

Transportation Vehicle 850,000.00

Office Equipment 150,000.00

Less: Accumulated Depreciation– Office Equipment

1,600.00 148,400.00

Office Furniture 60,000.00 1,058,000.00

TOTAL ASSETS P 1,436,000.00

LIABILITIES & OWNER’S EQUITY

Current Liabilities

Account Payable 80,000.00

Unearned Revenue 26,667.00

Other Payables 1,500.00 108,167.00

Long-term Liabilities

Loans Payable 850,000.00

TOTAL LIABILITIES P 958,167.00


OWNER’S EQUITY

Moscoso, Capital ( Beginning ) 440,000.00

Add: Net Income 57,833.00

Less: Moscoso, Drawing 20,000.00 37,833.00

Moscoso, Capital ( Ending ) 477,833.00 477,833.00

TOTAL LIABILITIES & EQUITIES P 1,436,000.00


AIM ENGINEERING SERVICES
INCOME STATEMENT
FOR A MONTH ENDED JUNE 30, 2024

GROSS INCOME
Engineering Revenue P 108,333.00

Interest Income 100.00

Other Income 5,000.00 P 113,433.00

LESS: OPERATING EXPENSES


Salaries & Wages Expense 27,000.00

Rent Expense 10,000.00

Utilities Expense 6,000.00

Supplies Used 4,500.00

Fuel, Oil and Lubricants Expense 1,500.00

Taxes & Licenses 3,500.00

Insurance Expense 750.00

Depreciation Expense- Office Equipment 1,600.00

Bad Debt Expense 750.00 P 55,600.00

NET INCOME ( For The Month ) P 57,833.00

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