Lucille Ball is the owner of Speedy Trucking Company, On March 31, 200F, after three
months of operations, the following balances were obtained from the trial balance.
L. Ball Capital P280,000 Salaries Expense P15,000
Office Equipment 48,290 Gas & Oil Expenses 6,190
Loans Payable (short-term) 16,600 Supplies Expense 3,150
Cash 18,540 Receivable from Employee 360
Tools 21,500 Tel. & Telegrams Expense 1.250
L. Ball Drawing 10,000 Truck 284.700
Trucking Service Fees 145,500 Taxes & Licenses 4.010
Furniture & Fixtures 28,900 Miscellaneous expense 210
All transactions were purely on a cash basis
REQUIRED:
1. Income Statement
2. Statement of Changes in Owner’s Equity
3. Balance Sheet
4. Statement of Cash Flows
Lucille Ball Speedy Trucking Company
Income Statement
For the month ended March 31, 200F
Revenue
Trucking Service Fee P 145,500
Less: Operating Expense
Salaries Expense 15,000
Gas & Oil Expense 6,190
Supplies Expense 3,150
Tel. & Telegram Expense 1,250
Miscellaneous Expense 210
Taxes & Licenses 4,010 29,810
Net Income P115,690
Lucille Ball Speedy Trucking Company
Statement of Changes in Owner’s Equity
For the month ended March 31, 200F
Beginning, L. Ball Capital P280,000
Add: Net Income 115,690
Total 395,690
Less: L. Ball Drawing (10,000)
Ending, L. Ball Capital P385, 690
Lucille Ball Speedy Trucking Company
Balance Sheet
For the month ended March 31, 200F
ASSET
Current Asset
Cash P 18,540
Receivable from Employee 360
Total Current Asset 18,900
Non-Current Asset
Tools 21,500
Furniture & Fixtures 28,900
Truck 284,700
Office Equipment 48,290
Total Non-Current Asset 383,390
Total Asset P402,290
LIABILITIES & OWNER’S EQUITY
Liabilities
Loan Payable (short term) 16,600
Owner’s Equity
Ending, L. Ball Capital 385,690
Total Liabilities & Owner’s Equity P402,290
Lucille Ball Speedy Trucking Company
Statement of Cash Flows
For the month ended March 31, 200F
Cash from Operating Activities
Cash receipts from:
Trucking Service Fees P145,500
Cash paid for:
Salaries Expense (15,000)
Gas & Oil Expense (6,190)
Supplies Expense (3,150)
Tel. & Telegrams Expense (1,250)
Miscellaneous Expense (210)
Taxes & Licenses (4,010)
Receivable from customer (360)
Net Cash from Operating Activities 115,330
Cash from Investing Activities
Cash receipts from:
n/a
Cash paid for:
Office Equipment (48,290)
Tools (21,500)
Furniture & Fixture (28,900)
Truck (284,700)
Net Cash from Investing Activities (383,390)
Cash from Financing Activities
Cash receipts from:
L. Ball Capital 280,000
Loan Payable (short term) 16,600
Cash paid for:
L. Ball Drawing (10,000)
Net Cash from Financing Activities 286,600
Cash at the end of the period P18,540
