Question

On May 1, 2007, the amount of Mary Beth's capital in Beth’s Services Company was P101,000....

  1. On May 1, 2007, the amount of Mary Beth's capital in Beth’s Services Company was P101,000. During May, she withdrew P15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:

                    Accounts payable                                                                                                                 P 8,900

                    Accounts receivable                                                                                                                25,950

                    Cash                                                                                                                                        11,390

                    Fees earned                                                                                                                             70,800

                    Insurance expense                                                                                                                     1,475

                    Land                                                                                                                                         74,400

                    Miscellaneous expense                                                                                                             1,510

                    Prepaid insurance                                                                                                                      2,000

                    Rent expense                                                                                                                             8,000

Salary expense

35,300

Supplies

950

Supplies expense

825

Utilities expense

3,800

Present, in good form, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31.

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