BMSH2301

Name: Fernandez, Zieanne Nize; Llona, Section:

Juslyn Kyle; Manzano, Jasmine;
Maranan, Francia; Narvaez,
Rachell Ann; Ranosa, Mark Cyrus;
Sevillano, France Jerdam; Toledo,
Shirby Aline; Victoria, Raven
Cloud
Date: Score:

Group Activity

Instruction: Using the given information below, prepare an Income Statement, Statement of Owner’s Equity,
Balance Sheet, and Statement of Cash Flow for John Edward Mara’s Car Wash Business. (80 points)

Mara’s Car Wash

For the month of November 2022
Account Name Debit Credit
Cash P45,250
Accounts Receivable 6,000
Office Supplies 2,000
Car Wash Supplies 4,000
Prepaid Rent 20,000
Car Wash Equipment 55,000
Accumulated Depreciation P916.67
Accounts Payable 41,250
Interest Payable 343.75
E.Mara’s Capital 100,000
E.Mara’s Withdrawal 3,000
Car Wash Revenue 35,000
Rent Expense 10,000
Salary Expense 18,000
Office Supplies Expense 500
Car Wash Supplies Expense 3,500
Utilities Expense 4,000
Licenses Expense 5,000
Depreciation Expense 916.67
Interest Expense 343.75
TOTAL P177,510.42 P177,510.42

04 Activity 2 *Property of STI

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Income Statement (11 items x 2 points)

Mara’s Car Wash
Income Statement
For the month of November 2022
ACCOUNT NAME DEBIT CREDIT
Revenue:
Car Wash Revenue 35, 000.00
Expenses:
Rent Expense 10,000.00
Salary Expense 18,000.00
Office Supplies Equipment 500.00
Car Wash Supplies Expense 3,500.00
Utilities Expense 4,000.00
Licenses Expense 5,000.00
Depreciation Expense 916.67
Interest Expense 343.75
Total Expense =42,260.42
Net Loss: -7,260.42
Statement of Owner’s Equity (5 items x 2 points)
Mara’s Car Wash
Statement of Owner’s Equity
For the month of November 2022
E. Mara’s Capital, November 2022 100,000.00
Less:
Net Loss -7,260.42
W. Mara’s Withdrawal -3,000.00
E. Mara’s Ending Capital, November 2022 =89,739.58

Balance Sheet (13 items x 2 points)

Mara’s Car Wash
Balance Sheet
As of November 2022
ASSETS LIABILITIES
Current Assets: Liabilities:
Cash 45, 250.00 Accounts Payable 41,250.00
Account Receivable 6,000.00 Interest Payable 343.75
Office Supplies 2,000.00 Total Liabilities =41,593.75
Car Wash Supplies 4,000.00
Prepaid Rent 20,000.00 OWNER’S EQUITY
Total Current Assets: =77,250.00 Owner’s Equity:
Non-Current Assets: E. Mara’s Ending Capital, November 2022 89,739.58
Car Wash Equipment 55,000.00 Total Owner’s Equity =89,739.58
Accumulated Depreciation -916.67
Net Equipment: =54,083.33

Total Assets =131,333.33

Total Liabilities + Owner’s Equity: =131,333.33

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Statement of Cash Flow (11 items x 2 points)

Mara’s Car Wash
Statement of Cash Flow
For the month of November 2022
Cash Flows from Operating Activities:
Cash Received from Customers 35,000.00
Cash Paid for Rent Expense -10,000.00
Cash Paid for Salary Expense -18,000.00
Cash Paid for Office Supplies Expense -500.00
Cash Paid for Car Wash Supplies Expense -3,500.00
Cash Paid for Utilities Expense -4,000.00
Cash Paid for Licenses Expense -5,000.00
Cash Paid for Depreciation Expense -916.67
Cash Paid for Interest Expense -343.75
Net Cash Used in Operating Activities =7,260.42

Cash Flows from Investing Activities

Purchase of Car Wash Equipment 55,000.00
Net Cash Used in Investing Activities =55,000.00

Cash Flows from Financing Activities:

Owner’s Capital Contribution 100,000.00
Owner’s Withdrawals -3,000.00
Net Cash Provided by Financing Activities =97,000.00

Net Increase in Cash: =34,739.58

Cash at the Beginning Period: =0.00
Cash at the End Period: =45,250.00

04 Activity 2 *Property of STI

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