Marriel Cullano

Worksheet
For the period ended December 31, 2024
ADJUSTED TRIAL COMPREHENSIVE
BALANCE INCOME OWNER'S EQUITY FINANCIAL POSITION
Account titles CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
Cash in bank 118,500 118,500
Accounts receivable 198,000 198,000
Notes receivable 60,000 60,000
Office Supplies 28,000 28,000
Land 75,000 75,000 -
Building 750,000 750,000 -
Office equipment 362,500 362,500 -
Accumulated depreciation - Building 110,000 110,000
Accumulated depreciation - Office equipment 120,000 120,000
Accounts payable 63,500 63,500
Salaries Payable 30,500 30,500
Cullano, Capital 1/1/2024 1,193,500 1,193,500
Cullano, Capital (additional during the year) 22,000 22,000
Cullano, Withdrawals 165,000 165,000
Auditing Revenues 1,361,500 1,361,500
Office Supplies Expense 96,000 96,000
Professional Development Expense 86,500 86,500
Rent Expense 52,500 52,500
Depreciation expense - Building 55,000 55,000
Depreciation expense - Office Equipment 60,000 60,000
Salaries Expense 735,000 735,000
Travel Expense 41,000 41,000
Utilities Expense 18,000 18,000
Total 2,901,000 2,901,000 1,144,000 1,361,500
Net income - 217,500 217,500
Total 1,361,500 1,361,500 165,000 1,433,000
Owner's equity, end 1,268,000 1,268,000
Total 1,433,000 1,433,000 1,592,000 1,592,000
 CULLANO
Statement of Comprehensive Income
For the period ended December 31, 2024

Auditing Revenues P 1,361,500

Less Expenses
Office Supplies Expense P 96,000
Professional Development Expense 86,500
Rent Expense 52,500
Depreciation expense - Building 55,000
Depreciation expense - Office Equipment 60,000
Salaries Expense 735,000
Travel Expense 41,000
Utilities Expense 18,000
Total expenses 1,144,000
Net income P 217,500
 CULLANO
Statement of Changes in Owner's Equity
For the period ended December 31, 2024

Cullano, Capital 1/1/2024 P 1,193,500

Additional capital 22,000
Add: Net income 217,500
Less: Withdrawals (165,000)
Cullano, Capital 12/31/2024 P 1,268,000
 CULLANO
Statement of Financial Position
December 31, 2024

ASSETS
Current assets
Cash in bank P 118,500
Accounts receivable 198,000
Notes receivable 60,000
Office Supplies 28,000
Total Current assets P 404,500
Property, Plant and Equipment
Land P 75,000
Building P 750,000
Less: Accumulated depreciation - Building (110,000) 640,000
Office equipment P 362,500
Less: Accumulated depreciation - Office equipment (120,000) 242,500
Property, Plant and Equipment - Net 957,500
Total Assets P 1,362,000

LIABILITIES
Current liabilities
Accounts payable P 63,500
Salaries payable 30,500
Total Current liabilities P 94,000
OWNER'S EQUITY
Cullano, Capital 1,268,000
Total Liabilities and Owner's Equity P 1,362,000