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The image provided contains a list of financial data for Castro Allied Services, needed to prepare an Income Statement and a Balance Sheet for the quarter ending December 31, 19A. Here’s the breakdown of the available financial dataThe image provided contains a list of financial data for Castro Allied Services, needed to prepare an Income Statement and a Balance Sheet for the quarter ending December 31, 19A. Here’s the breakdown of the available financial 

### Data Extracted:
- **Castro, Capital**: P43,900
- **Cash on hand**: P3,000
- **Accounts Receivable**: P6,500
- **Equipment**: P30,000
- **Accumulated depreciation**: P750
- **Taxes and licenses**: P2,000
- **Utilities expense**: P1,800
- **Castro, drawing**: P3,600
- **Accounts payable**: P7,200
- **Service income**: P30,000
- **Rent expense**: P12,000
- **Notes Receivable**: P6,000
- **Allowance for doubtful accounts**: P500
- **Depreciation expense**: P750
- **Bad debts expense**: P200
- **Repairs expense**: P600
- **Salaries expense**: P15,000
- **Supplies expense**: P2,900
- **Notes payable**: P2,000

Would you like to proceed with the preparation of:
1. **Income Statement**: Summarizes the revenue and expenses to calculate net income.
2. **Balance Sheet**: Provides an overview of assets, liabilities, and equity as of December 31.

Let me know how you'd like to proceed.

Prepare the Income Statement and the Balance Sheet for Castro Allied Services for the quarter ended Dec. 31, 19A using the provided financial data.

Learn how to prepare the Income Statement and Balance Sheet for Castro Allied Services for the quarter ended Dec. 31, 19A. This exercise covers essential accounting concepts, including calculating net income, determining assets, liabilities, and equity. Suitable for college-level accounting students.

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