Abigail Santos Boutique, Financial Statement For Merchandising

Abigail Santos Botique
Worksheet
For the year ended December 31, 2019
Trial Balance Adjustments
No. Account Title Debit Credit
Cash 72,000
Accounts Receivable 90,000
Notes Receivable 46,000
Merchandise Inventory 598,000
Store Supplies 25,000
Office Supplies 17,000
Prepaid Advertising 75,000
Land 400,000
Building 1,600,000
Accumulated Depreciation - Building 100,000
Office Equipment 270,000
Accumulated Depreciation - Office Equipment 70,000
Store Equipment 300,000
Accumulated Depreciation - Store Equipment 80,000
Accounts Payable 74,000
Mortgage Payable 1,100,000
Notes Payable due in 2 years 200,000
Sales Salaries Payable
Office Salaries Payable
Santos, Capital 1,510,000
Santos, Withdrawals 200,000
Sales 4,600,000
Sales Discount 161,000
Sales Returns and Allowances 187,000
Purchases 2,643,000
Purchases Discounts 172,000
Purchase Returns and Allowances 133,000
Insurance Expense 25,000
Interest Expense 208,000
Salaries - Sales Personnel 512,000 c.
Salaries - Office Personnel 350,000 c.
Transportation In 72,000
Travel Expense - Office Personnel 124,000
Travel Expense - Sales Personnel 64,000
Store Supplies Expense a.
Office Supplies Expense a.
Advertising Expense b.
Depreciation Expense - Building d.
Drepreciation Expense - Office Equipment d.
Depreciation Expense - Store Equipment d.
TOTAL 8,039,000 8,039,000
Net Income
TOTAL
Santos Botique
Worksheet
ded December 31, 2019
Adjustments Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
72,000
90,000
46,000
598,000 723,000 723,000
a. 10,000 15,000
a. 7,000 10,000
b. 25,000 50,000
400,000
1,600,000
d. 15,000 115,000
270,000
d. 11,000 81,000
300,000
d. 9,000 89,000
74,000
1,100,000
200,000
c. 12,000 12,000
c. 9,000 9,000
1,510,000
200,000
4,600,000
161,000
187,000
2,643,000
172,000
133,000
25,000
208,000
12,000 524,000
9,000 359,000
72,000
124,000
64,000
10,000 10,000
7,000 7,000
25,000 25,000
15,000 15,000
11,000 11,000
9,000 9,000
98,000 98,000 5,042,000 5,628,000 3,776,000 3,190,000
586,000 586,000
5,628,000 5,628,000 3,776,000 3,776,000
Income Statement
Note
Net Sales 1 ₱ 4,252,000
Cost of Sales 2 ( 2,285,000 )
Gross Profit ₱ 1,967,000
Selling (or Marketing) Expenses 3 ( 639,500 )
Administrative (or General) Expenses 4 ( 533,500 )
Income from Operations ₱ 794,000
Finance costs 5 ( 208,000 )
Net Income ₱ 586,000

Statement of Changes in Equity
Santos, Capital, 1/1/2019 ₱ 1,510,000

Add: Net Income 586,000
Total ₱ 2,096,000
Less: Santos, Withdrawals 200,000
Santos, Capital 12/31/2019 ₱ 1,896,000

Statement of Financial Position
As of December 31, 2019
Note
Current Assets:
Cash ₱ 72,000
Store Supplies 15,000
Office Supplies 10,000
Trade and Other Receivables 6 136,000
Merchandise Inventory 723,000
Prepaid Expenses 7 50,000
Total current assets ₱ 1,006,000
Non-Current Assets:
Property and equipment - net 8 2,285,000
Total Assets ₱ 3,291,000
Current Liabilities:
Trade and Other Payables ₱ 95,000
Current Portion of Long-Term Debt 100,000
Total current liabilities ₱ 195,000
Non-Current Liabilities:
Non-current portion of long-term debt ₱ 100,000
Mortgage Payable 1,100,000
Total Non-current liabilities 1,200,000
Total Liabilities ₱ 1,395,000
Santos, Capital 1,896,000
Total Liabilities and Owner's Equity ₱ 3,291,000
Notes to the Financial Statements:
Note 1 - Net Sales
Sales ₱ 4,600,000
Less: Sales Discount 161,000
Sales Returns and Allowances 187,000
Net Sales ₱ 4,252,000
Note 2 - Cost of Sales

Merchandise Inventory, Jan. 1, 2019 ₱ 598,000
Net Purchases:
Add: Purchases ₱ 2,643,000
Transportation In 72,000
Less: Purchase Discount 172,000
Purchase Returns and Allowances 133,000 2,410,000
Cost of Goods Available for Sale ₱ 3,008,000
Less: Merchandise Inventory, Dec. 31, 2019 723,000
Cost of Sales ₱ 2,285,000
Note 3 - Selling Expenses

Salaries - Sales Personnel ₱ 524,000
Travel Expense - Sales Personnel 64,000
Advertising Expense 25,000
Store Supplies Expense 10,000
Depreciation Expense - Store Equipment 9,000
Depreciation Expense - Building 7,500
Total ₱ 639,500
Note 4 - Administrative Expenses

Salaries - Office Personnel ₱ 359,000
Travel Expense - Office Personnel 124,000
Insurance Expense 25,000
Drepreciation Expense - Office Equipment 11,000
Depreciation Expense - Building 7,500
Office Supplies Expense 7,000
Total ₱ 533,500
Note 5 - Finance Costs

Interest Expense ₱ 208,000
Note 6 - Trade and Other Receivables

Accounts Receivable ₱ 90,000
Notes Receivable 46,000
Total ₱ 136,000
Note 7 - Prepaid Expenses
Prepaid Advertising ₱ 50,000
Note 8 - Property and Equipment - Net

Cost Accumulated Net Book Value
Depreciation
Land ₱ 400,000 ₱ - ₱ 400,000
Building 1,600,000 115,000 1,485,000
Office Equipment 270,000 81,000 189,000
Store Equipment 300,000 89,000 211,000
Total ₱ 2,570,000 ₱ 285,000 ₱ 2,285,000
Note 9 - Trade and Other Payables

Accounts Payable ₱ 74,000
Store Salaries Payable 12,000
Office Salaries Payable 9,000
Total ₱ 95,000
Book Value

Abigail Santos Boutique, Financial Statement For Merchandising

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Abigail Santos Botique

Abigail Santos Botique

Santos, Capital, 1/1/2019 ₱ 1,510,000

Abigail Santos Botique

Note 2 - Cost of Sales

Note 3 - Selling Expenses

Note 4 - Administrative Expenses

Note 5 - Finance Costs

Note 6 - Trade and Other Receivables

Note 8 - Property and Equipment - Net

Note 9 - Trade and Other Payables

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