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  • 2204 - Financial Statements

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    Kasey Mae Asoy
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    The document contains financial statements for Skolnick Co. as of June 30, 2017 including a trial balance, income statement, retained earnings statement, and balance sheet. The trial balance shows the company has assets of ₱37,310 and liabilities/equity of the same amount. The income statement indicates the company had revenues of ₱15,000 and expenses of ₱12,510, resulting in net income of ₱2,490 for the quarter. Retained earnings grew to ₱1,890 after paying dividends of ₱600. The balance sheet lists current assets of ₱9,200, non-current assets of ₱14,150, total

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    The document contains financial statements for Skolnick Co. as of June 30, 2017 including a trial balance, income statement, retained earnings statement, and balance sheet. The trial balance shows the company has assets of ₱37,310 and liabilities/equity of the same amount. The income statement indicates the company had revenues of ₱15,000 and expenses of ₱12,510, resulting in net income of ₱2,490 for the quarter. Retained earnings grew to ₱1,890 after paying dividends of ₱600. The balance sheet lists current assets of ₱9,200, non-current assets of ₱14,150, total

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    11 views4 pages

    2204 - Financial Statements

    Uploaded by

    Kasey Mae Asoy
    The document contains financial statements for Skolnick Co. as of June 30, 2017 including a trial balance, income statement, retained earnings statement, and balance sheet. The trial balance shows the company has assets of ₱37,310 and liabilities/equity of the same amount. The income statement indicates the company had revenues of ₱15,000 and expenses of ₱12,510, resulting in net income of ₱2,490 for the quarter. Retained earnings grew to ₱1,890 after paying dividends of ₱600. The balance sheet lists current assets of ₱9,200, non-current assets of ₱14,150, total

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 4

    SKOLNICK CO.

    Adjusted Trial Balance


    June 30, 2017
    (Amounts in Peso)

    Account Titles Debit Credit


    Cash ₱6,700
    Accounts Receivable 600
    Prepaid Rent 900
    Supplies 1,000
    Equipment 15,000
    Accumulated Depreciation—Equipment ₱850
    Notes Payable 5,000
    Accounts Payable 1,510
    Salaries and Wages Payable 400
    Interest Payable 50
    Unearned Rent Revenue 500
    Common Stock 14,000
    Retained Earnings -
    Dividends 600
    Service Revenue 14,200
    Rent Revenue 800
    Salaries and Wages Expense 9,400
    Rent Expense 1,500
    Depreciation Expense 850
    Supplies Expense 200
    Utilities Expense 510
    Interest Expense 50
    Total ₱37,310 ₱37,310
    SKOLNICK CO.
    Income Statement
    For the First Quarter Ended June 30, 2017
    (Amounts in Peso)
    Revenues:
    Service Revenue ₱ 14,200
    Rent Revenue 800 ₱ 15,000
    Less: Expenses
    Salaries and Wages Expense 9,400
    Rent Expense 1,500
    Depreciation Expense 850
    Utilities Expense 510
    Supplies Expense 200
    Interest Expense 50 12,510
    Net Income ₱ 2,490
    SKOLNICK CO.
    Retained Earnings Statement
    As of the First Quarter Ended June 30, 2017
    (Amounts in Peso)

    Retained Earnings - April 1 ₱ -


    Net Income 2490
    Less: Dividends 600
    Retained Earnings - June 30 ₱ 1,890 FORMULATED
    SKOLNICK CO.
    Balance Sheet
    As of the First Quarter Ended June 30, 2017
    (Amounts in Peso)

    ASSETS
    Current Assets:
    Cash ₱ 6,700
    Accounts Receivable 600
    Supplies 900
    Prepaid Rent 1,000
    Total Current Assets ₱ 9,200 FORMULATED
    Non-Current Assets:
    Equipment ₱ 15,000
    Less: Accumulated Depreciation - Equipment 850
    Total Non-Current Assets ₱ 14,150 FORMULATED

    Total Assets ₱ 23,350 FORMULATED

    LIABILITIES AND STOCKHOLDERS' EQUITY


    LIABILITIES
    Notes Payable ₱ 5,000
    Accounts Payable 1,510
    Salaries and Wages Payable 400
    Interest Payable 50
    Unearned Rent Revenue 500
    Total Liabilities ₱ 7,460 FORMULATED
    STOCKHOLDERS' EQUITY
    Common Stock ₱14,000
    Retained Earnings 1,890
    Total Stockholders' Equity ₱15,890 FORMULATED

    Total Liabilities and Stockholders' Equity ₱23,350

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