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Financial Statement

Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

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103 views

Financial Statement

Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

Uploaded by

rosemaeannmalinao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Maddie Go Nee Jeans

Income Statement
For the year ended December 31, 2023
Net Sales
Gross Sales P 1,319,900
Less: Sales Returns and Allowances P 28,000
Sales Discount 11,995 39,995
Net Sales P 1,279,905
Cost of Sales
Merchandise Inventory, Beginning P 650,000
Purcases P 737,500
Less: Purchases Rets. & Allow. P 37,225
Purchase Discounts 5,100 42,325
Net Purchases P 695,175
Freight-in 12,000 707,175
Goods Available for Sale P 1,357,175
Less: Merchandise Inventory, Ending 298,000
Cost of Sales 1,059,175
Gross Profit P 220,730
Operating Expenses
Selling Expenses
Advertising Expense P 65,000
Commission Expenses 18,500
Sales Salaries Expenses 110,833
Sales Supplies Expense 8,500
Total Selling Expenses P 202,833
General and Administrative Expenses
Office Salaries Expenses 177,667
General Utilities Expenses 87,000
Office Supplies Expense 8,000
Depreciation Expense- Office Eqp’t 42,000
Depreciation Expense- Office F&F 32,000
Rent expense 22,737
Doubtful Account Expense 14,291
Total General and Administrative Expenses 383,695
Total Operating Expenses 586,528
Operating Loss P 365,798
Add: Interest Expense 12,000
Net Loss P 377,798
Maddie Go Nee Jeans
Statement of Changes in Equity
For the year ended December 31, 2023

Nee, Capital-Beginning P 890,000


Less: Net loss 377,798
Total 512,202
Less: Nee, Withdrawals 52,700
Nee, Capital-Ending P 459,502
Maddie Go Nee Jeans
Balance Sheet
As of December 31, 2023
ASSETS
Current Assets
Cash P 221,626
Account Receivable 341,824
Allowance for Doubtful Account (17,091)
Merchandise Inventory 298,000
Sales Supplies 6,500
Office Supplies 5,000
Prepaid Rent 13,263
Total Current Assets P 869,122
Non-Current Asset
Office Equipment P 210,000
Accumulated Depreciation- Office Eqp’t (126,000) 84,000
Office Furniture and Fixtures 160,000
Accumulated Depreciation- Office F&F (96,000) 64,000
Total Non-current Assets 148,000
Total Assets P 1,017,122
LIABILITIES
Current Liabilities
Notes Payable 80,000
Accounts Payable 97,098
VAT Payable 30,522
Salaries Payable 8000
Interest Payable 12,000
Total Current Liabilities P 227,620

Bonds Payable 230,000


Loans Payable 100,000
Total Non-current Assets 330,000
Total Liabilities P 557,620
OWNER’S EQUITY
Nee, Capital-Ending 459,502
Total Liabilities and Owner’s Equity P 1,017,122

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