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JKL Company Statement of Financial Position For The Year 2015 & 2016 JKL Company

The financial statements show that in 2016, JKL Company had total assets of $920,000 including current assets of $620,000 and non-current assets of $300,000. Total liabilities were $500,000 consisting of $50,000 in current liabilities and $450,000 in non-current liabilities. Owner's equity grew to $420,000 in 2016 from $300,000 in 2015. The income statement reveals that net income decreased to $378,000 in 2016 from $455,000 in 2015 due to lower sales and higher expenses.

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Hazel Gumapon
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1K views2 pages

JKL Company Statement of Financial Position For The Year 2015 & 2016 JKL Company

The financial statements show that in 2016, JKL Company had total assets of $920,000 including current assets of $620,000 and non-current assets of $300,000. Total liabilities were $500,000 consisting of $50,000 in current liabilities and $450,000 in non-current liabilities. Owner's equity grew to $420,000 in 2016 from $300,000 in 2015. The income statement reveals that net income decreased to $378,000 in 2016 from $455,000 in 2015 due to lower sales and higher expenses.

Uploaded by

Hazel Gumapon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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JKL COMPANY

STATEMENT OF FINANCIAL POSITION


FOR THE YEAR 2015 & 2016 JKL COMPANY

ASSETS 2016 2015

Cash 400,000 290,000


Accounts Receivable 100,000 120,000
Trading Securities 20,000 40,000
Inventories 80,000 60,000
Prepaid Expenses 20,000 10,000
Total Current Assets 620,000 520,000

Total Non-Current
Assets 300,000 200,000

Total Assets 920,000 720,000

LIABILITIES

Total Current liabilities 50,000 100,000


Total Non-Current Liabilities 450,000 350,000

Owner’s Equity

Total Owner’s Equity 420,000 300,000

Total Liabilities & OE 920,000 720,000


JKL COMPANY
COMPARATIVE STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR 2015 AND 2016

2016 2015

Net Sales 700,000 900,000


Less: Cost of Goods Sold (100,000) (80,000)
Gross Profit 600,000 820,000

Less: Operating Expenses (50,000) (120,000)


Earnings Before Interest and Taxes 550,000 700,000
Less: Interest Expense (10,000) (50,000)
Net Income before Tax 540,000 650,000
Less: Income Tax (162,000) (195,000)
Net Income 378,000 455,000

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