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    Fs Transaction

    Uploaded by

    Julian Adam Pagal

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Fs Transaction

    Uploaded by

    Julian Adam Pagal
    15 views5 pages

    Original Title

    Fs transaction

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views5 pages

    Fs Transaction

    Uploaded by

    Julian Adam Pagal

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    ISCool Merchandise

    Statement of comprehensive income


    For the month ended December 31,2018

    Net Sales P84,150


    LESS: Cost of goods Sold (50,900)
    Gross profit 33,250

    Distribution Cost (27,540)


    Administrative Expense (40,000)
    Finance cost -
    Net loss (34,290)

    Net sales

    Net sales
    Sales P105,000
    LESS: Sales return and allowance (20,000)
    Sales discount (850)
    Net Sales 84,150

    Cost of good solve

    Cost of goods Sold


    Purchases 340,500
    ADD: Freight in 4,400
    LESS: Purchase return allowances (40,000)
    Purchase discount (4,000)
    Net purchases 300,900
    LESS: Ending Inventory (250,000)
    Cost of goods sold 50,900

    *One-half of rent and utilities expense were used by non-sales department. One-fourth of the
    salaries were allocated to non-department
    Distribution cost

    Distribution cost
    Utilities Expense 1,500
    Rent Expense 12,500
    Salaries Expense 7,500
    Advertising Expense 5,000
    Freight-out 1,040
    Distribution cost 27,540

    Administrative expense

    Administrative Expense
    Utilities Expense 1,500
    Rent Expense 12,500
    Salaries Expense 2,500
    Depreciation Expense 7,500
    Bad Debt Expense 6,000
    Office Supplies Expense 2,000
    Miscellaneous Expense 8,000
    Administrative Expense 40,000
    ISCool Merchandise
    Statement of Changes in Equity
    For the month ended December 31,2018

    Beginning Balance, December 1,2018 P-0-


    ADD: Initial contribution 500,000
    LESS: Net Lost (34,290)
    Drawing (20,000)
    Ending balance, December 21,2018 P445,710
    ISCool Merchandise
    Statement of Cash Flow
    For the month ended December 31,2018

    Cash flow from the operating activities


    Net loss (P34,290)
    ADD: depreciation expense 7,500
    (P26,790)
    Checking in working capital
    Increase in Accounts receivable-net (P36,500)
    Increase in Prepaid Rents (25,000)
    Increase In Inventory (250,000)
    Increase in Office supplies (3,000)
    Increase in Account payable 100,500
    Increase in Note payable 18,000
    Increase in Salaries payable 10,000
    Net cash flow used in operating activities (P212,790)

    Cash flow from investing activities


    Acquisition of computer equipment (P18,000)
    Net cash flow used in investing activities (P18,000)

    Cash flow from financing activities


    Additional contribution of the owner P500,000
    Owner’s Drawings (20,000)
    Net cash flow provided by financing activities P480,000

    Net change in cash P249,210


    Cash and Cash equivalent, December 1, 2018 P-0-
    Cash and Cash equivalent, December 31, 2018 P249,210

    ISCool Merchandise
    Statement of Financial Position
    As of the month ended December 31, 2018

    Account Title
    ASSET
    Current Asset
    Cash P249,210
    Accounts receivable 42,500
    Allowance for Doubtful Account (6,000)
    Prepaid Rent 25,000
    Merchandise Inventory 250,000
    Office supplies 3,000
    Total current assets P557,710

    Non-current asset
    Computer Equipment 18,000
    Accumulated depreciation- computer equipment (7,500)
    Total non-current asset P10,500

    Total Asset P574,210

    LIABILITIES AND EQUITY


    Current liabilities
    Accounts payable P100,500
    Notes payable 18,000
    Salaries Payable 10,000
    Total Liabilities P128,500

    Owner’s equity
    ISCool, capital 445,710

    Total liabilities and equity P574,210

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