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Sophie Financial Statements

Lady Vanch Collection Co.'s financial statements for the year ending December 31, 2020 show an increase in total assets from $272,524.48 to $594,848.68 driven by growth in cash and inventory. Revenues increased substantially from commissions resulting in a net income of $793,095.15. Cash flow was positive with increases in accounts payable offsetting a partner withdrawal of $600,000. Partners' equity decreased from $204,779 to $397,874.15 after the withdrawal.

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99 views6 pages

Sophie Financial Statements

Lady Vanch Collection Co.'s financial statements for the year ending December 31, 2020 show an increase in total assets from $272,524.48 to $594,848.68 driven by growth in cash and inventory. Revenues increased substantially from commissions resulting in a net income of $793,095.15. Cash flow was positive with increases in accounts payable offsetting a partner withdrawal of $600,000. Partners' equity decreased from $204,779 to $397,874.15 after the withdrawal.

Uploaded by

carl fuerzas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Lady Vanch Collection Co.

Statement of Financial Position


As of December 31, 2019

ASSETS

CURRENT ASSETS
Cash 174,444.48
Inventories 8,080.00 182,524.48

NON-CURRENT ASSETS
Property & Equipment
Office Equipment 22,000.00
Office Furnitures & Fixtures 78,000.00
Total 100,000.00
Less: Accumulated Depreciation - 10,000.00 90,000.00

TOTAL ASSETS 272,524.48

LIABILITIES & PARTNER'S EQUITY:

LIABILITIES
Income Tax Payable 1,434.00
Percentage Tax Payable 1,311.48
Accounts Payable 65,000.00 67,745.48

PARTNER'S EQUITY
Partners' Equity 204,779.00

TOTAL LIABILITIES & PARTNER'S EQUITY 272,524.48

VANGIE S. DATANAGAN
Lady Vanch Collection Co.
Statement of Financial Position
As of December 31, 2020

ASSETS

CURRENT ASSETS
Cash 502,848.68
Inventories 12,000.00 514,848.68

NON-CURRENT ASSETS
Property & Equipment
Office Equipment 22,000.00
Office Furnitures & Fixtures 78,000.00
Total 100,000.00
Less: Accumulated Depreciation - 20,000.00 80,000.00

TOTAL ASSETS 594,848.68

LIABILITIES & PARTNER'S EQUITY:

LIABILITIES
Income Tax Payable 452.03
Percentage Tax Payable 1,522.50
Accounts Payable 195,000.00 196,974.53

PARTNER'S EQUITY
Partners' Equity 397,874.15

TOTAL LIABILITIES & PARTNER'S EQUITY 594,848.68

VANGIE S. DATANAGAN
Lady Vanch Collection Co.
Statement of Income
As of December 31, 2020

REVENUES FROM DEALERSHIP OF SOPHIE 135,982.94


ADD: OTHER INCOME: COMMISSION INCOME 1,581,674.21
TOTAL REVENUE 1,717,657.15
COST OF SALES FROM SOPHIE PRODUCTS 121,253.00
GROSS PROFIT 1,596,404.15

Expenses
RENTAL EXPENSE 180,000.00
SALARY EXPENSE 320,424.00
SUPPLIES EXPENSE 45,000.00
UTILITIES EXPENSE 59,989.00
INTERNET EXPENSE 22,788.00
DEPRECIATION EXPENSE 10,000.00
FREIGHT OUT 50,000.00
INTEREST EXPENSE 22,452.00
MAINTENANCE EXPENSE 15,000.00
MISCLLANEOUS EXPENSE 50,000.00
TAXES & LICENSES 10,480.00
TRANSPORTATION & TRAVEL 17,176.00 803,309.00

NET INCOME FROM REGULAR OPERATION 793,095.15

VANGIE S. DATANAGAN
1581674.21000
2074405.00

0.762471267665

158,619.03
451.61
Lady Vanch Collection Co.
Statement of Cash Flows
As of December 31, 2020

Net Income 793,095.15


Add:
Depreciation Expense 10,000.00
(Increase) Decrease in Inventories - 3,920.00
Increase (Decrease) in Tax Payables - 770.95
Increase (Decrease) in Accounts Payables 130,000.00

Net Cash Flows from Operating Activities 928,404.20

Cash Flow from Investing Activities 0

Cash Flow from Financing Activities


Withdrawal By partners - 600,000.00

Net Increase in Cash 328,404.20


Cash Beginning 174,444.48
Cash End 502,848.68

VANGIE S. DATANAGAN
Lady Vanch Collection Co.
Statement of Changes in Partner's Equity
As of December 31, 2020

PARTNER'S EQUITY
Beginning Balance on January 1, 2020 204,779.00
Add: Net Income of 2020 793,095.15

Total 997,874.15
Less: Withdrawals By partners - 600,000.00

TOTAL PARTNER'S EQUITY 397,874.15

VANGIE S. DATANAGAN

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