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    Information Sheet No. 6

    Uploaded by

    brylla montero

    Copyright:

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

    Information Sheet No. 6

    Uploaded by

    brylla montero
    10 views2 pages

    Original Title

    Information-Sheet-No.-6

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    © © All Rights Reserved

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    Download as docx, pdf, or txt
    10 views2 pages

    Information Sheet No. 6

    Uploaded by

    brylla montero

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Manalo’s Trading

    Balance Sheet
    As of December 31, 2020

    Assets

    Current Assets
    Cash on hand Php. 60,000.00
    Cash in bank 80,000.00
    Petty cash fund 10,000.00
    Accounts receivable Php. 80,000.00
    Allowance for doubtful accounts 12,000.00 68,000.00
    Notes receivable 160,000.00
    Merchandise inventory, January 1 490,000.00
    Prepaid rent 48,000.00
    Prepaid insurance 25,000.00 Php. 941,000.00
    Noncurrent Assets
    Office equipment Php. 130,000.00
    Accumulated depreciation-
    Office equipment 6,000.00 Php. 124,000.00
    Store furniture and fixtures Php. 350,000.00
    Accumulated depreciation –
    store furniture 20,000.00 330,000.00 454,000.00

    Total Assets Php. 1,395.000.00


    Liabilities

    Current Liabilities

    Accounts payable Php. 290,000.00


    Notes payable 280,000.00
    Income tax payable 20,100.00 Php. 590,100.00
    Noncurrent Liabilities
    Bank loan payable 500,000.00

    Total Liabilities Php. 1,090,100.00


    Owner’s Capital

    Manalo, capital beginning Php. 288,000.00


    Add: net income 46,900.00
    Total Php. 334,900.00
    Less: Drawing 30,000.00 304,900.00

    Total liabilities and Capital Php. 1,395.000.00

    Manalo’s Trading
    Income Statement
    For the year Ended December 31, 2020

    Sales Php. 760,000.00


    Less: Sales discounts Php. 16,000.00
    Sales returns 10,000.00 26,000.00
    Net sales Php. 734,000.00
    Less: Cost of goods sold 577,000.00
    Gross Profit Php. 157,000.00
    Less: Operating expenses
    Advertising expense Php. 15,000.00
    Light and water expense 18,000.00
    Salaries and wages 32,000.00
    Supplies expense 15,000.00
    Taxes and licenses 10,000.00 90,000.00
    Net Income before tax Php. 67,000.00
    Less: Income tax (30%) 20,100.00

    Net Income Php. 46,900.00


    The cost of goods sold appears as follows:
    Merchandise inventory, January 1 Php.
    350,000.00
    Add: Purchases Php. 725,000.00
    Freight in 15,000.00
    Total Php. 740,000.00
    Less: Purchase returns Php. 12,000.00
    Purchase discounts 11,000.00 23,000.00 Php. 717,000.00
    Total goods available for sale Php. 1,067.000.00
    Merchandise inventory, December 31 490,000.00
    Cost of goods sold Php. 577,000.00

    ACTIVITY 1. INTERPRET ME……..

    Analyze the financial statements of Manalo’s Trading. Interpret its business transactions.

    ACTIVITY 2: MY OWN BUSINESS…….

    Record your Business Transaction in a general journal….Make an income statement , firm’s


    inventory, and a balance sheet.

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