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Basic Financial Statements

The document contains financial statements for two companies - Square Talent Agency and Patrick Financial Couriers - for the years ended October 31, 2021 and June 30, 2021 respectively. Square Talent Agency reported net income of $4,990 and owner's equity of $85,580. Patrick Financial Couriers reported higher net income of $546,300 and owner's equity of $777,200. Both statements show assets, liabilities, revenues and expenses for the period.

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Chriszel Dianne Damasing
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94 views12 pages

Basic Financial Statements

The document contains financial statements for two companies - Square Talent Agency and Patrick Financial Couriers - for the years ended October 31, 2021 and June 30, 2021 respectively. Square Talent Agency reported net income of $4,990 and owner's equity of $85,580. Patrick Financial Couriers reported higher net income of $546,300 and owner's equity of $777,200. Both statements show assets, liabilities, revenues and expenses for the period.

Uploaded by

Chriszel Dianne Damasing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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In PHP

Square Talent Agency


Statement of Comprehensive Income
For the year ended October 31, 2021

Revenue:
Commission Revenue 9,560.00
Service Income 400.00
Total 9,960.00

Less: Operating Expense:


Salary Expense 2,150.00
Rent Expense 200.00
Utilities Expense 530.00
Depreciation Expense - Furniture 250.00
Depreciation Expense - Building 580.00
Advertising Expense 490.00
Supplies Expense 770.00 4,970.00

Net Income 4,990.00

In PHP
Square Talent Agency
Statement of Changes in Owner's Equity
For the year ended October 31, 2021

Sherwin Square, Capital 84,490.00


Add: Net Income 4,990.00
Total 89,480.00
Less: Sherwin Square, Withdrawal 3,900.00
Sherwin Square, Capital 85,580.00

In PHP
Square Talent Agency
Statement of Financial Position
October 31, 2021

Assets
Current Assets:

Cash
Accounts Receivable
Prepaid Rent
Supplies
Total Current Assets

Non Current Assets:

Furniture 26,830.00
Less: Accumulated Depreciation - Furniture 3,650.00 23,180.00

Building 68,300.00
Less: Accumulated Depreciation - Building 12,680.00 55,620.00

Total Assets
Liabilities and Owner's Equity
Current Liabilities:

1,900.00 Accounts Payable


15,310.00 Salary Payable
2,000.00 Unearned Commission Revenue
70.00 Total Current Liabilities
19,280.00
Non Current Liabilities:

Total Liabilities

Owner's Equity

Sherwin Square, Capital


78,800.00
Total Liabilities + Owner's Equity
98,080.00
7,290.00
310.00
4,900.00
12,500.00

12,500.00

85,580.00

98,080.00
In PHP

Patrick Financial Couriers


Statement of Comprehensive Income
For the year ended June 30, 2021

Service Revenue 1,098,600.00

Less: Operating Expenses


Depreciation Expense - Equipment 73,000.00
Depreciation Expense - Building 39,700.00
Wage Expense 188,000.00
Insurance Expense 31,000.00
Utilities Expense 43,000.00
Property Tax Expense 26,700.00
Supplies Expense 35,800.00
Interest Expense 115,100.00 552,300.00

Net Income 546,300.00

In PHP
Patrick Financial Couriers
Statement of Changes in Owner's Equity
For the year ended June 30, 2021

Sofia Buena, Capital 683,900.00


Add: Net Income 546,300.00
Total 1,230,200.00
Less: Sofia Buena, Withdrawal 453,000.00
Sofia Buena, Capital 777,200.00

In PHP
Patrick Financial Couriers
Statement of Financial Position
June 30, 2021

Assets
Current Assets:

Cash
Accounts Receivable
Prepaid Insurance
Supplies
Total Current Assets
Non Current Assets:

Equipment 558,000.00
Less: Accumulated Depreciation - Equipment 164,800.00 393,200.00

Building 1,449,000.00
Less: Accumulated Depreciation - Building 168,500.00 1,280,500.00

Total Assets
Liabilities and Owner's Equity
Current Liabilities:

193,500.00 Accounts Payable


264,700.00 Interest Payable
32,000.00 Wage Payable
12,900.00 Unearned Service Income
503,100.00 Total Current Liabilities
Non Current Liabilities:

Note Payable, Long Term


Total Liabilities

Owner's Equity
1,673,700.00
Sofia Buena, Capital
2,176,800.00 Total Liabilities + Owner's Equity
384,000.00
14,900.00
7,700.00
23,000.00
429,600.00
970,000.00
1,399,600.00

777,200.00
2,176,800.00

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