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Financial Reports

The balance sheet shows Tricia Echevaria has total assets of $456,100 as of December 31, 2019, including $316,600 in current assets and $139,500 in fixed assets, with total liabilities of $283,000 resulting in owner's equity of $173,100. The income statement shows revenues of $55,000 and expenses of $71,900, resulting in a net loss of $16,900 for the year ended December 31, 2019. The statement of cash flows shows a beginning cash balance of $0 and ending cash balance of $279,400 after accounting for $457,800 in total

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42 views6 pages

Financial Reports

The balance sheet shows Tricia Echevaria has total assets of $456,100 as of December 31, 2019, including $316,600 in current assets and $139,500 in fixed assets, with total liabilities of $283,000 resulting in owner's equity of $173,100. The income statement shows revenues of $55,000 and expenses of $71,900, resulting in a net loss of $16,900 for the year ended December 31, 2019. The statement of cash flows shows a beginning cash balance of $0 and ending cash balance of $279,400 after accounting for $457,800 in total

Uploaded by

Catherine Kim
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 XLSX, PDF, TXT or read online on Scribd
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Tricia Echevaria

Balance Sheet
For the month Ended Dec 31, 2019

ASSETS
CURRENT ASSETS
Cash 279,400
Notes Receivable 12,000
Accounts Receivable 25,200
TOTAL CURRENT ASSETS 316,600

FIXED ASSETS
Office Equipment 112,000
Furniture & Fixture 27,500
TOTAL FIXED ASSETS 139,500

TOTAL ASSETS 456,100

LIABILITIES
CURRENT LIABILITIES
Accounts Payable 51,000
Notes Payable 232,000
TOTAL LIABILITIES 283,000

OWNER'S EQUITY
Tricia Capital 173,100

TOTAL LIABILITIES AND OWNER'S EQUITY 456,100


Tricia Echevaria
Income Statement
Decc 31,2019

REVENUES
Professional Fees 55,000

EXPENSES
Salaries & Wages 33,000
Rent Expense 16,400
Supplies Expense 15,500
Utilities Expense 4,000
Taxes & Licenses 3000
71,900

Net Loss -16,900


Tricia Echevaria
Statement of Changes in Owner's Equity
For the year Ended Dec 31,2019

Beginning Balance, Tricia Capital 200,000


Less: Net loss 16,900
Drawings 10,000 26,900
End Balance, Tricia Capital 173,100
Tricia Echavaria
Statement of Cash Flow
For the year ended Dec 31,2019

Cash, Beginning Balance 0

Add: Sources of Funds


From Financing transactions
Initial Capital 200,000
Loan from Metrobank 200,000
Acquisition of Computer 40,000
From Operating Transactions
Professional Fees 17,800
TOTAL SOURCE OF FUNDS 457,800
Less: Applications of Funds
For Financing Transactions
Owner's Drawing 10,000
Partial Payment for Divan 4,000
For investing transactions
Acquisiton of Computer 80,000
Acquisiton of tables & Chairs 12,500
For Operating Transactions
Paid Office Rent 16,400
Paid Meralco 4,000
Paid Salaries 16,500
Municipal License 3,000
Supplies Expense 15,500
Paid Salaries 16,500

TOTAL APPLICATIONS OF FUNDS 178,400


Cash, end balance 279,400
Repair Income 275,000
Referral Income 15,000
Interest Income 450
Income Summary 290,450

To close Revenues

Income Summary 181,550


Salaries Expense 45,000
Rent Expense 55,000
Taxes & Licenses 8,750
Utilities Expense 46,750
Interest Expense 1,000
Doubtful Accounts Expense 4,900
Insurance Expense 10,000
Supplies Expense 400
Depreciation Expense- Machinery 7,500
Depreciation Expense- Furniture 2,250
To close Expenses

Income Summary 108,900


Carl, Capital 108,900
To close income summary

Carl, Capital 5,000


Carl, Drawing 5,000

To close drawing account


Carl Auto Repair Shop
Post Closing Trial Balance
December 31,2017
DR CR
Account Titles
Cash on Hand 25,000
Cash in Bank 45,000
Accounts Receivable 49,000
Notes Receivable 30,000
Interest Receivable 450
Allowance for doubtful Accounts 4,900
Office Supplies 200
Prepaid Insurance 5,000
Machinery & Equipment 150,000
Accumulated Depreciation – Machinery & Equipment 7,500
Furniture & Fixture 25,000
Accumulated Depreciation – Furniture & Fixture 2,250
Accounts Payable 26,000
Notes Payable 50,000
Interest Payable 750
Taxes & Licenses Payable 1,500
Carl, Capital 236,750
329,650 329,650

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