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    Sure Ipadala

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    syra
    Sure iPadala incurred a net loss of ₱1425 for the year ended December 31, 2018 according to its income statement. Its current ratio was 0.064 and debt ratio was 73.05%, indicating liquidity and financial stability issues. Owner's equity decreased from ₱120,000 to ₱104,075 as the business was unprofitable for the year.

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    Sure Ipadala

    Uploaded by

    syra
    12 views5 pages
    Sure iPadala incurred a net loss of ₱1425 for the year ended December 31, 2018 according to its income statement. Its current ratio was 0.064 and debt ratio was 73.05%, indicating liquidity and financial stability issues. Owner's equity decreased from ₱120,000 to ₱104,075 as the business was unprofitable for the year.

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    Sure iPadala incurred a net loss of ₱1425 for the year ended December 31, 2018 according to its income statement. Its current ratio was 0.064 and debt ratio was 73.05%, indicating liquidity and financial stability issues. Owner's equity decreased from ₱120,000 to ₱104,075 as the business was unprofitable for the year.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    12 views5 pages

    Sure Ipadala

    Uploaded by

    syra
    Sure iPadala incurred a net loss of ₱1425 for the year ended December 31, 2018 according to its income statement. Its current ratio was 0.064 and debt ratio was 73.05%, indicating liquidity and financial stability issues. Owner's equity decreased from ₱120,000 to ₱104,075 as the business was unprofitable for the year.

    Copyright:

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

    Sure iPadala

    INCOME STATEMENT
    For the year ended December 31, 2018
    Revenue:
    Delivery Fees Revenue 230000
    Expenses:
    Depreciation Expense (note 1) 15000
    Other Operating Expense (note 2) 212500
    Payroll Contributions (note 3) 1925 229425
    Interest Expense 2000
    Net Loss: 1425

    Note 1: Depreciation Expense


    Depreciation Expense-Truck 10000
    Depreciation Expense-Equipment 5000
    Total 15000

    Note 2: Other Operating Expense


    Rent Expense 90000
    Salaries Expense 75000
    Supplies Expense 35000
    Utilities Expense 12500
    Total 212500

    Note 3: Payroll Contributions


    SS & EC Premium Expense 1125
    Philhealth Premium Expense 500
    Pag-ibig Premium Expense 300
    1925

    Sure iPadala
    CAPITAL STATEMENT
    For the year ended December 31, 2018
    Estrella, Capital, January 1, 2018 120000
    Less: Net Loss 1425
    Less: Estrella, Drawings 14500
    Estrella, Capital, December 31, 2018 104075
    Sure iPadala
    STATEMENT OF FINANCIAL POSITION
    as of December 31, 2018
    ASSETS
    Current Assets
    Cash 17775
    Accounts Receivable 6000
    Supplies Unused 3000
    Total Current Assets 26775
    Non-Current Assets
    Property & Equipment (note 1) 545000
    Total Assets 571775
    LIABILITIES AND OWNER'S EQUITY
    Current Liabilities
    Notes Payable 400000
    Accounts Payable 10000
    Accrued Liabilties (note 2) 3500
    Payroll Liabilities (note 3) 4200
    Total Current Liabilities 417700
    Non-Current Liabilities
    Bank Loan 50000
    Owner's Equity
    Estrella, Capital 104075
    Total Liabilities and Owner's Equity 571775

    Note 1: Property & Equipment


    Truck 500000
    Accumulated Depreciation 10000 490000
    Equipment 60000
    Accumulated Depreciation 5000 55000
    Total 545000

    Note 2: Accrued Liabilties


    Interest Payable 2000
    Utilities Payable 1500
    Total 3500

    Note 3: Payroll Liabilities


    SS & EC Premium Payable 2450
    Withholding Taxes Payable 650
    Pag-ibig Premium Payable 600
    Philhealth Premium Payable 500
    Total 4200
    Sure iPadala
    STATEMENT OF CASH FLOW
    For the year ended December 31, 2018
    Cash Flow from Operating Activities
    Collection from customers 224000
    Payment for Rent 90000
    Payment for Salaries 72725
    Payment for Supplies 28000
    Payment for Utilities 11000 201725
    Net Cash Inflow from Operating Activities 22275

    Cash Flow from Investing Activities


    Acquisition of Truck 100000
    Acquisition of Equipment 40000
    Net Cash Outflow from Investing Activities 140000

    Cash Flow from Financing Activities


    Investment 100000
    Bank Loan 50000
    Estrella, Drawings 14500
    Net Cash Inflow from Financing Activities 135500
    Increase in Cash 17775
    Cash, January 1 -
    Cash, December 31 17775
    Delivery Fees Revenue 230,000
    Income Summary 230,000

    Income Summary 231,425 Cash


    Rent Expense 90,000 Supplies
    Salaries Expense 75,000 Accounts Receivable
    Supplies Expense 35,000 Equipment
    Utilities Expense 12,500 Delivery Truck
    Depreciation Expense-Truck 10,000 Accumulated Depreciati
    Depreciation Expense-Equipmen 5,000 Accumulated Depreciati
    Interest Expense 2,000 Accounts Payable
    SS & EC Premium Expense 1,125 Utilities Payable
    Philhealth Premium Expense 500 Interest Payable
    Pag-ibig Premium Expense 300 Notes Payable
    Withholding Taxes Paya
    Estrella, Capital 1,425 SS & EC Premiums Paya
    Income Summary 1,425 Philhealth Premiums Pa
    Pag-ibig Premiums Paya
    Estrella, Capital 14,500 Bank Loan
    Estrella, Drawings 14,500 Estrella, Capital
    Totals

    Income Summary a. Current Ratio .064 Q


    231,425 230,000 Sure iPadala is definitel
    1,425 b. 73.05% Debt Ratio V
    c. The business is losing
    Unprofitable

    Estrella, Capital
    1,425 120,000
    14,500
    Sure iPadala
    POST CLOSING TRIAL BALANCE
    December 31, 2018
    Cash ₱17,775
    Supplies 3,000
    Accounts Receivable 6,000
    Equipment 60,000
    Delivery Truck 500,000
    Accumulated Depreciation-Truck ₱10,000
    Accumulated Depreciation-Equipment 5,000
    Accounts Payable 10,000
    Utilities Payable 1,500
    Interest Payable 2,000
    Notes Payable 400,000
    Withholding Taxes Payable 650
    SS & EC Premiums Payable 2,450
    Philhealth Premiums Payable 500
    Pag-ibig Premiums Payable 600
    Bank Loan 50,000
    Estrella, Capital 104,075
    ₱586,775 ₱586,775

    a. Current Ratio .064 Quick Ratio .0569


    Sure iPadala is definitely not liquid
    b. 73.05% Debt Ratio Very Risky
    c. The business is losing and
    Unprofitable

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