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Performance Task 3

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11 views

Performance Task 3

Uploaded by

michaeljamesuy123
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Well Corporation

Comparative Statement of Financial Position


December 31, 2022 and 2023
Well Corporation
Comparative Statement of Comprehensive Income
2022 2023
December 31, 2022 and 2023
Assets:
Current Assets:
2022 2023
Cash and Cash Equivalents 40,000.00 45,000.00
Revenue 700,000.00 600,000.00
Accounts Receivable 90,000.00 95,000.00
Cost of Goods Sold 350,000.00 300,000.00
Inventory 50,000.00 60,000.00
Gross Profit 350,000.00 300,000.00
Total Current Assets 180,000.00 200,000.00
Operating Expenses:
Non-Current Assets:
Selling Expenses 70,000.00 60,000.00
Property, Plant and Equipment 350,000.00 370,000.00
General and Administrative Expenses 140,000.00 120,000.00
Less: Accumulated Depreciation (170,000.00) (195,000.00)
Depreciation Expense 25,000.00 20,000.00
Intangible Assets 30,000.00 35,000.00
Total 235,000.00 200,000.00
Total Non-Current Assest 210,000.00 210,000.00
Operating Income 115,000.00 100,000.00
Total Assets 390,000.00 410,000.00
Other Income and Expenses:
Interest Income 7,000.00 6,000.00
Liabilities:
Interest Expense 13,000.00 12,000.00
Current Liabilities:
Other Income 2,800.00 2,500.00
Accounts Payable 35,000.00 40,000.00
Other Expenses 3,800.00 3,500.00
Short-term Debt 25,000.00 30,000.00
Net Income Before Taxes 108,000.00 93,000.00
Total Current Liabilities 60,000.00 70,000.00
Income Tax Expense-25% 27,000.00 23,250.00
Non-Current Liabilities
Long-term Debt 150,000.00 160,000.00
Net Income 81,000.00 69,750.00
Total Non-Current Liabilities 150,000.00 160,000.00
Total Liabilities 210,000.00 230,000.00
Owner's Equity
Common Stock 50,000.00 60,000.00
Retained Earnings 130,000.00 120,000.00
Total Equity 180,000.00 180,000.00
Total Liabilities and Owner's Equity 390,000.00 410,000.00

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