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The document provides financial information for a company, including transactions related to inventory, receivables, expenses, taxes, depreciation, and equity. It shows the company's balance sheet and income statement for 2011 and 2010, as well as its statement of cash flows for 2011. The financial statements indicate the company had increasing sales, expenses, and net income over the two years.

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Edwin Ramirez
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© Attribution Non-Commercial (BY-NC)
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34 views8 pages

Assignment

The document provides financial information for a company, including transactions related to inventory, receivables, expenses, taxes, depreciation, and equity. It shows the company's balance sheet and income statement for 2011 and 2010, as well as its statement of cash flows for 2011. The financial statements indicate the company had increasing sales, expenses, and net income over the two years.

Uploaded by

Edwin Ramirez
Copyright
© Attribution Non-Commercial (BY-NC)
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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a.

Inventory

25,000,000
Merchandise payable

Merchandise payable
Cash
b. Receivables

25,000,000
24,000,000
24,000,000
28,000,000

Sales
COGS

28,000,000
22,400,000

Inventory
Cash

22,400,000
27,000,000

Receivables
c. Salaries expense
Cash
d. Utilities expense
Utilities payable
Utilities payable
Cash

27,000,000
1,300,000
1,300,000
290,000
290,000
280,000
280,000

e. Other operating expenses


Cash

350,000

f.

Income tax payable


Cash

277,500

Income tax expense


Income tax payable

891,000

Income tax payable


Cash

668,250

g. Dividend expense
Cash
Year-end Adjustments
Dep'n Expense - Building
Accumulated Dep'n - Building
Dep'n Expense - Fixtures
Accumulated Dep'n - Fixtures
Dep'n Expense - Office Equip
Accumulated Dep'n - OE
Dep'n Expense - Transpo Equip
Accumulated Dep'n - TE

350,000

277,500

891,000

668,250
100,000
100,000

200,000
200,000
50,000
50,000
100,000
100,000
240,000
240,000

20,000
290,000
310,000
280,000
30,000

beg
addl
total
endg

January 2010
a. Cash

10,000,000
Paid-in Capital

b.

Land
Building

c.

Fixtures

10,000,000
1,000,000
4,000,000

Cash

d.
e.

Cash
Office Equipment
Cash
Transportation Vehicles
Cash

During 2010
a. Inventory

b.

c.
d.

e.
f.

Merchandise Payable
Merchandise Payable
Cash
Receivables
Sales
Cost of Goods Sold
Inventory
Cash
Receivables
Salaries Expense
Cash
Utilities Expense
Utilities Payable
Utilities Payable
Cash
Other Operating Expense
Cash
Income Tax Expense
Income Tax Payable
Income Tax Payable
Cash

5,000,000
500,000
500,000
500,000
500,000
1,200,000
1,200,000

20,000,000
20,000,000
17,500,000
17,500,000
21,000,000
21,000,000
16,800,000
16,800,000
17,850,000
17,850,000
1,200,000
1,200,000
260,000
260,000
240,000
240,000
300,000
300,000
555,000
555,000
277,500

Year-end Adjustments
Dep'n Expense - Building
200,000
Accumulated Dep'n - Building
Dep'n Expense - Fixtures
50,000
Accumulated Dep'n - Fixtures
Dep'n Expense - Office Equip
100,000
Accumulated Dep'n - OE
Dep'n Expense - Transpo Equip
240,000
Accumulated Dep'n - TE

277,500

200,000
50,000
100,000
240,000

December 31
2011
ASSETS
Current Assets
Cash
Receivables
Inventories
Total Current Assets
Non-current Assets
Property, plant and equipment -net

LIABILITIES AND STOCKHOLDERS' EQUITY


Current Liabilities
Accounts payable and accrued expenses
Income tax payable
Total Current Liabilities
Equity
Paid-in capital
Retained earnings
Total Equity
Checking

2010

1,156,750
4,150,000
5,800,000
11,106,750

1,132,500
3,150,000
3,200,000
7,482,500

6,020,000
17,126,750

6,610,000
14,092,500

3,530,000
222,750
3,752,750

2,520,000
277,500
2,797,500

10,000,000
3,374,000
13,374,000
17,126,750
-

10,000,000
1,295,000
11,295,000
14,092,500
-

RE,beg
Net income
Dividends paid
RE, endg

1,295,000
2,079,000
3,374,000

SALE OF GOODS
COST OF SALES
GROSS PROFIT
Salaries expense
Depreciation expense
Utilities expense
Dividend expense
Other operating expenses
INCOME BEFORE INCOME TAX
PROVISION FOR INCOME TAX
NET INCOME

Years Ended December 31


2011
2010
28,000,000
21,000,000
22,400,000
16,800,000
5,600,000
4,200,000
(1,300,000)
(1,200,000)
(590,000)
(590,000)
(290,000)
(260,000)
(100,000)
(350,000)
(300,000)
2,970,000
1,850,000
891,000
555,000
2,079,000
1,295,000

YEARS ENDED DECEMBER 31


2011
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax
Adjustments for:
Depreciation of property, plant and equipment
Operating income before working capital changes
Increase in:
Receivables
Inventories
Increase in accounts payable and other accrued liabilities
Cash generated from operations
Income taxes paid
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property, plant and equipment
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of share capital
Net cash used in financing activities
NET INCREASE (DECREASE) IN CASH
CASH AT BEGINNING OF YEAR
CASH AT END OF YEAR
Checking

1,132,500
(1,156,750.00)

ARS ENDED DECEMBER 31


2010
1,850,000

Receivables, beg.
Sales
Collection
Receivables,endg.

21,000,000
17,850,000
3,150,000

Inventory, beg.
Purchase
Sold
Inventory, endg.

20,000,000
16,800,000
3,200,000

Payables, beg.
Purchase
Utilities
Payment
Payables, endg.

20,000,000
260,000
17,740,000
2,520,000

590,000
2,440,000
(3,150,000)
(3,200,000)
2,520,000
(1,390,000)
(277,500)
(1,667,500)
(7,200,000)
(7,200,000)
10,000,000
10,000,000
1,132,500
1,132,500
-

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