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    Actg101 Fs Prepa Template

    Uploaded by

    Jaira Clavo
    This document provides templates for the financial statements of a service business. It includes an income statement, capital statement, statement of financial position, and notes to the financial statements. The income statement reports service income, expenses (salaries, rent, utilities), and net income or loss. The capital statement tracks changes in owner's capital. The statement of financial position presents assets (cash, receivables, equipment), liabilities (payables), and owner's capital. The notes provide additional details on accounts.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Actg101 Fs Prepa Template

    Uploaded by

    Jaira Clavo
    27 views16 pages
    This document provides templates for the financial statements of a service business. It includes an income statement, capital statement, statement of financial position, and notes to the financial statements. The income statement reports service income, expenses (salaries, rent, utilities), and net income or loss. The capital statement tracks changes in owner's capital. The statement of financial position presents assets (cash, receivables, equipment), liabilities (payables), and owner's capital. The notes provide additional details on accounts.

    Original Description:

    Financial Statement Preparation Template

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    This document provides templates for the financial statements of a service business. It includes an income statement, capital statement, statement of financial position, and notes to the financial statements. The income statement reports service income, expenses (salaries, rent, utilities), and net income or loss. The capital statement tracks changes in owner's capital. The statement of financial position presents assets (cash, receivables, equipment), liabilities (payables), and owner's capital. The notes provide additional details on accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    27 views16 pages

    Actg101 Fs Prepa Template

    Uploaded by

    Jaira Clavo
    This document provides templates for the financial statements of a service business. It includes an income statement, capital statement, statement of financial position, and notes to the financial statements. The income statement reports service income, expenses (salaries, rent, utilities), and net income or loss. The capital statement tracks changes in owner's capital. The statement of financial position presents assets (cash, receivables, equipment), liabilities (payables), and owner's capital. The notes provide additional details on accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    You are on page 1of 16

    NOTE: Remember the

    Normal Balance of an
    Account.

    Unadjusted TB Adjustments Adjusted TB Income Statement Balance Sheet


    ACCOUNTS Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr

    TOTAL #REF! #REF! - - - - - - - -


    Net Income - -

    TOTAL #REF! #REF! - - - - - - - -

    balance check (should be zero) #REF! - - - -


    ADJUSTING JOURNAL ENTRIES

    Dr Cr

    a
    NAME OF COMPANY
    Statement of Comprehensive Income
    For the Year Ended mm/dd/yy

    REVENUES
    Service Revenues XXX

    EXPENSES
    Salaries XXX
    Rent XXX
    Insurance XXX
    Advertising XXX
    Interest XXX
    Miscellaneous XXX
    Total Expenses XXX

    NET INCOME XXX

    #VALUE!
    NAME OF COMPANY
    Statement of Comprehensive Income
    For the Year Ended mm/dd/yy

    Net Sales (Note 1) xxx


    Cost of Sales (Note 2) xxx
    Gross Profit xxx
    Other Operating Income (Note 3) xxx
    Total xxx

    Expenses
    General and Administrative (Note 4) xxx
    Distribution (Note 5) xxx
    Finance Costs (Note 6) xxx
    Total Expenses xxx

    Net Income xxx

    NOTES
    Note 1 - Net Sales
    Gross Sales xxx
    Less: Sales Returns & Allowances xxx
    Sales Discounts xxx xxx
    NET SALES xxx

    Note 2 - Cost of Sales


    Merchandise Inventory, beg xxx
    Add: Net Purchases
    Purchases xxx
    Freight-in xxx
    Total Cost of Goods Delivered xxx
    Less: Purchase Returns and Allowances xxx
    Purchase Discounts xxx xxx
    Total Cost of Goods Available for Sale xxx
    Less: Merchandise Inventory, End xxx
    COST OF SALES xxx
    Note 3 - Other Operating Income
    Commission Income xxx
    Rent Income xxx
    Interest Income xxx
    Total xxx

    Note 4 - General and Administrative Expenses


    Office Salaries xxx
    Office Supplies xxx
    Insurance - Office xxx
    Rent - Office xxx
    Utilities - Office xxx
    Depreciation Expense - Office Equipment xxx
    Depreciation Expense - Office Building xxx
    Total xxx

    Note 5 - Distribution Expenses


    Sales Salaries xxx
    Freight- Out xxx
    Store Supplies xxx
    Insurance - Selling xxx
    Advertising and Marketing xxx
    Depreciation Expense - Store Equipment xxx
    Depreciation Expense - Store Building xxx
    Total xxx

    Note 6 - Finance Costs


    Interest Expense xxx
    Amortization of Interest on Bonds xxx
    Amortization of Interest on Notes xxx
    Total xxx
    NAME OF COMPANY
    Income Statement
    For the Year Ended mm/dd/yy

    SERVICE INCOME XXX

    EXPENSES
    Salaries XXX
    Rent XXX
    Utilities XXX
    Total Expenses XXX

    NET INCOM (LOSS) XXX (XXX)


    ACTG101 - FUNDAMENTALS OF ACCOUNTING
    HANDOUTS ON FS PREPARATION
    FS OF SERVICE BUSINESS

    NAME OF COMPANY
    Income Statement
    For the Year Ended mm/dd/yy

    SERVICE INCOME XXX

    EXPENSES
    Salaries XXX
    Rent XXX
    Utilities XXX
    Total Expenses XXX

    NET INCOME (LOSS) XXX (XXX)

    NAME OF COMPANY
    Capital Statement
    For the Year Ended mm/dd/yy

    Owner's, Capital, beg XXX


    Add: Net Income XXX
    Additional Investment XXX
    Total XXX

    Less: Net Loss XXX


    Owner's, Drawing XXX
    Owner's, Capital, end XXX

    NAME OF COMPANY
    Statement of Financial Position
    mm/dd/yy

    ASSETS

    Current Assets
    Cash (Note 1) XXX
    Trade and Other Receivables - Net (Note 2) XXX
    Prepayments (Note 3) XXX
    Total Current Assets XXX

    Noncurrent Assets
    Property Plant and Equipment - Net (Note 4) XXX

    TOTAL ASSETS XXX

    LIABILITIES AND EQUITY

    Current Liabilities
    Trade and Other Payables (Note 5) XXX
    Other Current Liabilities XXX
    Total Current Liabilities XXX

    Noncurrent Liabilities
    Noncurrent Liabilities XXX
    Total Liabilities XXX

    Equity
    Owner's, Capital XXX

    TOTAL LIABILITIES AND EQUITY XXX


    NAME OF COMPANY
    NOTES TO FINANCIAL STATEMENTS - SERVICE BUSINESS

    Note 1 - Cash
    Cash on Hand xxx
    Cash in Bank xxx
    TOTAL XXX

    Note 2 - Trade and Other Receivables - Net


    Gross Accounts Receivable xxx
    Notes Receivable xxx
    Total XXX
    Less: Allowance for Bad Debts xxx
    Net Realizable Value XXX

    Note 3 - Prepayments
    Insurance xxx
    Rent xxx
    Supplies xxx
    TOTAL XXX

    Note 4 - Property, Plant and Equipment - Net


    Cost:
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    Less: Accumulated Depreciation xxx
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    PROPERTY, PLANT AND EQUIPMENT - NET XXX

    Note 5 - Trade and Other Payables


    Accounts Payable xxx
    Interest Payable xxx
    Taxes Payable xxx
    Salaries Payable xxx
    Total XXX
    ACTG101 - FUNDAMENTALS OF ACCOUNTING
    HANDOUTS ON FS PREPARATION
    FS OF MERCHANDISING BUSINESS

    NAME OF COMPANY
    Income Statement
    For the Year Ended mm/dd/yy

    NET SALES (Note 1) XXX


    COST OF SALES (Note 2) XXX
    GROSS PROFIT XXX
    Other Operating Income (Note 3) XXX
    TOTAL XXX

    EXPENSES
    General and Administrative* XXX
    Distribution** XXX
    Finance Cost XXX
    Total Expenses XXX

    NET INCOME (LOSS) XXX (XXX)

    NOTES TO FINANCIAL STATEMENTS

    Note 1 - Net Sales


    Sales XXX
    Less: Sales Returns and Allowances XXX
    : Sales Discounts XXX
    NET SALES XXX

    Note 2 - Cost of Sales (Periodic Inventory Method)


    Inventory, Beg xxx
    Add: Net Cost of Purchases
    Purchases xxx
    Add: Freight-In xxx
    Total Cost of Goods Delivered xxx
    Less: Purchase Returns and Allowances xxx
    Purchase Discounts xxx xxx
    Total Goods Available for Sale xxx
    Less: Inventory, End xxx
    Cost of Sales xxx

    * General and Administrative Expenses are expenses incurred


    within the office premises. This also includes Bad Debts Expense.

    ** Distribution Expenses (selling expenses) are expenses related to the


    selling and distribution of the goods. (e.g. Freight-out)

    Note 3 - Other Operating Income


    Rent xxx
    Commission xxx
    TOTAL XXX
    NAME OF COMPANY
    Capital Statement
    For the Year Ended mm/dd/yy

    Owner's, Capital, beg XXX


    Add: Net Income XXX
    Additional Investment XXX
    Total XXX

    Less: Net Loss XXX


    Owner's, Drawing XXX
    Owner's, Capital, end XXX
    NAME OF COMPANY
    Statement of Financial Position
    mm/dd/yy

    ASSETS

    Current Assets
    Cash XXX
    Trade and Other Receivables XXX
    Prepayments XXX
    Total Current Assets -

    Noncurrent Asset
    Property Plant and Equipment - Net XXX
    Total Noncurrent Asset XXX

    TOTAL ASSETS #VALUE!

    LIABILITIES AND EQUITY

    Current Liabilities
    Trade and Other Payables XXX
    Other Current Liabilities XXX
    Total Current Liabilities -

    Noncurrent Liability
    Noncurrent Liabilities XXX
    Total Liabilities #VALUE!

    Equity
    Owner's, Capital XXX
    Total Equity XXX

    TOTAL LIABILITIES AND EQUITY #VALUE!

    balance check (should be zero) #VALUE!


    cont.. Merchandising business

    NAME OF COMPANY
    Capital Statement
    For the Year Ended mm/dd/yy

    Owner's, Capital, beg XXX


    Add: Net Income XXX
    Additional Investment XXX
    Total XXX

    Less: Net Loss XXX


    Owner's, Drawing XXX
    Owner's, Capital, end XXX

    NAME OF COMPANY
    Statement of Financial Position
    mm/dd/yy

    ASSETS

    Current Assets
    Cash (Note 4) XXX
    Trade and Other Receivables - Net (Note 5) XXX
    Inventory XXX
    Prepayments (Note 6) XXX
    Total Current Assets XXX

    Noncurrent Assets
    Property Plant and Equipment - Net (Note 7) XXX

    TOTAL ASSETS XXX

    LIABILITIES AND EQUITY

    Current Liabilities
    Trade and Other Payables (Note 8) XXX
    Other Current Liabilities XXX
    Total Current Liabilities XXX

    Noncurrent Liabilities
    Noncurrent Liabilities XXX
    Total Liabilities XXX

    Equity
    Owner's, Capital XXX

    TOTAL LIABILITIES AND EQUITY XXX


    NAME OF COMPANY
    NOTES TO FINANCIAL STATEMENTS - MERCHANDISING BUSINESS

    Note 4 - Cash
    Cash on Hand xxx
    Cash in Bank xxx
    TOTAL XXX

    Note 5 - Trade and Other Receivables - Net


    Gross Accounts Receivable xxx
    Notes Receivable xxx
    Total XXX
    Less: Allowance for Bad Debts xxx
    Net Realizable Value XXX

    Note 6 - Prepayments
    Insurance xxx
    Rent xxx
    Supplies xxx
    TOTAL XXX

    Note 7 - Property, Plant and Equipment - Net


    Cost:
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    Less: Accumulated Depreciation xxx
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    PROPERTY, PLANT AND EQUIPMENT - NET XXX

    Note 8 - Trade and Other Payables


    Accounts Payable xxx
    Interest Payable xxx
    Taxes Payable xxx
    Salaries Payable xxx
    Total XXX
    ACTG121 - FUNDAMENTALS OF ACCOUNTING
    HANDOUTS ON FS PREPARATION
    FS OF MERCHANDISING BUSINESS

    NAME OF COMPANY
    Income Statement
    For the Year Ended mm/dd/yy

    NET SALES (Note 1) XXX


    COST OF SALES (Note 2) XXX
    GROSS PROFIT XXX
    Other Operating Income (Note 3) XXX
    TOTAL XXX

    EXPENSES
    Insurance XXX
    Rent XXX
    Utilities XXX
    Total Expenses XXX

    NET INCOME (LOSS) XXX (XXX)

    NOTES TO FINANCIAL STATEMENTS

    Note 1 - Net Sales


    SALES
    Food XXX
    Beverage XXX
    Rent XXX
    Gift Shop XXX
    TOTAL XXX
    Less: Sales Returns and Allowances XXX
    : Sales Discounts XXX
    NET SALES XXX

    Note 2 - Cost of Sales (Periodic Inventory Method)


    Inventory, Beg xxx
    Add: Net Cost of Purchases
    Purchases xxx
    Add: Freight-In xxx
    Total Cost of Goods Delivered xxx
    Less: Purchase Returns and Allowances xxx
    Purchase Discounts xxx xxx
    Total Goods Available for Sale xxx
    Less: Inventory, End xxx
    Cost of Sales xxx

    * General and Administrative Expenses are expenses incurred


    within the office premises. This also includes Bad Debts Expense.

    ** Distribution Expenses (selling expenses) are expenses related to the


    selling and distribution of the goods. (e.g. Freight-out)

    Note 2 - Cost of Sales Perpetual Inventory Method)


    Food xxx
    Beverage xxx
    Gift Shop xxx
    TOTAL XXX

    Note 3 - Other Operating Income


    Rent xxx
    Commission xxx
    TOTAL XXX
    cont.. Merchandising business

    NAME OF COMPANY
    Capital Statement
    For the Year Ended mm/dd/yy

    Owner's, Capital, beg XXX


    Add: Net Income XXX
    Additional Investment XXX
    Total XXX

    Less: Net Loss XXX


    Owner's, Drawing XXX
    Owner's, Capital, end XXX

    NAME OF COMPANY
    Statement of Financial Position
    mm/dd/yy

    ASSETS

    Current Assets
    Cash (Note 4) XXX
    Trade and Other Receivables - Net (Note 5) XXX
    Inventory (Note 6) XXX
    Prepayments (Note 7) XXX
    Total Current Assets XXX

    Noncurrent Assets
    Property Plant and Equipment - Net (Note 8) XXX

    TOTAL ASSETS XXX

    LIABILITIES AND EQUITY

    Current Liabilities
    Trade and Other Payables (Note 9) XXX
    Other Current Liabilities XXX
    Total Current Liabilities XXX

    Noncurrent Liabilities
    Noncurrent Liabilities XXX
    Total Liabilities XXX

    Equity
    Owner's, Capital XXX

    TOTAL LIABILITIES AND EQUITY XXX


    NAME OF COMPANY
    NOTES TO FINANCIAL STATEMENTS - MERCHANDISING BUSINESS

    Note 4 - Cash
    Cash on Hand xxx
    Cash in Bank xxx
    TOTAL XXX

    Note 5 - Trade and Other Receivables - Net


    Gross Accounts Receivable xxx
    Notes Receivable xxx
    Total XXX
    Less: Allowance for Bad Debts xxx
    Net Realizable Value XXX

    Note 6 - Inventory
    Food xxx
    Beverage xxx
    Gift Shop xxx
    TOTAL XXX

    Note 7 - Prepayments
    Insurance xxx
    Rent xxx
    Supplies xxx
    TOTAL XXX

    Note 8 - Property, Plant and Equipment - Net


    Cost:
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    Less: Accumulated Depreciation xxx
    Equipment xxx
    Furniture and Fixtures xxx
    Building xxx
    Total XXX
    PROPERTY, PLANT AND EQUIPMENT - NET XXX

    Note 9 - Trade and Other Payables


    Accounts Payable xxx
    Interest Payable xxx
    Taxes Payable xxx
    Salaries Payable xxx
    Total XXX

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