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    Drill 1,2 & Exercise 5

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    The income statement of T. Alunan Law Firm for the year ended December 31, 2017 shows total income of ₱848,000 consisting of legal fees of ₱828,000 and other income of ₱20,000. Total expenses were ₱416,144 resulting in net income of ₱431,856. Notes provide details on the other income and depreciation expense line items. The income statement of Wei Long Trading for the month ended May 31, 2017 shows net sales of ₱420,000 and cost of sales of ₱256,000 resulting in gross profit of ₱164,000. Total income was ₱254,000

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    Drill 1,2 & Exercise 5

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    385 views5 pages
    The income statement of T. Alunan Law Firm for the year ended December 31, 2017 shows total income of ₱848,000 consisting of legal fees of ₱828,000 and other income of ₱20,000. Total expenses were ₱416,144 resulting in net income of ₱431,856. Notes provide details on the other income and depreciation expense line items. The income statement of Wei Long Trading for the month ended May 31, 2017 shows net sales of ₱420,000 and cost of sales of ₱256,000 resulting in gross profit of ₱164,000. Total income was ₱254,000

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    DRILL 1,2 & EXERCISE 5

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    The income statement of T. Alunan Law Firm for the year ended December 31, 2017 shows total income of ₱848,000 consisting of legal fees of ₱828,000 and other income of ₱20,000. Total expenses were ₱416,144 resulting in net income of ₱431,856. Notes provide details on the other income and depreciation expense line items. The income statement of Wei Long Trading for the month ended May 31, 2017 shows net sales of ₱420,000 and cost of sales of ₱256,000 resulting in gross profit of ₱164,000. Total income was ₱254,000

    Copyright:

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

    Drill 1,2 & Exercise 5

    Uploaded by

    Rawr rawr
    The income statement of T. Alunan Law Firm for the year ended December 31, 2017 shows total income of ₱848,000 consisting of legal fees of ₱828,000 and other income of ₱20,000. Total expenses were ₱416,144 resulting in net income of ₱431,856. Notes provide details on the other income and depreciation expense line items. The income statement of Wei Long Trading for the month ended May 31, 2017 shows net sales of ₱420,000 and cost of sales of ₱256,000 resulting in gross profit of ₱164,000. Total income was ₱254,000

    Copyright:

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

    DRILL 1 - PAGE 7

    T. Alunan Law Firm


    Income Statement
    For the Year Ended December 31, 2017

    Note
    Legal Fees ₱ 828,000
    Other Income 1 20,000
    Total Income ₱ 848,000
    Expenses
    Salaries and Wages ₱ 158,400
    Rent Expense 128,000
    Utilities Expense 89,960
    Depreciation Expense 2 17,000
    Supplies Expense 3,984
    Finance Cost 3 18,800 416,144
    Net Income ₱ 431,856

    Notes to Financial Statements

    Note 1 - Other Income


    Dividends Income ₱ 16,000
    Gain on Sale of Equipment 4,000
    Total ₱ 20,000

    Note 2 - Depreciation Expense


    Depreciation Expense - Office Equipment ₱ 12,000
    Depreciation Expense - Furniture and Fixtures 5,000
    ₱ 17,000

    Note 3 - Finance Cost


    Interest Expense ₱ 18,800
    DRILL 1 - PAGE 14

    Wei Long Trading


    Income Statement
    For the month ended May 31, 2017

    Note
    Net Sales 1 ₱ 420,000
    Cost of Sales 2 256,000
    Gross Profit ₱ 164,000
    Other Income 3 90,000
    Total Income ₱ 254,000
    Operating Expenses
    Distribution Expenses 4 ₱ 115,000
    Administrative Expenses 5 36,400
    Other Expenses 6 1,600
    Finance Cost 7 16,000 169,000
    Net Income ₱ 85,000

    Note 1 - Net Sales


    Gross Sales ₱ 450,000
    Less: Sales Returns and Allowances ₱ 18,000
    Sales Discounts 12,000 30,000
    Net Sales ₱ 420,000

    Note 2 - Cost of Sales


    Merchandise Inventory, Beginning ₱ 80,000
    Add: Purchases ₱ 284,000
    Freight -in 6,000
    Cost of Goods Delivered ₱ 290,000
    Less: Purchase Returns & Allowances ₱ 14,000
    Purchase Discount 12,000 26,000 264,000
    Goods Available for Sale ₱ 344,000
    Less: Merchandise Inventory, end 88,000
    Cost of Sales ₱ 256,000

    Note 3 - Other Income


    Dividends Income ₱ 50,000
    Rent Income 40,000
    Total ₱ 90,000

    Note 4 - Distribution Expenses


    Sales Salaries Expense ₱ 74,000
    Advertising Expense 18,000
    Freight out 14,200
    Store Supplies 6,000
    Utilities Expense - Store 2,800
    Total ₱ 115,000

    Note 5 - Administrative Expenses


    Office Salaries Expense ₱ 22,000
    Doubtful Account Expense 7,200
    Utilities Expense - Office 4,800
    Office Supplies 2,400
    Total ₱ 36,400

    Note 6 - Other Expense


    Discount Lost ₱ 1,600

    Note 7 - Finance Cost


    Interest Expense ₱ 16,000
    EXERCISE 5 - PAGE 46

    Somer Merchandising
    Statement of Financial Position
    as of December 31, 2017

    Assets Note

    Current Assets
    Cash ₱ 814,400
    Trade and Other Receivables 1 468,000
    Merchandise Inventory 1,916,000
    Prepaid Expenses 2 611,840
    Total Current Assets ₱ 3,810,240

    Non-Current Assets
    Property, Plant & Equipment 3 1,683,000

    Total Assets ₱ 5,493,240

    Liabilities & Owner's Equity

    Current Liabilities
    Trade and Other Payables 4 ₱ 1,080,000

    Non - Current Liabilities


    Notes Payable ₱ 627,320
    Mortgage Payable 712,000
    Total Non-Current Liabilities 1,339,320
    Total Liabilities ₱ 2,419,320

    Owner's Equity
    Somer, Capital 3,073,920

    Total Liabilities and Capital ₱ 5,493,240

    Note 1 - Trade and Other Receivables


    Accounts Receivables ₱ 141,400
    Less: Allowance for Bad Debts 11,400 ₱ 130,000
    Notes Receivable 320,000
    Accrued Income 18,000
    Total 468,000
    Note 2 - Prepaid Expenses
    Prepaid Insurance ₱ 264,000
    Prepaid Rent 280,000
    Supplies 67,840
    Total 611,840

    Note 3 - Property, Plant & Equipment


    Land ₱ 680,000
    Building ₱ 1,080,000
    Accumulated Depreciation 578,000 502,000
    Equipment ₱ 826,000
    Accumulated Depreciation 345,000 481,000
    Furniture and Fixtures 20,000
    Total ₱ 1,683,000

    Note 4 - Trade and Other Payables


    Accounts Payable ₱ 1,000,000
    Accrued Expenses 80,000
    Total 1,080,000

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