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    Financial Statement

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    rosemaeannmalinao
    Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

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    Financial Statement

    Uploaded by

    rosemaeannmalinao
    74 views3 pages
    Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

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    FINANCIAL STATEMENT

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    Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    74 views3 pages

    Financial Statement

    Uploaded by

    rosemaeannmalinao
    Maddie Go Nee Jeans incurred a net loss of P377,798 for the year ended December 31, 2023 according to their income statement. Their balance sheet as of December 31, 2023 shows total assets of P1,017,122 including current assets of P869,122 and non-current assets of P148,000, against total liabilities of P557,620 and owner's equity of P459,502.

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    Maddie Go Nee Jeans

    Income Statement
    For the year ended December 31, 2023
    Net Sales
    Gross Sales P 1,319,900
    Less: Sales Returns and Allowances P 28,000
    Sales Discount 11,995 39,995
    Net Sales P 1,279,905
    Cost of Sales
    Merchandise Inventory, Beginning P 650,000
    Purcases P 737,500
    Less: Purchases Rets. & Allow. P 37,225
    Purchase Discounts 5,100 42,325
    Net Purchases P 695,175
    Freight-in 12,000 707,175
    Goods Available for Sale P 1,357,175
    Less: Merchandise Inventory, Ending 298,000
    Cost of Sales 1,059,175
    Gross Profit P 220,730
    Operating Expenses
    Selling Expenses
    Advertising Expense P 65,000
    Commission Expenses 18,500
    Sales Salaries Expenses 110,833
    Sales Supplies Expense 8,500
    Total Selling Expenses P 202,833
    General and Administrative Expenses
    Office Salaries Expenses 177,667
    General Utilities Expenses 87,000
    Office Supplies Expense 8,000
    Depreciation Expense- Office Eqp’t 42,000
    Depreciation Expense- Office F&F 32,000
    Rent expense 22,737
    Doubtful Account Expense 14,291
    Total General and Administrative Expenses 383,695
    Total Operating Expenses 586,528
    Operating Loss P 365,798
    Add: Interest Expense 12,000
    Net Loss P 377,798
    Maddie Go Nee Jeans
    Statement of Changes in Equity
    For the year ended December 31, 2023

    Nee, Capital-Beginning P 890,000


    Less: Net loss 377,798
    Total 512,202
    Less: Nee, Withdrawals 52,700
    Nee, Capital-Ending P 459,502
    Maddie Go Nee Jeans
    Balance Sheet
    As of December 31, 2023
    ASSETS
    Current Assets
    Cash P 221,626
    Account Receivable 341,824
    Allowance for Doubtful Account (17,091)
    Merchandise Inventory 298,000
    Sales Supplies 6,500
    Office Supplies 5,000
    Prepaid Rent 13,263
    Total Current Assets P 869,122
    Non-Current Asset
    Office Equipment P 210,000
    Accumulated Depreciation- Office Eqp’t (126,000) 84,000
    Office Furniture and Fixtures 160,000
    Accumulated Depreciation- Office F&F (96,000) 64,000
    Total Non-current Assets 148,000
    Total Assets P 1,017,122
    LIABILITIES
    Current Liabilities
    Notes Payable 80,000
    Accounts Payable 97,098
    VAT Payable 30,522
    Salaries Payable 8000
    Interest Payable 12,000
    Total Current Liabilities P 227,620

    Bonds Payable 230,000


    Loans Payable 100,000
    Total Non-current Assets 330,000
    Total Liabilities P 557,620
    OWNER’S EQUITY
    Nee, Capital-Ending 459,502
    Total Liabilities and Owner’s Equity P 1,017,122

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