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Mar Francis - Financial Statements

The document provides income statements, statements of changes in equity, and a balance sheet for Maddie Go Nee Jeans for the year ended December 31, 2023. It shows a net loss of $377,798 for the year. Total assets are $1,017,122 and total liabilities are $557,620, leaving owner's equity of $459,502.

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quintanamarfrancis
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19 views

Mar Francis - Financial Statements

The document provides income statements, statements of changes in equity, and a balance sheet for Maddie Go Nee Jeans for the year ended December 31, 2023. It shows a net loss of $377,798 for the year. Total assets are $1,017,122 and total liabilities are $557,620, leaving owner's equity of $459,502.

Uploaded by

quintanamarfrancis
Copyright
© © All Rights Reserved
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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MADDIE GO NEE JEANS

INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2023

Sales P 1,319,900
LESS: Sales Discounts P 11,995
Sales Returns and Allowances 28,000 39,995
NET SALES P 1,279,905
Merchandise Inventory, Beginning P650,000
Purchases P 737,500
LESS: Purchase Discount P 5,100
Purchase Returns and Allowances 37,225 42,325
NET PURCHASES P 695,175
ADD: Freight-In 12,000
NET COST OF PURCHASES 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
SELLING EXPENSES
Advertising Expense P 65,000
Commission Expense 18,500
Sales Salaries Expense 110,833
Sales Supplies Expense 8,500
TOTAL SELLING EXPENSES P 202,833
ADMINISTRATIVE EXPENSES
Office Salaries Expense P 177,667
Office Supplies Expense 8,000
General Utilities Expense 87,000
Depreciation Expense - Office Equipment 42,000
Depreciation Expense - Office Furniture and Fixtures 32,000
Rent Expense 22,737
Doubtful Accounts Expense 14,291
TOTAL ADMINISTRATIVE EXPENSES 303,695
TOTAL OPERATING EXPENSES 586,040
OPERATING PROFIT P 365,798
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: Withdrawals 52,700
Nee, Capital Ending P 459,502
MADDIE GO NEE JEANS
BALANCE SHEET
AS OF DECEMBER 31, 2023
ASSET
CURRENT ASSET
Cash P 221,626
Accounts Receivable 341,824
Allowance for Doubtful Accounts -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 ASSETS
Office Equipment P 210,000
Accumulated Depreciation - Office Equipment -126,000
Office Furniture and Fixtures 160,000
Accumulated Depreciation - Office Furniture and Fixtures -96,000
TOTAL NON-CURRENT ASSETS P 148,000

TOTAL ASSETS P 1,017,122

LIABILITIES
CURRENT LIABILITIES
Notes Payable P 80,000
Accounts Payable 97,098
VAT Payable 30,522
Salaries Payable 8,000
Interest Payable 12,000
TOTAL CURRENT LIABILITIES P 227,620
NON-CURRENT LIABILITIES
Bonds Payable 230,000
Loans Payable 100,000
TOTAL NON-CURRENT LIABILITIES P330,000

EQUITY
Nee, Capital 459,000

TOTAL LIABILITIES AND OWNER'S EQUITY P 1,017,122

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