(FA2) Tut 1

Parnevik corpo
INCOME STATE
FOR THE YEAR ENDED
1. Sales revenue
2. Cost of good sold

Gross profit
3. Selling expenses
4. Administrative & General
5. Other income & expense
6. Income before income tax
7. Net income
8. Earning per share
Parnevik corporation
INCOME STATEMENT
OR THE YEAR ENDED DEC 31, 2019
ales revenue $1,280,000

Sales
Less: Sales re $150,000
Less: Sales di $45,000
Net sales revenue $1,085,000
ost of good sold $621,000
Gross profit $464,000
elling expenses $194,000
dministrative & General e $97,000 $173,000
ther income & expense
Loss from impa $120,000
Interest reven $86,000 -$34,000
Income from operation $139,000
Interest expen $60,000 Interest expense belongs to Finacing costs ( all kinds of interest)
come before income tax $79,000
Income tax $26,860
$52,140
arning per share $0.52
Woods corporat
INCOME STATEM
FOR THE YEAR ENDED D
1. Sales revenue
2. Cost of good sold

Opening balanc
Purchase discou
Purchase retur
Closing balanc
Gross profit
3. Selling expenses
4. Administrative & General
5. Other income & expense

6. Income before income tax
7.Income from continuing op

8. Discontinued operations
7. Net income
8. Earning per share ( Numb
Woods corporation
INCOME STATEMENT
OR THE YEAR ENDED DEC 31, 2019
Sales revenue $4,175,000

Sales
Less: Sales re $79,000
Less: Sales di $34,000
Net sales revenue $4,062,000
Cost of good sold
Opening balance $535,000
Net purchase $2,786,000
Freight in $72,000
Purchase discount $27,000
Purchase return $15,000
Closing balance $686,000
$2,665,000
Gross profit $1,397,000
Selling expenses
Selling expens $69,000
Advertising ex $54,000
Delivery expe $93,000
Depreciation e $36,000
Telephone and $17,000
Sales commisi $83,000
Salaries and $284,000
$636,000
Administrative & General expenses
Depreciation e $48,000
Insurance expe $24,000
Salaries and w $346,000
Utilities expens $32,000
Miscellaneous $8,000
Accouting and $33,000
$491,000
Other income & expense
Rent revenue $240,000
Income from operations $510,000
Interest expen $176,000
Income before income tax $334,000

Income tax $100,200
ncome from continuing operations $233,800
Discontinued operations
Loss on sale of $60,000
Less: Applicab $18,000
$42,000
Net income $191,800
Earning per share ( Number of shares = 900000/10= 90000 shares)
Income from continuing opera $2.6
Discontinued operations $0.47
Net income $2.13 $2.13
Property, plant, and equipmen
Equipment
Less: Accumulated Depre -Equi
Total property, plant, and equip
Intagible assets
Trademarks
Total non current assets
Current assets
Supplies
Prepaid insurance
Cash
Total current assets
Total assets
Equity
Share capital- ordinary
Retained earnings
Accumulated other compreh
Total equity
Non current liabilities

Bonds payable
Current liabilities
Salaries & wages payable
Accounts payable
Unearned service revenue
Total current liabilities
Total liabilities
Total equity and liabilities
Statement of Financial Position
December 31,2019
Assets
operty, plant, and equipment

uipment 48000
s: Accumulated Depre -Equip 9000
al property, plant, and equipment 39000
agible assets
demarks 950
al non current assets 39950
rrent assets
pplies 1200
paid insurance 1000
sh 6850
al current assets 9050
al assets 49000 euqal Total E+L
Equity
uity
are capital- ordinary $10,000
tained earnings $20,000
cumulated other comprehensive income (Net loss) -$2,500
al equity $27,500
Liability
n current liabilities
nds payable $9,000 $9,000
rrent liabilities
aries & wages payable $10,000
counts payable $500
earned service revenue $2,000
al current liabilities $12,500
al liabilities $21,500
al equity and liabilities $49,000
Financial investmen
Tangible as
RE= Retained earnings + Net income/loss - cash dividends - Lo
Statement of Financial Position
December 31,2019
Assets
Non current assets
Long term investments
Investment in bonds 299000
Investment in capital shares 277000 576000
Property, plant, and equipment

Land 260000
Buildings 1040000
Less: Accum. Depreciation- Buildings 352000 688000
Equipment 600000
Less: Accum. Depreciation - equipment 60000 540000
Total property, plant, and equipment 1488000
Intagible assets
Franchise 160000
Patent 195000 355000
Total non current assets 2419000
Current assets
Inventories 597000
Accouns receivable 435000
Less: Allow for doubful accounts (đi liền với acc receivable) 25000 410000
Trading securities 153000
Cash 197000
Total current assets 1357000
Total assets 3776000
Equity and Liabilities
Equity
Share capital- ordinary( $5par) 1000000
Retained earnings 130000
Accumulated other comprehensive income 80000
Less: Treasury shares (balance bên debit vì liên quan đến hoạ 191000
Total equity 1019000
Non current liabilities

Bonds payable (luôn hơn 1 năm: là longterm liabilities, shortt 1000000
Long term notes payable 900000
Provision for pensions 80000
Total non current liabilities 1980000
Current liabilities
Short term notes payable 90000
Accounts payable 455000
Dividends payable 136000
Accrued liabilities 96000
Total current liabilities 777000
Total liabilities 2757000
Total equity and liabilities 3776000
Computation of Retained Earnings:

Sales Revenue 7900000
Investment Revenue 63000
Cost of Goods sold 4800000
Selling expenses 2000000
Administrative expenses 900000
Interest expense 211000
Net income 52000
Beginning retained earnings 78000

Net income 52000
Ending retained earnings 130000

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Parnevik corpo

2. Cost of good sold

6. Income before income tax

ales revenue $1,280,000

2. Cost of good sold

4. Administrative & General

5. Other income & expense

7.Income from continuing op

Sales revenue $4,175,000

Income before income tax $334,000

Non current liabilities

operty, plant, and equipment

Property, plant, and equipment

Non current liabilities

Computation of Retained Earnings:

Beginning retained earnings 78000

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