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  • Hi-Tech Financial Statements

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    The balance sheet shows the company's assets of PHP 1,114,950.41 including current assets like cash, accounts receivable, and inventory. Liabilities include accounts payable and notes payable of PHP 200,025.26. Stockholder's equity includes paid-in capital and retained earnings of PHP 1,189,375. The income statement for the month shows net sales of PHP 80,820.53 and net income of PHP 9,036.95 after accounting for costs of goods sold and expenses.

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    Bueno PSET

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    The balance sheet shows the company's assets of PHP 1,114,950.41 including current assets like cash, accounts receivable, and inventory. Liabilities include accounts payable and notes payable of PHP 200,025.26. Stockholder's equity includes paid-in capital and retained earnings of PHP 1,189,375. The income statement for the month shows net sales of PHP 80,820.53 and net income of PHP 9,036.95 after accounting for costs of goods sold and expenses.

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    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
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    32 views6 pages

    Hi-Tech Financial Statements

    Uploaded by

    jhienell
    The balance sheet shows the company's assets of PHP 1,114,950.41 including current assets like cash, accounts receivable, and inventory. Liabilities include accounts payable and notes payable of PHP 200,025.26. Stockholder's equity includes paid-in capital and retained earnings of PHP 1,189,375. The income statement for the month shows net sales of PHP 80,820.53 and net income of PHP 9,036.95 after accounting for costs of goods sold and expenses.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
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    of 6

    HI-TECH APPLIANCE WORLD

    Balance Sheet
    February 28, 2006
    ASSETS
    Current Assets:
    Cash in Bank
    Petty Cash Fund
    Accounts Receivable
    Less: Allowance for Bad Debts
    Merchandise Inventory
    Supplies Inventory
    Prepaid Expenses
    Plant, Property and Equipment
    Land
    Building
    Less: Accum. Depn.
    Furniture and Equipment
    Less: Accum. Depn.
    Delivery Equipment
    Less: Accum. Depn.

    PHP

    47,797.00
    2,389.75

    PHP

    143,500.00
    500.00
    14,407.96
    133.41
    71,222.22
    388.89

    PHP
    PHP

    Total Assets
    LIABILITIES AND STOCKHOLDER'S EQUITY
    Current Liabilities
    Voucher Payable
    SS, MCR, EC Premium Payable
    Withholding Tax Payable
    VAT Payable
    Taxes Payable
    Utilities Payable
    Notes Payable Current Portion
    Long Term Note (net of current)
    Total Liabilities
    Stockholders' Equity
    Authorized to issue 5,000 Common
    Shares, P1,000 par
    Issued
    Subscribed
    Less: Subscription Receivable
    Paid-in Capital
    Retained Earnings

    PHP

    175,000.00
    65,625.00

    Total Liabilities and Stockholders' Equity


    Schedule of Vouchers Payable
    Vo. 117 Abenson
    Vo. 127 Electroworld
    Vo. 129 West Mart

    Schedule of Accounts Receivable


    Rang-ay
    Lucas
    Lyceum

    NCE WORLD
    Sheet
    8, 2006

    TS
    PHP

    983,987.82
    600.00
    45,407.25
    80,400.00
    4,217.00
    338.34
    PHP

    PHP

    1,114,950.41

    50,000.00
    143,000.00
    14,274.55
    70,833.33

    278,107.88
    PHP

    1,393,058.29

    PHP

    104,025.26
    96,000.00
    200,025.26

    KHOLDER'S EQUITY
    PHP

    60,200.00
    4,047.00
    2,658.00
    8,156.66
    6,563.60
    900.00
    21,500.00

    PHP

    PHP

    1,080,000.00
    109,375.00
    1,189,375.00
    3,658.03

    PHP

    1,393,058.29

    PHP

    17,300.00
    33,000.00
    9,900.00

    PHP

    60,200.00

    PHP

    2,245.00
    27,952.00
    17,600.00

    PHP

    47,797.00

    HI-TECH APPLIANCE WORLD


    Income Statement
    For the month ended February 28, 2006
    Sales
    Less Sales Discount
    Net Sales
    Less Cost of Sales
    Merchandise Inventory February 1
    Purchases
    Total
    Merchandise Inventory February 28
    Gross Profit
    Less Selling Expenses
    Salaries
    Advertising
    SS, MCR, EC
    Supplies
    Depreciation-Delivery Equipment
    Utilities
    Delivery
    Depreciation- Building
    Depreciation- Furniture
    General Expenses

    Net Operating Income


    Less Interest Expense
    Bank Charges
    Net Income before Tax
    Tax Provisin
    NET INCOME

    PHP
    PHP

    75,500.00
    38,303.58
    113,803.58
    80,400.00

    PHP

    10,800.00
    1,500.00
    601.60
    565.00
    388.89
    450.00
    400.00
    250.00
    66.71

    PHP

    15,700.00
    1,178.40
    6,145.83
    450.00
    401.85
    338.33
    250.00
    105.00
    66.70
    104.71

    NCE WORLD
    tement
    February 28, 2006
    PHP

    PHP

    80,927.67
    107.14
    PHP

    80,820.53

    PHP

    33,403.58
    47,416.95

    PHP

    39,763.02
    7,653.93

    15,022.20

    24,740.82
    PHP

    2,250.01
    25.00
    PHP

    2,275.01
    5,378.92
    3,658.03

    PHP

    9,036.95

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