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    NET INCOME FOR THE PERIOD 70,722. P Balance Sheet As of Dec. 31, 2008 ASSETS Current Assets Cash 32,500. Merchandise Inventory 38,512.00 Fixed Assets Furniture and Fixtures Less: Accum. Depreciation 1,000.00 TOTAL ASSETS 72,012.00 CAPITAL Adelaida M. Villones, Capital Beginning 61,389. Add: Net Income for the Period 66,723. 10,000.00 9,000.00 Total 128,

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    NET INCOME FOR THE PERIOD 70,722. P Balance Sheet As of Dec. 31, 2008 ASSETS Current Assets Cash 32,500. Merchandise Inventory 38,512.00 Fixed Assets Furniture and Fixtures Less: Accum. Depreciation 1,000.00 TOTAL ASSETS 72,012.00 CAPITAL Adelaida M. Villones, Capital Beginning 61,389. Add: Net Income for the Period 66,723. 10,000.00 9,000.00 Total 128,

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    Ads 2

    Uploaded by

    kristinge
    NET INCOME FOR THE PERIOD 70,722. P Balance Sheet As of Dec. 31, 2008 ASSETS Current Assets Cash 32,500. Merchandise Inventory 38,512.00 Fixed Assets Furniture and Fixtures Less: Accum. Depreciation 1,000.00 TOTAL ASSETS 72,012.00 CAPITAL Adelaida M. Villones, Capital Beginning 61,389. Add: Net Income for the Period 66,723. 10,000.00 9,000.00 Total 128,

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    of 1

    ADELING’S DRY GOOD STORE

    Income Statement
    For the year ended Dec. 31, 2009

    Sales P 228,255.75

    Less: Cost Sales


    Merchandise Inventory, Beginning 37,712.00
    Add. Purchase 85,751.00
    Total Goods available For Sale 123,463.09
    Less: Merchandise Inventory, End 38,512.00 84,951.09
    Gross Profit from Sales 148,304.00
    Less: Operating Expenses
    Taxes & Licenses 18,020.80
    Rental 26,328.00
    Store Supplies 9,176.72
    Light & water 3,655.95
    Salaries & Wages 19,500.00
    Description 900.00 77,581.47
    NET INCOME FOR THE PERIOD P 70,722.78
    Balance Sheet
    As of Dec. 31, 2008
    ASSETS

    Current Assets
    Cash p 32,500.50
    Merchandise Inventory 38,512.00
    Fixed Assets
    Furniture & Fixtures 10,000.00
    Less: Accum. Depreciation 9,000.00 1,000.00
    TOTAL ASSETS 72,012.00
    CAPITAL
    Adelaida M. Villones, Capital Beginning P 61,389.63
    Add: Net Income for the Period 66,723.91
    Total 128,113.54
    Less: Personal Drawing 58,951.04
    CAPITAL BALANCE, END p 72,012.00

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