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Fruity Pao Financial Statements 2020

- Fruity Pao's balance sheet shows increasing assets from $402,420 in year 1 to $486,305 in year 3, with cash and inventory rising. Non-current assets decreased in year 2 due to higher accumulated depreciation on equipment. - The income statement indicates rising sales and profits over the three years. Expenses also increased, with the largest being salaries. - The statement of cash flows shows cash from operating activities exceeding $300,000 in years 1 and 2. Cash was used to acquire equipment in years 1 and 2. Partner's capital of $125,000 was maintained each year.

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Clintlowel Juan
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134 views7 pages

Fruity Pao Financial Statements 2020

- Fruity Pao's balance sheet shows increasing assets from $402,420 in year 1 to $486,305 in year 3, with cash and inventory rising. Non-current assets decreased in year 2 due to higher accumulated depreciation on equipment. - The income statement indicates rising sales and profits over the three years. Expenses also increased, with the largest being salaries. - The statement of cash flows shows cash from operating activities exceeding $300,000 in years 1 and 2. Cash was used to acquire equipment in years 1 and 2. Partner's capital of $125,000 was maintained each year.

Uploaded by

Clintlowel Juan
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

FRUITY PAO

Balance Sheet
FOR THE YEARS ENDED Dec. 31, 2020

Yr. 1 Yr. 2
ASSETS
Current Assets
Cash 360,385.53 394,683.53
Inventories 5,068.00 7,602.00
Total Current Assets 365,453.53 402,285.53

Non-Current Assets
Equipment 55,450.00 55,450.00
Less: Accumulated Depreciation Expense 18,483.33 36,966.67
Total Noncurrent Assets 36,966.67 18,483.33

TOTAL ASSETS 402,420.20 420,768.86

LIABILITIES AND OWNER'S EQUITY

Liabilities
Income Tax payable - -

TOTAL LIABILITIES - -

Capital
Partner's Capital 125,000.00 125,000.00
Net Profit 277,420.20 295,768.86
Total Capital 402,420.20 420,768.86

TOTAL LIABILITIES & CAPITAL 402,420.20 420,768.86


Y PAO
e Sheet
DED Dec. 31, 2020

Yr. 3
ETS

474,902.93
11,403.00
486,305.93

55,450.00
55,450.00
-

486,305.93

OWNER'S EQUITY

125,000.00
361,305.94
486,305.94

486,305.94
FRUITY PAO
Income Statement
FOR THE YEARS ENDED Dec. 31, 2020

Yr. 1
Sales 1,577,520.00
Other Income
Gross Revenue 1,577,520.00

Cost of goods sold 525,840.00

Gross profit 1,051,680.00

Operating expense
Salaries and Allowances 624,000.00
Rent Expense 42,000.00
Utilities Expense 50,332.00
Taxes and Licenses Expense 3,500.00
Advertising Expense 3,120.00
Repairs & Maintenance 2,000.00
Depreciation Expense 18,483.33

Total Operating Expenses 743,435.33

Net income before tax 308,244.67


Income tax expense (10%) 30,824.47
Net income after tax 277,420.20
FRUITY PAO
Income Statement
E YEARS ENDED Dec. 31, 2020

Yr. 2 Yr. 3
1,656,396.00 1,822,035.60
- -
1,656,396.00 1,822,035.60

552,132.00 607,345.20

1,104,264.00 1,214,690.40

655,200.00 687,960.00
44,100.00 46,305.00
52,848.60 55,491.03
3,500.00 3,500.00

1,500.00 1,500.00
18,483.33 18,483.33

775,631.93 813,239.36

328,632.07 401,451.04
32,863.21 40,145.10
295,768.86 361,305.94
FRUITY PAO
Statement of Cash Flow
FOR THE YEARS ENDED Dec. 31, 2020

Yr. 1 Yr. 2
CASH FLOWS FROM OPERATING ACTIVITIES
Income Before Income Tax 308,244.67 328,632.07
Adjustment for depreciation and Amortization 18,483.33 18,483.33
Operating income before working capital changes 326,728.00 347,115.40
Increase in:
Inventories (5,068.00) (7,602.00)
Cash used in operations 321,660.00 339,513.40
Income tax paid 30,824.47 32,863.21
Net cash used in operating activities 290,835.53 306,650.19
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment (55,450.00) (36,966.67)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceed from partnership's capital 125,000.00 125,000.00
CASH AT END OF YEAR 360,385.53 394,683.52
Flow
ec. 31, 2020

Yr. 3

401,451.04
18,483.33
419,934.37

(11,403.00)
408,531.37
40,145.10
368,386.27

(18,483.33)

125,000.00
474,902.94
FRUITY PAO
Statement of Changes in Equity
FOR THE YEARS ENDED Dec. 31, 201XX

YR. 1 YR. 2 YR. 3


Partner's Capital 125,000.00 125,000.00 125,000.00
RETAINED EARNINGS
Net income for the year 277,420.20 295,768.86 361,305.94
402,420.20 420,768.86 486,305.94

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