LEARNING IS FUN COMPANY

HEADING Statement of Changes in Owner's Equity

For the Year Ended December 31, 2018

Partner A Partner B Total

Owner*, Capital, January 1, 2018 100,000 150,000 250,000

Add: Net Income for the year 25,000 25,000 50,000

INCREASES TO
EQUITY Additional Investment 50,000 20,000 70,000
Subtotal 175,000 195,000 370,000

DECREASES TO
EQUITY Less: Withdrwals for the year 100,000 100,000 200,000

Owner*, Capital, December 31, 2018 75,000 95,000 170,000

 PEPPER CORPORATION
Statement of Stockholders' Equity
For the Year Ended December 31, 2018

Total
Pain-In Capital in Retained
Common Stock Treaury Stock Stockholders'
excess of Par Earnings
Equity

Balance, January 1, 2018 20,000,000 25,000,000 11,000,000 - 5,000,000

51,000,000
Issued Shares for Cash 3,000,000 12,000,000 15,000,000
Purchase of Treasury Stock - 2,000,000 - 2,000,000
Net Income 4,000,000 4,000,000
Cash Dividends - 1,500,000 - 1,500,000
Stock Dividends 1,150,000 4,600,000 - 5,750,000 -
Balance, December 31, 2018 24,150,000 41,600,000 7,750,000 - 7,000,000 66,500,000
 PEPPER CORPORATION
Statement of Changes in Partner's Equity
For the Year Ended December 31, 2018

Total
Pain-In Capital in Retained
Common Stock Treaury Stock Stockholders'
excess of Par Earnings
Equity

Balance, January 1, 2018 20,000,000 25,000,000 11,000,000 - 5,000,000

51,000,000
Issued Shares for Cash 3,000,000 12,000,000 15,000,000
Purchase of Treasury Stock - 2,000,000 - 2,000,000
Net Income 4,000,000 4,000,000
Cash Dividends - 1,500,000 - 1,500,000
Stock Dividends 1,150,000 4,600,000 - 5,750,000 -
Balance, December 31, 2018 24,150,000 41,600,000 7,750,000 - 7,000,000 66,500,000
 JUAN TUTRI COMPANY
Statement of Changes in Partner's Equity
For the Year Ended December 31, 2018

Juan, Capital, January 1, 2018 500,000

Add: Additional Investment 50,000
Subtotal 550,000
Less: Net Loss 2018 45,000
Withdrawals for the year 30,000 75,000
Juan, Capital, December 31, 2018 475,000
 LA FANG EATERY
Income Statement
For the Year Ended December 31, 2018

Amount %

Net Sales 126,420 100% 1,080,000 900,000

Less: Cost of Goods Sold 43,150 34% 636,000 504,000
Gross Profit 83,270 66%
Less: Operating Expenses 169,570 134% 208000 200000
Operating Income 28,640 23% 260000 145600
Less: Interest Expense 2,580 2%
Net Income 26,060 21%
180,000 16.7%
132,000 20.8%

8,000 4.00%
114,400 44.00%
 LA FANG EATERY
Income Statement
For the Years ended ended December 31, 2017 and December 31, 2018

2018 2017 %
Net Sales 376,120 226,420 66%
Less: Cost of Goods Sold 257,050 143,150 80%
Gross Profit 119,070 83,270 43%
Less: Operating Expenses 75,050 47,650 58%
Operating Income 44,020 35,620 24%
Less: Interest Expense 4,010 2,580 55%
Income Before Income Tax 40,010 33,040 21%
Less: Income Tax Expense 6,950 4,870 43%
Net Income 33,060 28,170 17%
 LA FANG EATERY
Balance Sheet
As of December 31, 2017 and December 31, 2018

2018 2017 %
Assets
Cash 356,015 211,580 68%
Accounts Receivable 452,650 351,690 29%
Inventory 36,100 25,240 43%
Prepaid Rent 9,000 12,000 -25%
Total Current Assets 853,765 600,510 42%
Equipment & Fixtures 630,410 468,160 35%
Less: Accumulated Depreciation 145,000 93,632 55%
Total Non-current Assets 485,410 374,528 30%
TOTAL ASSETS 1,339,175 975,038 37%

Liabilities & Owner's Equity

Accounts Payable 159,400 125,840 27%
Utilities Payable 76,050 68,420 11%
Taxes Payable 213,800 198,150 8%
Total Current Liabilities 449,250 392,410 14%
Notes Payable 85,630 75,410 14%
Loans Payable 96,450 81,500 18%
Total Non-current Liabilities 182,080 156,910 16%
Total Liabilities 631,330 549,320 15%
Owner's Equity 707,845 425,718 66%
TOTAL LIABILITIES & OWNER'S EQUITY 1,339,175 975,038 37%
1080000 900000 180000 20.00%
1080000 900000 180000 0.1666667
 LA FANG EATERY
Income Statement
For the Years ended ended December 31, 2017 and December 31, 2018

2018 2017 %
Net Sales 470,150 283,025 66%
Less: Cost of Goods Sold 321,313 178,938 80%
Gross Profit 148,838 104,088 43%
Less: Operating Expenses 93,813 59,563 58%
Operating Income 55,025 44,525 24%
Less: Interest Expense 5,013 3,225 55%
Income Before Income Tax 50,013 41,300 21%
Less: Income Tax Expense 8,688 6,088 43%
Net Income 41,325 35,213 17%
 LA FANG EATERY
Balance Sheet
As of December 31, 2017 and December 31, 2018

2018 2017 %
Assets
Cash 466,380 253,896 84%
Accounts Receivable 592,972 422,028 41%
Inventory 47,291 30,288 56%
Prepaid Rent 11,790 14,400 -18%
Total Current Assets 1,118,432 720,612 55%
Equipment & Fixtures 630,410 468,160 35%
Less: Accumulated Depreciation 189,950 93,632 103%
Total Non-current Assets 440,460 374,528 18%
TOTAL ASSETS 1,558,892 1,095,140 42%

Liabilities & Owner's Equity

Accounts Payable 208,814 149,750 39%
Utilities Payable 99,626 81,420 22%
Taxes Payable 280,078 235,799 19%
Total Current Liabilities 588,518 466,968 26%
Notes Payable 85,630 89,738 -5%
Loans Payable 126,350 96,985 30%
Total Non-current Liabilities 211,980 186,723 14%
Total Liabilities 800,497 653,691 22%
Owner's Equity 927,277 506,604 83%
TOTAL LIABILITIES & OWNER'S EQUITY 1,727,774 1,160,295 49%
 ABC Company
Balance Sheet
As of December 31, 2018

ASSETS LIABILITIES & OWNER"S EQUITY

Current Current Liabilities
Petty Cash 7,000 Accounts Payable 68,270
Cash In Bank 310,000 SSS , Pag-Ibig, PH Premium Payable 13,200
Accounts Receivable 187,000 Salaries Payable 84,120
Prepaid Rent 12,000 Withholding Taxes Payable 31,500
Prepaid Insurance 6,000 Unearned Income 46,520
Inventory 68,420

Total Current Assets 590,420 Total Current Liabilities 243,610

Non-current Non-Current Liabilities

Land 358,150 Loan Payable 46,100
Building 462,010 Mortgage Payable 78,310
Furniture & Fixtures 30,000 Notes Payable 28,610
Less: Accunulated Depreciation - F&F - 6,500
Equipment 64,250
Less: Accunulated Depreciation - Equipme -13400
Total Non-current Asset 894,510 Total Non-Current Liabilities 153,020
TOTAL LIABILITIES 396,630

Stockholders' Equity
Preferred Stock 200,000
Common Stock 160,000
Retained Earnings 728,300
Total Stockholders' Equity 1,088,300

TOTAL ASSETS 1,484,930 TOTAL LIABILITIES & OWNER'S EQUITY 1,484,930

 ABC Company
Income Statement
For the month ended December 31, 2018

Sales 768,230
Sales Discount - 41,200
Sales Returns & Allowances - 46,320
Net Sales 680,710
Less: Cost of Goods Sold
Beginning Inventory 105,640
Purchases 365,500
Purchase Discount -23840
Purchase Returns & Allowances -19870
Net Purchases 321,790
Freight In 15,400 337,190
Total Goods Available for Sale 442,830
Ending Inventory - 254,360
Cost of Goods Sold 188,470
Gross Profit 492,240
Selling Expenses:
Sales Salaries 63,000
Depreciation Expense 10,500
Utilities Expense - Store 6,720 80,220
General & Administrative Expenses:
Office Salaries Expense 31,890
Utilities Expense - Office 6,450
Office Supplies Expense 2,540
Bad Debts Expense 2,410 43,290
Operating Income 368,730
Interest Expense 2,600
Income before Taxes 366,130
Tax Expense 5,980
Net Income 360,150