Belen’s Graphic Design

Balance Sheet

For the Year Ending December 2020

ASSETS LIABILITIES AND OWNER’S EQUITY

Current Assets Current Liabilities
Accounts payable 590,000
Cash on hand 394,000 PNB Bank loan 1,221,000
Accounts receivable 340,000 Rent payables 60,000
Raw materials inventory 34, 000 Total current liabilities 1,871,000
Spare parts 42,000
Work in process 30,500 Owners Equity
Total current assets 840,500 Belen’s Capital 900,000
Property and Equipment Accumulated profit 950,000
Total liabilities and owner’s equity 3,721,000
Building 650,000
Land 170,000
Generator 800,000
Machinery 1,260,500
Total Assets 3,721,000
 Belen’s Graphic Design

Income Statement

For the Year Ending December 2020

Sales Revenues 3,100,000

Direct Materials (25,000)
Direct Labor (150,000)
Production overhead (1,200,000)
Administrative (300,000)
Selling expenses (120,000)
Amortization payment (25,000)
Interest for long term loans (900,000)
380,000
Income tax (45,600)
NET INCOME 334,400

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