Bhieee Company

Bhieee Company
Statement of Financial Position
31-Dec-19

Note
s
ASSETS
Current Assets

Cash and cash equivalents 6 2,120,000

Trade and other receivables 7 3,540,000

Inventories 2,400,000

Prepaid Insurance 1,600,000

Total current assets 9,660,000

Non-current Assets

Property, plant and equipment 8 7,200,000

Total Assets 16,860,000

LIABILITIES AND EQUITY

Current Liabilities

Trade and other payables 9 2,600,000

Non-current Liabilities

Loans payable - net 10 4,260,000

Interest Payable 680,000

Total non-current liabilities 4,940,000

Total Liabilities 7,540,000

Equity

Owner's Capital 9,320,000

Total Liabilities and Equity 16,860,000

CORRESPONDING NOTES:

NOTE 6 - Cash and Cash Equivalents

Cash on hand 120,000

Cash in bank 2,000,000

Total 2,120,000

NOTE 7 - Trade and Other Receivables

Accounts receivable 4,000,000

Allowance for doubtful accounts (600,000)

Advances to employees 80,000

Advances to suppliers 60,000

Total 3,540,000

NOTE 8 - Property, plant and

equipment

Land 4,400,000

Building 6,800,000

(4,000,000
Accumulated Depreciation - bldg. )

Total 7,200,000

NOTE 9 -Trade and Other Payables

Accounts Payables 1,440,000

Accrued Liabilities 160,000

Income Tax Payable 1,000,000

Total 2,600,000

NOTE 10 -Loans Payable - net

Loans Payable 6,000,000

 (1,740,000
Discount on Loan Payable )

Total 4,260,000

A. STATEMENT OF COMPREHENSIVE INCOME

1 Purchases 180,000

Less: Purchase Returns 5,000

Purchase Discount 9,000 (14,000)

Net Purchases 166,000

2 Ending Inventory 90,000

(65,000
Beginning Inventory )

increas
Change in inventory 25,000 e

3 Inventory Beg 65,000

Purchases 180,000

Freight In 10,000

Purchase Returns (5,000)

Purchase Discounts (9,000)

Net Cost of Purchases 176,000

Goods Available for Sale 241,000

Less: Ending Inventory (90,000)

Cost of Goods Sold 151,000

 4 Total Selling Expenses

Freight Out 30,000

Sale Commission 45,000

Advertising Expense 25,000

Salaries Expense 180,000

Rent Expense 22,500

Depreciation Expense 37,500

Total 340,000

5 Total General and Administrative Expenses

Salaries Expense 60,000

Rent Expense 7,500

Depreciation Expense 12,500

Utilities Expense 25,000

Supplies Expense 15,000

Transportation Expense 15,000

Insurance Expense 10,000

Taxes and Licenses 60,000

Interest Expense 5,000

Miscellaneous Expense 3,000

Total 213,000

B. STATEMENT OF CHANGES IN EQUITY

1. P400,000
2. P260,000
 3. P280,000
4. P210,000
5. P10,000

C. STATEMENT OF CASH FLOWS

Ney Company
Statement of Cash Flows
For the Year Ended, January 31, 20x1

Cash flows from operating activities

Collections for sale of goods 1,160,000

Utilities Expense (40,000)

Increase in inventory (240,000)

Salaries Expense (280,000)

Rent Expense (140,000)

Net Cash provided by operating activities 460,000

Cash flows from investing activities

Additional investment 40,000

Acquisition of equipment (400,000)

Net Cash provided by investing activities (360,000)

Cash flows from financing activities

Cash received from loan 360,000

Drawings (120,000)

Net cash provided by financing activities 240,000

Net Increase (Decrease) in cash
 340,000

Cash, beginning 40,000

Cash, ending 380,000