Charms Antique Boutique

Statement of Financial Position

As of December 31, 2015
2016 2015 INCREASE OR (DECREASE)
AMOUNT (P) AMOUNT (P) AMOUNT (P) PERCENT
ASSET
Current Asset
Cash 40, 000 85, 000 (45, 000) (53%)
Accounts Receivable 52, 000 97, 000 (45, 000) (46%)
Inventory 510, 000 290, 000 220, 000 76%
Total Current Asset 602, 000 472, 000 130, 000 28%
Non-current Asset
Equipment 1, 345, 000 915, 000 430, 000 47%
Total Assets 1, 947, 000 1, 387, 000 560, 000 40%
LIABILITIES
Current Liabilities
Accounts Payable 350, 000 110, 000 240, 000 218%
Salaries Payable 65, 000 65, 000 0 0%
Interest Payable 122, 000 112, 000 0 0%
Total Current Liabilities 537, 000 287, 000 250, 000 87%
Non-current Liabilities
Notes Payable 120, 000 85, 000 35, 000 41%
Income Tax Payable 90, 000 65, 000 25, 000 38%
Total Non-current Liabilities 210, 000 437, 000 (227, 000) (52%)
SHAREHOLDER’S EQUITY
Common Stock 500, 000 500, 000 0 0%
Additional Paid-in Capital 500, 000 250, 000 250, 000 100%
Retained Earnings 200, 000 200, 000 0 0%
Total Shareholder’s Equity 1, 200, 000 950, 000 250, 000 26%
Total Liabilities and Owner’s 1, 947, 000 1, 387, 000 560, 000 40%
Equity
 Charms Antique Boutique
Statement of Comprehensive Income
As of December 31, 2015

2016 2015

AMOUNT (P) PERCENT AMOUNT (P) PERCENT

Sales 4, 320, 000 100 3, 200, 000 100

Cost of Goods Sold 1, 296, 000 30 1, 280, 000 40
Gross Profit on Sales 3, 024, 000 70 1, 920, 000 60
Selling Expense 120, 000 3 120, 000 4
General and Administrative Ex- 260, 000 6 250, 000 8
pense
Total Operating Expense 380, 000 9 370, 000 12
Net Operating Income 2, 644, 000 61 1, 550, 000 48
Other Income 2, 500 0 18, 000 1
2, 646, 500 61 1, 568, 000 49
Other Expense 8, 500 0 7, 000 0
Income before Income Tax 2, 638, 000 61 1, 561, 000 49
Income Tax @30% 791, 400 18 468, 300 15
Net Income 1, 846, 000 43 1, 092, 700 34