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Chan Accounting Financial Report 20CY

The statement of financial position shows that as of December 31, 20CY, Chan Accounting Firm had total assets of ₱1,599,000 consisting of current assets such as cash, accounts receivable, and prepaid rent. Total liabilities included accounts payable and notes payable. Owner's equity included capital contributions from C. Chan and retained earnings. The income statement shows the firm had professional fee revenues of ₱495,000 for the year and net income of ₱379,000 after expenses such as salaries, utilities, representation, and permits & licenses.

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194 views3 pages

Chan Accounting Financial Report 20CY

The statement of financial position shows that as of December 31, 20CY, Chan Accounting Firm had total assets of ₱1,599,000 consisting of current assets such as cash, accounts receivable, and prepaid rent. Total liabilities included accounts payable and notes payable. Owner's equity included capital contributions from C. Chan and retained earnings. The income statement shows the firm had professional fee revenues of ₱495,000 for the year and net income of ₱379,000 after expenses such as salaries, utilities, representation, and permits & licenses.

Uploaded by

Irishjosane Agor
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

CHAN ACCOUNTING FIRM

Statement of Financial Position


December 31, 20CY
Current Assets Vertical Current Liabilities
Analysis
Cash ₱1,209,000.00 76% Accounts Payable
Accounts Receivable 150,000.00 9% Notes Payable
Office Supplies 30,000.00 2% Unearned Revenue
Prepaid Rent 150,000.00 9% Total Current Liabilities
Total Current Assets ₱1,539,000.00 96%
Owner's Equity
Non-current Assets C. Chan, Capital
Office Equipment ₱60,000.00 4% C. Chan, Drawing
Total Non-Current Assets ₱60,000.00 4% Professional Fees
Salaries Expense
Total Assets ₱1,599,000.00 100.00% Utilities Expense
Representation Expense
4% Permits and Licenses Expense
9%
Total Owner's Equity
2%
Total Liabilities and Owner's Equity
9%
-3% -1%
-2% -1%

76%

31%

Office Equipment Cash


Accounts Receivable Office Supplies
Prepaid Rent

-6%

Accounts Payable Notes Payable Unearned Revenue


C. Chan, Drawing Professional Fees Salaries Expense
Vertical
Analysis
₱50,000.00 3%
200,000.00 13%
70,000.00 4%
₱320,000.00 20%

₱1,000,000.00 63%
(100,000.00) -6%
495,000.00 31%
(30,000.00) -2%
(16,000.00) -1%
(50,000.00) -3%
(20,000.00) -1%
₱1,279,000.00 80%

₱1,599,000.00 100.00%

-3% -1%
-2% -1%

63%

Notes Payable Unearned Revenue C. Chan, Capital


Professional Fees Salaries Expense
CHAN ACCOUNTING FIRM
Income Statement
For The Year Ended December 31, 20CY
Percentage
Professional Fees ₱495,000.00 53%
Salaries Expense (30,000.00) -6%
Utilities Expense (16,000.00) -3%
Representation Expense (50,000.00) -10%
Permits and Licenses Expenses (20,000.00) -4%
Net Income (Loss) ₱379,000.00 77%

-6%
-3%

-10%

-4%

77%

Salaries Expense Utilities Expense


Representation Expense Permits and Licenses Expenses
Net Income (Loss)

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