Millionaires Trading.docx - Millionaires Trading Statement of Financial Position ASSETS Current Assets Cash Petty Cash Funds Accounts Receivable

Millionaires Trading.docx - Millionaires Trading Statement...

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Millionaires Trading Statement of Financial Position July 31, 2018 ASSETS Current Assets Cash 217,077.00 Petty Cash Funds 10,000 Accounts Receivable 117,800 Allowance for doubtful accounts (2,356) Merchandise Inventory 27,500 Supplies 13,200 Prepaid Insurance 16,500 Prepaid Rent 20,000 Total Current Assets 419,721.00 Non-Current Assets Furniture and Fixtures 87,400 Accumulated Depreciation-Furniture and Fixtures (1,311) Office Equipment 75,000 Accumulated Depreciation-Office Equipment (1,125) Total Non-Current Assets 159,964.00 TOTAL ASSETS 579,685.00 LIABILITIES AND CAPITAL Current Liabilities Accounts Payable 243,600.00 Total Liabilities 243,600.00 CAPITAL E.E Millionario,Capital Beg. July 1 250,000.00 Add: Net Income 101,085 Less: Withdrawals (15,000) Capital end, July 31 336,085.00 Total Liabilites and Capital 579,685.00
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Millionaires Trading Income Statement For the month ended July 31, 2018 Sales 568,480.00 Less: Sales Discount
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Unformatted text preview: 2,244.00 ₱ Sales Return and Allowances 1600 (3844) Net sales 564,636.00 Cost of Good Solds: Purchase 400,300.00 ₱ Less: Purchase Discount 4091 Purchase Return and Allowances 1500 (5591) Total Goods Available for Sale 394,709 Inventory, End (27500) (367209) Gross Profit 197,427 Less: Operating Expenses Salaries Expense 45,000 Rent Expense 10,000 Utilities Expense 21,900 Transportation Expense 1,750 Depreciation Expense 2,436 Supplies Expense 4,400 Insurance Expense 1,500 Doubtful accounts Expense 2,356 Taxes and Licenses 4,500 Miscellaneous Expense 2,500 (96,342) Net Income 101,085.00 ₱ Millionaires Trading Statement of Changes in Equity For the month ended July 31, 2018 E.E Millionario,Capital Beg. July 1 250,000.00 ₱ Add: Net Income 101,085.00 ₱ Less: Withdrawals (15,000.00) 86,085 Capital end, July 31 336,085.00 ₱...
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