Matnel Auto Supply

Statement of Comprehensive Income

Month Ended December 31, 200A

Sales P 364,225
Less: Sales Returns and Allowances P 2,600
Sales Discount 502 3,102
Net Sales P 361,123
Less: Cost of Sales
Beginning Inventory P200,000
Purchases P 169,075
Freight In 950
Gross Purchases P 170,025
Purchase Returns and Allow. P 3,500
Purchase Discount 1,049 4,549 165,476
Cost of Goods Available for Sale P365,476
Less: Ending Inventory 154,690 210,786
GROSS PROFIT P150,337
Less: Selling Expenses
Sales Salaries P 24,210
Freight Out 200
Advertising Expense 7,500
Bad Debts Expense 9,571 41,481
NET PROFIT FROM SALES P 108,856
Less: Administrative Expenses
Office Salaries P 21,500
SSS Contributions Expense 2,400
Philhealth Contributions Expense 600
PAG-IBIG Contributions Expense 750
Insurance Expense 1,125
Light and Water Expense 1,250
Telephone and Telegrams Expense 2,400
Office Supplies Expense 5,800
Taxes and Licenses 5,410
Employees Benefits 11,425
Representation Expense 2,000
Miscellaneous Expense 925
Dep’n – Furn and Fixt. 192
Dep’n – Office Eq. 348
 Dep’n – Building 2,657 58,782
NET PROFIT FROM OPERATIONS P 50,074
Add: Other Income
Interest Income P 102
Rent Income 1,500 1,602
Total P 51,676
Less: Interest Expense 98
NET PROFIT P 51,578
 Matnel Auto Supply
Statement of Changes in Owner’s Equity
Month Ended December 31, 200A

Beginning Capital P 3,020,000

Add: Net Profit 51,578
Total P 3,071,578
Less: Withdrawal 50,000
Ending Capital P 3,021,578
 Matnel Auto Supply
Statement of Financial Position
December 31, 200A

ASSETS

Current Assets:

Merchants Banking Corporation P 368,394

Petty Cash Fund 5,000
Accounts Receivable P 95,708
Allowance for Bad Debts 9,571 86,137
Notes Receivable 56,448
Accrued Interest Receivable 63
Merchandise Inventory 154,690
Prepaid Advertising 7,500
Unexpired Insurance 12,375
Unused Office Supplies 800
Total P 691,407

Non-Current Assets:

Furniture and Fixtures P 11,542

Accum. Depreciation – Furn. & Fixt 192 P 11,350
Office Equipment P 83,600
Accum. Depreciation – Office Eq. 348 P 83,252
Building P 822,000
Accum. Depreciation – Building 2,657 P 819,343
Land P1,500,000 P2,413,945

TOTAL ASSETS P3,105,352

LIABILITIES

Current Liabilities:

Accounts Payable P 16,520

Notes Payable 41,384
SSS Payable 4,047
 Philhealth Payable 1,200
PAG-IBIG Fund Payable 1,350
Withholding Taxes Payable 4,494
Accrued Interest Payable 98
Unearned Interest Income 254
Unearned Rent Income 7,500
VAT Payable 6,927

TOTAL LIABILITIES P 83,774

OWNER’S EQUITY

Mat Guevarra Capital P 3,021,578

TOTAL OWNER’S EQUITY AND LIABILITIES P 3,105,352

 Matnel Auto Supply
Schedule of Accounts Receivable
As of December 31, 200A

Super – Volks P 49,312

Rumar’s Motor Parts 17,276

Joel’s Auto Supply 29,120

Total P 95,708

Matnel Auto Supply

Schedule of Accounts Payable
As of December 31, 200A

Mariwasa Distributors Inc. P 3,068

Mantrade 13,452

Total P 16,520
 Matnel Auto Supply
Bank Reconciliation Statement
December 31, 200A

Unadjusted balance per bank P 330,822

Add: Deposit in transit 59,988

Total P 390,810

Less: Outstanding Checks:

Check No. 16 P 224

24 504
28 560
29 14,000
31 3,040
33 2,688
34 1,400 22,416

Adjusted bank balance P 368,394

Unadjusted balance per books P 368,519

Less: Service Charge 125

Adjusted book balance P 368,394