Joseph Landscaping And Plants Store

Income Statement
For the 11-month ended November 30, 2015
Note
Net Sales and service revenue 1 ₱ 889,350.00
Cost of goods sold 2 (310,450.00)
Gross Profit ₱ 578,900.00
Operating expenses
General and administrative expenses 3 289,150.00
Distribution expense 4 9,500.00
Finance cost 5 6,400.00 (305,050.00)
Net income ₱ 273,850.00

Joseph Landscaping And Plants Store

Statement of Changes in Owner's Equity
for the year ended November 30, 2015

De Jesus, Capital, January 1 ₱ 842,950.00

Add: Net Income 273,850.00
Sub-total 1,116,800.00
Joseph De Jesus, Drawing ₱ (10,000.00)
De Jesus, Capital, November 31 1,106,800.00
 Joseph Landscaping And Plants Store
Statement of Financial Position
December 31, 2015

ASSETS Notes
Current Assets
Cash 7 ₱ 105,000.00
Trade and other receivables 8 188,000.00
Store and office supplies on hand 25,500.00
Merchandise Inventory, December 31, 2015 14,500.00 ₱ 333,000.00
Non-current Assets
Property and equipment 9 1,028,400.00
TOTAL ASSETS ₱ 1,361,400.00

LIABILITIES
Current Liabilities
Trade and other payables 10 254,600.00
TOTAL LIABILITIES 254,600.00
OWNER'S EQUITY
De Jesus, Capital 1,106,800.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 1,361,400.00
Note 1 - Net Sales
Service revenue ₱ 140,000.00
Sales ₱ 776,850.00
Sales discounts (15,000.00)
Sales returns and allowances (12,500.00) 749,350.00
Total Net Sales revenue and service income ₱ 889,350.00

Note 2 - Cost of goods sold

Merchandise inventory, January 1, 2018 ₱ 17,800.00
Add: Net cost of purchases
Purchases ₱ 325,000.00
Purchase discounts (10,000.00)
Purchase returns and allowance (14,700.00)
Net Purchases ₱ 300,300.00
Add: Freight-in 6,850.00 307,150.00
Cost of goods available for sale 324,950.00
Merchandise inventory, end (14,500.00)
Total Cost of sales ₱ 310,450.00

Note 3 - General and administrative expense

Salaries and wages expense ₱ 194,000.00
Insurance expense 28,450.00
Utilities expense 26,000.00
Repairs and maintenance expense 16,750.00
SSS, Philhealth, and Pag-ibig expense 11,550.00
Miscellaneuos expense 12,400.00
Total General and administrative expense ₱ 289,150.00

Note 4 - Distribution expense

Freight-out 9,500.00
Total Distribution expense ₱ 9,500.00

Note 5 - Finance cost

Interest expense 6,400.00
Total Finance cost ₱ 6,400.00

Note 6 - Other income

Service income ₱ 140,000.00
Total Other income ₱ 140,000.00

Note 7 - Cash
Cash in bank 95,000.00
Petty cash fund 10,000.00
Total Cash ₱ 105,000.00

Note 8 - Trade and other receivables

Investments in trading securities 100,000.00
Accounts receviable 95,000.00
Allowance for doubtful accounts (7,000.00)
Net realizable value ₱ 188,000.00

Note 9 - Property and equipment

Land 400,000.00
Buildings 440,000.00
Accumulated depreciation - Building (57,600.00) 382,400.00
Equipment 220,000.00
Accumulated depreciation - Building (50,000.00) 170,000.00
Furniture and fixture 120,000.00
Accumulated depreciation - furniture and fixture (44,000.00) 76,000.00
Total Property and equipment ₱ 1,028,400.00

Note 10 - Trade and other payables

Accounts payable 37,000.00
Notse payable 12,000.00
Withholding taxes payable 5,600.00
Mortgage payable 200,000.00
Total Trade and other payables ₱ 254,600.00