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Joseph Landscaping And Plants Store

Income Statement
For the 11-month ended November 30, 2015
Note
Net Sales and service revenue 1 ₱ 1,106,860.00
Cost of goods sold 2 (349,110.00)
Gross Profit ₱ 757,750.00
Operating expenses
General and administrative expenses 3 376,750.00
Distribution expense 4 39,280.00
Finance cost 5 6,730.00 (422,760.00)
Other income 6 200.00
Net income ₱ 335,190.00

Joseph Landscaping And Plants Store


Statement of Changes in Owner's Equity
For the 11-month ended November 30, 2015

De Jesus, Capital, January 1 ₱ 862,950.00


Add: Net Income 335,190.00
Sub-total 1,198,140.00
Joseph De Jesus, Drawing ₱ (18,000.00)
De Jesus, Capital, November 31 ₱ 1,180,140.00
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 8 153,600.00
Investment in trading securities 100,000.00
Merchandise Inventory, December 31, 2015 12,850.00
Prepaid expenses 9 11,230.00 ₱ 382,680.00
Non-current Assets
Property and equipment 10 952,600.00
TOTAL ASSETS ₱ 1,335,280.00

LIABILITIES
Current Liabilities
Trade and other payables 11 262,130.00
TOTAL LIABILITIES 262,130.00
OWNER'S EQUITY
De Jesus, Capital 1,180,140.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 1,442,270.00
Note 1 - Net Sales
Service revenue ₱ 220,000.00
Sales ₱ 916,850.00
Sales discounts (15,490.00)
Sales returns and allowances (14,500.00) 886,860.00
Total Net Sales revenue and service income ₱ 1,106,860.00

Note 2 - Cost of goods sold


Merchandise inventory, January 1, 2018 ₱ 17,800.00
Add: Net cost of purchases
Purchases ₱ 362,000.00
Purchase discounts (10,290.00)
Purchase returns and allowance (15,200.00)
Net Purchases ₱ 336,510.00
Add: Freight-in 7,650.00 344,160.00
Cost of goods available for sale 361,960.00
Merchandise inventory, end (12,850.00)
Total Cost of sales ₱ 349,110.00

Note 3 - General and administrative expense


Salaries and wages expense ₱ 194,000.00
Depreciation expense ₱ 75,800.00
Insurance expense 28,450.00
Utilities expense 33,200.00
Repairs and maintenance expense 16,750.00
SSS, Philhealth, and Pag-ibig expense 11,550.00
Doubtful accounts expense 4,600.00
Miscellaneuos expense 12,400.00
Total General and administrative expense ₱ 376,750.00

Note 4 - Distribution expense


Store and office supplies expense ₱ 28,580.00
Freight-out 10,700.00
Total Distribution expense ₱ 39,280.00

Note 5 - Finance cost


Interest expense 6,730.00
Total Finance cost ₱ 6,730.00

Note 6 - Other income


Interest income ₱ 200.00
Total Other income ₱ 200.00

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


Notes receivable 20,000.00
Interest receivable 200.00
Accounts receivable 145,000.00
Allowance for doubtful accounts (11,600.00)
Net realizable value ₱ 153,600.00

Note 9 - Prepaid expenses


Store supplies on hand ₱ 11,230.00
Total Store supplies on hand ₱ 11,230.00

Note 10 - Property and equipment


Land 400,000.00
Buildings 440,000.00
Accumulated depreciation - Building (86,400.00) 353,600.00
Equipment 220,000.00
Accumulated depreciation - Building (75,000.00) 145,000.00
Furniture and fixture 120,000.00
Accumulated depreciation - furniture and fixture (66,000.00) 54,000.00
Total Property and equipment ₱ 952,600.00

Note 11 - Trade and other payables


Accounts payable 37,000.00
Notes payable 12,000.00
Withholding taxes payable 5,600.00
Interest payable 330.00
Mortgage payable 200,000.00
Utilities payable 7,200.00
Total Trade and other payables ₱ 262,130.00