FERNANDEZ, Mikaela Andrea F.

2A18

INCOME STATEMENT (Single-step Format)

SOIGNEMIKAELA SALON INC.

Income Statement
Year Ended December 31, 2019

Net Sales $25,000,000.00

Rent Revenue 7,700,000.00
Interest Revenue 100,000.00
Total Revenue 32,800,000.00

Expenses:
Cost of Goods Sold ₱ 5,150,000.00
Salaries and Wages 900,000.00
Advertising 2,700,000.00
Freight Out 640,000.00
Depreciation 5,000,000.00
Taxes and licenses 500,000.00
Rent 560,000.00
Interest Expense 400,000.00
Loss on sale of assets 6,100,000.00
Property taxes 850,000.00
Total Expense 22800000
Net Income (loss) 10,000,000.00
 STATEMENT OF PARTNERS' CAPITAL

SOIGNEMIKAELA SALON INC.

Statement of Partners' Capital
Year Ended December 31, 2019

Partner A Partner B Totals

Beginning balance $20,000,000.00 $10,000,000.00 $30,000,000.00
Net Income (loss) 10,000,000.00 10,000,000.00 20,000,000.00
$30,000,000.00 $20,000,000.00 $50,000,000.00
Withdrawals 15,000,000.00 5,000,000.00 $20,000,000.00
Ending Balance $15,000,000.00 $15,000,000.00 $30,000,000.00
 BALANCE SHEET

SOIGNEMIKAELA SALON INC.

Balance Sheet
31-Dec-19

ASSETS
Current Assets:
Cash
Short-term investment/Marketable securities
Accounts receivable, net
Inventory
Prepaid rent
Office supplies on hand
Total Current Assets

Long-Lived Assets:
Long-term investments ₱ 4,000,000.00
Land 24,000,000.00
Building 3,000,000.00
Machinery and Equipment 860,000.00
Less: Accumulated Depreciation 400,000.00
Patents 550,000.00
Total long-lived assets
Total Assets

LIABILITIES

Current Liabilities:
Accounts Payable
Notes Payable
Interest Payable
Wages Payable
Total Current Liabilities

Long-Term Liabilities:
Mortgage payable ₱ 8,000,000.00
Bonds payable 5,000,000.00
Total long-term liabilities
Total Liabilities

PARTNERS' CAPITAL

Partner A, Capital ₱ 15,000,000.00

 Partner B, Capital $15,000,000.00
Total Partners' Capital
Total Liabilities and Owner's Equity
₱ 10,000,000.00
500,000.00
640,000.00
200,000.00
520,000.00
330,000.00
12,190,000.00

32,810,000.00
₱ 45,000,000.00

₱ 700,000.00
300,000.00
400,000.00
600,000.00
2,000,000.00

13,000,000.00
15,000,000.00
 30,000,000.00
₱ 45,000,000.00