Student HAMDAN

Reg# 11811
FINANCIA

Income Statement
Sale Revenue 1875000
Less : Sale Return 7000
Net Sales 1868000
Less: Cost of Goods Sold
Opening Stock/ Inventory 62500
Purchases 1245000
Add: Transportation Char 20000
Less: Purchases Return 2000
Net Purchases 1263000
Goods Avalible for Sale 1325500
Less: Closing Inventory 45000
Cost of Goods Sold 1280500
Gross Profit 587500
Less (Operating Expenses)
Salaries Expense 145000
Advertising Expense 20000
Director's fee 215000
Depriciation 187500
Operating Expenses 567500
Operating Income 20000
Other Income
Comission Income 20000
Net Income Before Tax 40000
Tax @10% 4000
Net Income After Tax 36000
FINANCIAL STATEMENT
Question No.1
Balance Sheet
Assets
Plant Assets 3,750,000
Depciation @5% (187,500)
Cash 100,000
Inventory 45,000
Acc Receivable 162,500
Acc Depriciation (350,000)
Total Assets 3,520,000
Liabilities
Acc Payable 112,500
Debentures Payable 500,000
Tax Payable 4,000

Total Liabilities 616,500

Owner Equity
Capital 2,500,000
Retained Earning 367,500
Net Profit 36,000
Total OE 2,903,500

Liability + OE 3,520,000
0
 Income Statement
Sale Revenue 1,830,000
Less : Sale Return
Net Sales 1,830,000
Less: Cost of Goods Sold
Opening Stock/ Inventory 125,000
Purchases 1,500,000
Add: Transportation Charges 20,000
Less: Purchases Return
Net Purchases 1,520,000
Goods Avalible for Sale 1,645,000
Less: Closing Inventory 140,000
Cost of Goods Sold 1,505,000
Gross Profit 325,000
Less (Operating Expenses)
Salaries Expense 120,000
Utility Expenses 30,000
Fire Insurance 10,000
Auditor Fees 70,000
Depriciation Expense 5,600
Operating Expenses 235,600
Operating Income 89,400
Other Income -
Comission Income -
Net Income Before Tax 89,400
Tax @15% 13,410
Net Income After Tax 75,990
 Balance Sheet
Assets Question No.2
Building 1,800,000
Furniture 50,000
Cash 120,000
Acc Receivable 155,000
Inventory 140,000
Depriciation (5,600)
Total Assets 2,259,400
Liabilities
Acc Payable 145,000
Tax Payable 13,410
Total Liabilities 158,410
Owner Equity
Capital 1,800,000
Net Profit 75,990
Retained Earning 225,000
Total OE 2,100,990

Liability + OE 2,259,400
0
 Balance Sheet
Assets
Land 25,000 Question No.3
Building 125,000
Cash 15,000
Bank 17,000
Office Supplies 5,000
Acc Receivable 15,000
Pre Paid Advertisemen 36,000
Short Term Investment 58,000
Total Assets 296,000
Liabilities
Acc Payable 30,000
Note Payable 25,800
Salaries Payable 32,500
Total Liabilities 55,800
Owner Equity
Capital 240,200
Total OE 240,200

Liability + OE 296,000
 Balance Sheet of Ahmad Merchant
31-Dec-02
Assets
Building 52,000
Land 68,000 Question No.4
Cash 9,200
Acc Receivable 800
Machinery 65,000
Supplies 400
Total Assets 195,400
Liabilities
Acc Payable 14,000
Note Payable 29,000
Salaries Payable 3,000
Total Liabilities 43,000
Owner Equity
Capital 152,400
Net Profit
Retained Earning
Total OE 152,400

Liability + OE 195,400
 Income Statement
Sale Revenue 1,175,000
Net Sales 1,175,000
Less: Cost of Goods Sold -
Gross Profit 1,175,000
Less (Operating Expenses) Question No
Salaries Expense 56,000
Utility Expenses 12,000
Insurance Expense 5,000
Interest Expense 12,000
Operating Expenses 1,125,300
1,210,300
Operating Income (35,300)
Other Income
Comission Income 25,000
Net Income Before Tax (10,300)
Tax @10% -
Net Income After Tax (10,300)

Balance Sheet of Fun Foods

31-2005
Assets
Building 750,000
Acc Receivable 60,000
Pre- Paid Rent 40,000
Marketable Securities 50,000
Equipment 45,000
Cash 15,600
Pre-Paid Insurance 4,500
Office Stationary 5,600
Total Assets 970,700
Liabilities
Acc Payable 56,000
Note Payable 32,000
Bank Over Draft 75,000
Loan From Bank 300,000
Total Liabilities 463,000
Owner Equity
Capital 575,000
Net Profit /Loss (10,300)
Drawings (57,000)
Total OE 507,700

Liability + OE 970,700 -
uestion No.5
 Income Statement
Sale Revenue 60,000
Less : Sale Return 900
Net Sales 59,100
Less: Cost of Goods Sold
Opening Stock/ Inventory 7,000
Purchases 25,000 Question No
Add: Transportation Charges 200
Less: Purchases Return (800)
Less: Purchases Discount (300)
Net Purchases 24,100
Goods Avalible for Sale 31,100
Less: Closing Inventory (1,700)
Cost of Goods Sold 29,400
Gross Profit 29,700
Less (Operating Expenses)
Salaries Expense 8,000
Advertising Expense 3,000
Miscellaneous Expense 2,000
Office Suplies Expense 1,000
Interest Expense 500
Dericiation @ 2% 656
Total Expense 15,156

Operating Income 14,544

Other Income 2,500
Comission Income
Net Income Before Tax 17,044
Tax @15% 2,557
Net Income After Tax 14,487

Balance Sheet of Fun Foods

31-2005
Assets
Cash 25,000
Acc Receivable 20,000
Pre- Paid Rent 6,000
Equipment 32,800
Depriciation @ 2 % (656)
Inventory 1,700

Total Assets 84,844

 Liabilities
Acc Payable 5,500
Note Payable 5,000
Bank Over Draft 7,500
Tax Payable 2,557
Loan From Bank 10,000
Total Liabilities 30,557
Owner Equity
Capital 39,800
Net Profit /Loss 14,487
Drawings
Total OE 54,287

Liability + OE 84,844 -
Question No.6
 Income Statement
Sale Revenue 475,000
Less : Sale Return (12,000)
Net Sales 463,000
Less: Cost of Goods Sold Question No.7
Opening Stock/ Inventory 27,800
Purchases 275,000
Add: Transportation Charges 22,000
Less: Purchases Return (1,800)
Less: Purchases Discount (4,500)
Net Purchases 290,700
Goods Avalible for Sale 318,500
Less: Closing Inventory (12,500)
Cost of Goods Sold 306,000
Gross Profit 157,000
Less (Operating Expenses)
Salaries Expense 65,000
Marketing Expense 12,500
Other Expense 6,000
Office Suplies Expense 3,500
Interest Expense 16,000
Dericiation @ 2% 6,500
Total Expense 109,500

Operating Income 47,500

Interest Income 27,000

Net Income Before Tax 74,500

Tax @10% (8,750)
Net Income After Tax 65,750

Balance Sheet of Fun Foods

31-2005
Assets
Cash 45,000
Acc Receivable 75,000
Pre- Paid Advertisment 8,500
Office Equipment 325,000
Depriciation @ 2 % (6,500)
Inventory 12,500

Total Assets 459,500

 Liabilities
Acc Payable 35,000
Short Term Loan 55,000
Bill Payable 22,700
Long Term Loan 50,000
Tax Payable 8,750
Total Liabilities 171,450
Owner Equity
Capital 222,300
Net Profit /Loss 65,750
Drawings
Total OE 288,050

Liability + OE 459,500 -
Question No.7