Grace Sales
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Javier, Joy Angelique P. BSA 3rd Year Accounting 8 Grace Sales Corporation Statement of Comprehensive Income For the Month Ended March 31, 20-2 Note Net Sales 5 Less: Cost of Sales Net Purchase 6 Gross Profit Commission Income Total Income Expenses: Selling Expenses 296,000.00 Operating Expenses 304,000.00 Total Expenses Net Income
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Financial Statement with Notes
Transcript of Grace Sales
Javier, Joy Angelique P. BSA 3rd Year Accounting 8
Grace Sales Corporation
Statement of Comprehensive Income
For the Month Ended March 31, 20-2
NoteNet Sales 5 1,890,200.00 Less: Cost of Sales Net Purchase 6 1,268,400.00 Gross Profit 621,800.00 Commission Income 12,700.00
Total Income 634,500.00
Expenses:Selling Expenses 296,000.00 Operating Expenses 304,000.00
Total Expenses 600,000.00 Net Income 34,500.00
Javier, Joy Angelique P. BSA 3rd Year Accounting 8
Grace Sales Corporation
Statement of Comprehensive Income
For the Month Ended March 31, 20-2
NoteNet Sales 7 1,890,200.00 Less: Cost of Sales Net Purchase 8 1,268,400.00 Gross Profit 621,800.00 Commission Income 12,700.00
Total Income 634,500.00
Expenses:Selling Expenses 296,000.00 Operating Expenses 304,000.00
Total Expenses 600,000.00 Net Income 34,500.00
Javier, Joy Angelique P. BSA 3rd Year Accounting 8
GRACE SALES CORPORATIONStatement of Financial Position
For the Month Ended March 31, 20-2
ASSETS
Note
Current AssetsCash and cash equivalent 3 349,100.00 Trade and other receivables 4 719,000.00 Prepaid Insurance 2,400.00
Total Current Assets 1,070,500.00
Non - Current AssetsProperty, Plant and Equipment 2,300,000.00
Total Non - Current Assets 2,300,000.00
Total Assets 3,370,500.00
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities Accounts Payable 216,000.00
Total Current Liabilities 216,000.00
Shareholder's Equity Authorized Share Capital 5,000,000.00 Less: Unissued Share Capital 2,400,000.00 Issued Share Capital 2,600,000.00 Subscribed Share Capital 400,000.00 Share Premium 120,000.00 Share Capital 3,120,000.00 Retained Earnings 34,500.00
Total Shareholder's Equity 3,154,500.00
Total Liabilities and Shareholder's Equity 3,370,500.00
Javier, Joy Angelique P. BSA 3rd Year Accounting 8
GRACE SALES CORPORATIONStatement of Financial Position
For the Month Ended March 31, 20-2
ASSETS
NoteCurrent Assets
Cash and cash equivalent 3 349,100.00 Trade and other receivables 4 719,000.00 Prepaid Insurance 2,400.00
Total Current Assets 1,070,500.00
Non - Current Assets 5Land 200,000.00 Building 1,800,000.00 Furnitures and Fixtures 120,000.00 Office Equipment 80,000.00 Store Equipment 100,000.00
Total Non - Current Assets 2,300,000.00
Total Assets 3,370,500.00
LIABILITIES AND SHAREHOLDER'S EQUITY
Current Liabilities Accounts Payable 216,000.00
Total Current Liabilities 216,000.00
Shareholder's Equity Share Capital 6 3,120,000.00 Retained Earnings 34,500.00
Total Shareholder's Equity 3,154,500.00
Total Liabilities and Shareholder's Equity 3,370,500.00
Javier, Joy Angelique P. BSA 3rd Year Accounting 8
Grace Sales Corporation
Trial Balance
For the Month Ended March 31, 20-2
Account Titles Debits Credits
Cash in Bank 4,308,100.00 3,960,000.00 Petty Cash Fund 1,000.00 Accounts Receivable 1,252,000.00 873,000.00 Subscription Receivables 1,040,000.00 700,000.00 Prepaid Insurance 2,400.00 Land 200,000.00 Building 1,800,000.00 Furnitures and Fixtures 120,000.00 Office Equipment 80,000.00 Store Equipment 100,000.00 Accounts Payable 618,000.00 834,000.00 Authorized Share Capital 5,000,000.00 Unissued Share Capital 5,000,000.00 2,600,000.00 Subscribed Share Capital 600,000.00 1,000,000.00 Share Premium 120,000.00 Sales 1,895,000.00 Sales Returns and Allowances 1,800.00 Sales Discounts 3,000.00 Purchases 1,257,000.00 Freight-In 18,300.00 Purchase Returns and Allowances 2,400.00 Purchase Discounts 4,500.00 Selling or Distribution Expenses 296,000.00 Operating Expenses 304,000.00 Commission Income 12,700.00
Totals 17,001,600.00 17,001,600.00
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