Automatrix

Income Statement
For the year ended December 31, 2013
Amounts in Philippine Peso

Net Sales: NOTE 1 1,243,500

Less Cost of Sales: NOTE 2 452,500
Gross Income: 791,000
Other operating income: 3,700
Total operating income: 2,490,700

OPERATING EXPENSES
Distribution Expense NOTE 3
Administrative Expense NOTE 4
Net Operating Income
Interest Expense
Net Income
ASSETS
CURRENT ASSET
Cash NOTE 1
Trade and Other Receivable
Merchandise Inventory ENDING
Prepaid Expense
TOTAL

NON CURRENT ASSET

Property and Equipment
TOTAL ASSET

LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES
Trade & Other Payables

NON CURRENT LIABILITIES

Loans Payable
TOTAL LIABLITIES

OWNERS EQUITY
VILLAR, Capital:
TOTAL LIABILITIES AND OWNERS EQUITY
 Automatrix
Income Statement
For the year ended December 31, 2013
Amounts in Philippine Peso
Cash on Hand 60000
Cash in Bank 309000
Merchandise Inventory, July 1, 2013 137500
Supplies Inventory 6000
Office Furniture& Equipment 214500
Accumulated Depreciation- Office
Furniture& Equipment 49000

Depreciation Expense Office Furniture&

Equipment 25000
Accounts Receivable 38000
Bad Debts Expense 2800

NOTE 1
Cash on Hand 60000
Cash in Bank 309000
Office Rent 20000 VAT Payable 54500
Store Supplies Used 5500 Notes Payable 140000
Depreciation Expense Store Furniture& Equipment Accounts Payble
20000
Sales 1257500 Purchases 500000
Purchase Discount 15000
Salaries & Wages- Store 40500 Interest Expe 67500
Automatrix
Income Statement
For the year ended December 31, 2013
Amounts in Philippine Peso
VILLAR, Capital:
ADD: Net Income
TOTAL
LESS: VILLAR, Drawings
VILLAR, Capital:
NOTE 1
Sales 1,257,500
Less: Sales Return and Allowances 14,000

Net Sales 1,243,500

NOTE 2
Cost of Sales
Merchandise Inventory, JUNE 1 137,500
Net Purchases:
Purchases 500,000
Add Freight In 5,000
Cost of Delivered Goods 505,000
Less: Purchase Discount 15,000

Total Goods Available for Sale 490,000 627,500

Less: Merchandise Inventory, JUNE 30 175,000 452,500
Cost of Sales:

NOTE 3

Salaries and Wages-Store 40,500

Store Supplies Used 5,500
Depreciation Expense 20,000
Store Rent Expense 40,000
Distribution Expense 106,000

NOTE 5
Office Salaries & Wages 130000
Office Rent 25,000
Taxes& Licenses Expense 77,500
Depreciation Expense OFE 20,000
Insurance Expense 55,000
Office Supplies Used 6,500
Bad Debts Expense 2,800
Administrative Expense 316800

NOTE 6
Cash on Hand
Cash in Bank
CASH

NOTE 7
Accounts Receivable
LESS: Allowances for Bad Debts
Notes Receivable
Interest Receivable
Trade & Other Receivables

NOTE 8
Prepaid Rent
Supplies Inventory
Prepaid Expenses

NOTE 9
Furniture & fixtures
LESS : Accumulated Depreciation
Property & Equipment

NOTE 10
Accounts Payable
Salaries & Wages Payable
Unearned Commission Income
VAT Payable
Interest Payable
Trade & Other Payables
Cash On Hand 60,000
Cash In Bank 309,000
Accounts Receivable 38,000
Allowance for Bad Debts 4,800
Merchandise Inventory, July 1,2013 137,500
Supplies Inventory 6,000
Office Furniture & Equipment 214,500
Accumulated Depreciation Office Furniture And Equipment 49,000
Store Furniture & Equipment 209,000
Accumulated Depreciation Store Furniture And Equipment 56,000
Prepaid Insurance 54,000
Accounts Payable 26,400
Notes Payable due 2015 140,000
VAT Payable 54,500
E GATES, Capital 540,400
E GATES, Drawing 110,000
Purchases 500,000
Purchase Discount 15,000
Freight In 5,000
Sales 1,257,500
Sales Return and Allowances 14,000
Bad Debts Expense 2800
Interest Expense 67,500
Depreciation Expense Office Furniture And Equipment 25,000
Store Rent Expense 40,000
Depreciation Expense Store Furniture And Equipment 20,000
Insurance Expense 55,000
Taxes & License 77,500
Office Rent 20,000
Office Salaries and Wages 130,000
salaries and Wages-Store 40,500
Office Supplies Used 6,500
Store Supplies Used 5,500
Rent Income 3,700
Merchandise Inventory , June 30, 2014 175,000
income summary 175,000
0
2,322,300 2,322,300
4,644,600 4,644,600
 note 6

note 7

540,400
304400 note 8
844,800

110,000 note 9
734,800

note 10

0
Cash On Hand 60,000
Cash In Bank 309,000

Accounts Receivable 38,000

Allowance for Bad Debts 4,800

Prepaid Insurance 54,000

Supplies Inventory 6,000
60,000
Store Furniture & Equipment
Office Furniture & Equipment

Accumulated Depreciation Office Furniture And Equipment 49,000

Accumulated Depreciation Store Furniture And Equipment 56,000

Merchandise Inventory , June 30, 2014

Accounts Payable 26,400

VAT Payable 54,500
80,900
 369,000

33,200

209,000
214,500
423,500

105,000
318,500

175,000
895,700
Merchandise Inventory, July 1,2013 137,500
Purchases 500,000
Purchase Discount 15,000
Freight In 5,000
Sales 1,257,500
Sales Return and Allowances 14,000
Bad Debts Expense 2800
Interest Expense 67,500
Depreciation Expense Office Furniture And Equ 25,000
Store Rent Expense 40,000
Depreciation Expense Store Furniture And Equi 20,000
Insurance Expense 55,000
Taxes & License 77,500
Office Rent 20,000
Office Salaries and Wages 130,000
salaries and Wages-Store 40,500
Office Supplies Used 6,500
Store Supplies Used 5,500
1,146,800 1272500 -125,700