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    Fabm g12

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    Ashley Keith D. Bernardino
    Pink B. Smith Repair Services generated $290,450 in total income for the year ended December 31, 2020, with $275,000 coming from service revenue. Expenses totaled $180,050, resulting in net income of $110,400. As of December 31, 2020, the company had total assets of $315,000, including $70,000 in cash and $74,550 in receivables. Total liabilities were $76,750 and equity was $238,250, held as capital by owner G. Harrison. For the year, the company saw a net increase in cash of $50,000.

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    Fabm g12

    Uploaded by

    Ashley Keith D. Bernardino
    136 views3 pages
    Pink B. Smith Repair Services generated $290,450 in total income for the year ended December 31, 2020, with $275,000 coming from service revenue. Expenses totaled $180,050, resulting in net income of $110,400. As of December 31, 2020, the company had total assets of $315,000, including $70,000 in cash and $74,550 in receivables. Total liabilities were $76,750 and equity was $238,250, held as capital by owner G. Harrison. For the year, the company saw a net increase in cash of $50,000.

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    Pink B. Smith Repair Services generated $290,450 in total income for the year ended December 31, 2020, with $275,000 coming from service revenue. Expenses totaled $180,050, resulting in net income of $110,400. As of December 31, 2020, the company had total assets of $315,000, including $70,000 in cash and $74,550 in receivables. Total liabilities were $76,750 and equity was $238,250, held as capital by owner G. Harrison. For the year, the company saw a net increase in cash of $50,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    136 views3 pages

    Fabm g12

    Uploaded by

    Ashley Keith D. Bernardino
    Pink B. Smith Repair Services generated $290,450 in total income for the year ended December 31, 2020, with $275,000 coming from service revenue. Expenses totaled $180,050, resulting in net income of $110,400. As of December 31, 2020, the company had total assets of $315,000, including $70,000 in cash and $74,550 in receivables. Total liabilities were $76,750 and equity was $238,250, held as capital by owner G. Harrison. For the year, the company saw a net increase in cash of $50,000.

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    © All Rights Reserved
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    Pink B.

    Smith Repair Services


    Income Statement
    For The Year Ended December 31, 2020
    Notes
    Service Revenue ₱ 275,000.00
    Other income 1 15,450.00
    Total Income ₱ 290,450.00
    Expenses
    Salaries 45,000.00
    Rent 55,000.00
    Supplies 400.00
    Utilities 46,750.00
    Interest 1,000.00
    Depreciation 2 9,750.00
    Bad debts 4,900.00
    Insurance 10,000.00
    Tax expense 7,250.00 180,050.00
    Net Income ₱ 110,400.00

    Pink B. Smith Repair Services


    Statement of Financial Position
    As of Year Ended December 31, 2020
    Notes
    Assets
    Cash 3 ₱ 70,000.00
    Receivables 4 74,550.00
    Prepaid Expenses 5 5,200.00
    PPE 6 165,250.00
    Total Assets ₱ 315,000.00

    Current Liabilities
    Payables 7 ₱ 26,750.00
    Non-Current Liabilities
    Note Payable (Due in 5 years) 50,000.00
    Total Liabilities ₱ 76,750.00
    Equity
    G. Harrison , Capital, Beginning 100,000.00
    Additional investment 32,850.00
    Net Income 110,400.00
    Total ₱ 243,250.00
    Less: Drawings 5,000.00
    G. Harrison , Capital, End 238,250.00
    Total Liabilities and Equity ₱ 315,000.00
    Notes to Income Statement
    1. Other Income
    Referral Income ₱ 15,000.00
    Finance Cost 450.00
    Total ₱ 15,450.00

    2. Depreciation
    Depreciation - Machineries and
    Equipment
    Depreciation - Furniture and and ₱ 7,500.00
    Fixtures 2,250.00
    Total ₱ 9,750.00

    Notes to Balance Sheet


    3. Cash
    Cash on Hand ₱ 25,000.00
    Cash in Bank 45,000.00
    Total Cash ₱ 70,000.00

    4. Accounts Receivable ₱ 49,000.00


    Notes Receivable 30,000.00
    Interest Receivable 450.00
    Less: Allowance for Bad Debts 4,900.00
    Total Receivables ₱ 74,550.00

    5. Prepaid Expenses
    Prepaid Insurance ₱ 5,000.00
    Prepaid Supplies 200.00
    Total ₱ 5,200.00

    6. PPE
    Machineries and Equipment ₱ 150,000.00
    Furniture and Fixtures 25,000.00
    Total ₱ 175,000.00
    Less: Accumulated Depreciation
    Machineries and Equiptment ₱ 7,500.00
    Furniture and Fixtures 2,250.00
    Total PPE ₱ 165,250.00

    7. Payables
    Account Payables ₱ 26,000.00
    Interest Payable 750.00
    Total ₱ 26,750.00
    Pink B. Smith Repair Services
    Capital Statement
    Equity
    G. Harrison , Capital, Beginning 100,000.00
    Additional Investment 32,850.00
    Net Income
    Total 132,850.00
    Less: Drawings 5,000.00
    G. Harrison , Capital, End ₱ 127,850.00

    Pink B. Smith Repair Services


    Statement of Cash Flow
    For The Year Ended December 31, 2020
    Cash flow from Operating Activities
    Receipts
    Collections from customers ₱ 275,000.00
    Rent Income 15,000.00
    Dividends Income 450.00
    Payments
    Operating Expenses (165,000.00)
    Interest Expense (400.00)
    Net cash from Operating Activities ₱ 125,050.00
    Cash flow from Investing Activities
    Payments
    Purchase of Furniture and Fixtures ₱ (25,000.00)
    Purchase of Equipment (77,900.00)
    Net cash from Investing Activities ₱ (102,900.00)
    Cash flow from Financing Activities
    Receipts
    Additional Investment of G. Harrison ₱ 32,850.00
    Payments
    Cash withdrawal of owner (5,000.00)
    Net cash from Financing Activities 27,850.00
    Net Increase/Decrease in Cash ₱ 50,000.00
    Cash Balance Beggining 20,000.00
    Cash Balance End ₱ 70,000.00

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