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    CBM Company

    Uploaded by

    Klarizel Lapugan Holibot
    The document contains financial statements for CBM Company for the period ended April 30, 2021. It shows the company had net sales of PHP 179,600 but incurred a net loss of PHP 17,900 due to expenses exceeding gross income. The statements also show the company had total assets of PHP 544,100 consisting mainly of cash, receivables, and inventory, and total liabilities of PHP 90,000 consisting of accounts and notes payable.

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    © All Rights Reserved
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    CBM Company

    Uploaded by

    Klarizel Lapugan Holibot
    38 views7 pages
    The document contains financial statements for CBM Company for the period ended April 30, 2021. It shows the company had net sales of PHP 179,600 but incurred a net loss of PHP 17,900 due to expenses exceeding gross income. The statements also show the company had total assets of PHP 544,100 consisting mainly of cash, receivables, and inventory, and total liabilities of PHP 90,000 consisting of accounts and notes payable.

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    CBM COMPANY

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    The document contains financial statements for CBM Company for the period ended April 30, 2021. It shows the company had net sales of PHP 179,600 but incurred a net loss of PHP 17,900 due to expenses exceeding gross income. The statements also show the company had total assets of PHP 544,100 consisting mainly of cash, receivables, and inventory, and total liabilities of PHP 90,000 consisting of accounts and notes payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    38 views7 pages

    CBM Company

    Uploaded by

    Klarizel Lapugan Holibot
    The document contains financial statements for CBM Company for the period ended April 30, 2021. It shows the company had net sales of PHP 179,600 but incurred a net loss of PHP 17,900 due to expenses exceeding gross income. The statements also show the company had total assets of PHP 544,100 consisting mainly of cash, receivables, and inventory, and total liabilities of PHP 90,000 consisting of accounts and notes payable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 7

    CBM COMPANY

    PRELIMINARY TRIAL BALANCE


    APRIL 30, 2021
    ACCOUNT TITLES
    10
    Cash
    11
    Accounts Receivable
    12
    Merchandise Inventory
    13
    Supplies
    20
    Equipment
    30
    Accounts Payable
    31
    Notes Payable
    40
    Dangayo, Capital
    41
    Dangayo, Drawings
    50
    Sales
    51
    Sales Returns and Allowances
    52
    Sales Discounts
    60
    Cost of Goods Sold
    64
    Rent Expense
    65
    Utilities Expense
    66
    Advertising Expense
    67
    Supplies Expense
    68
    Salaries Expense
    69
    Freight Out
    CBM COMPANY
    STATEMENT OF PERFORMANCE
    FOR THE PERIOD ENDED APRIL 30, 2021

    Net Sales (188,500 – 8,000 – 179,600


    900)

    Less: Cost of Goods 127,000


    Sold
    Gross Income 52,600

    Less: Expenses

    Rent Expense 5,000

    Utilities 10,500

    Advertising Expense 7,500

    Supplies Expense 9,000

    Salaries 36,000

    Freight Out 2,500 70,500

    Net Loss 17,900


    CBM COMPANY
    STATEMENT OF EQUITY
    FOR THE PERIOD ENDED APRIL 30, 2021
    500,000
    Dangayo, Capital - Beginning
    17,900
    Less: Net Loss
    482,100
    Total Capital
    28,000
    Less: Dangayo, Drawings
    454,100
    Dangayo, Capital - Ending

    CBM COMPANY
    STATEMENT OF FINANCIAL POSITION
    AS OF APRIL 30, 2021

    ASSETS
    Current Assets:
    423,400
    Cash and Cash Equivalents
    28,500
    Receivables
    29,200
    Inventories
    3,000 484,100
    Prepaid Expenses
    Non-current Assets:
    60,000
    Property, Plant and
    Equipment
    544,100
    Total Assets
    LIABILITIES AND CAPITAL
    Current Liabilities:
    10,000
    Accounts Payable
    80,000
    Notes Payable
    90,000
    Total Liabilities
    454,100
    Add: Dangayo, Capital –
    Ending
    544,100
    Total Liabilities and Capital
    CBM COMPANY
    STATEMENT OF CASH FLOWS
    FOR THE PERIOD ENDED APRIL 30, 2021

    Cash Flows from Operating


    Activities:
    130,000
    Cash sales
    29,100
    Collection of receivables
    3,000
    Refund from supplier
    (12,000)
    Purchase of supplies
    (2,500)
    Freight Out
    (147,700)
    Purchases (20,000 + 10,000 + 112,700 +
    5,000)
    (59,000)
    Payment of various expenses
    (16,000 + 43,000)
    (1,500)
    Freight In
    (8,000) (68,600)
    Refund to customers
    Cash Flows from Financing
    Activities
    500,000
    Owner’s investment
    80,000
    Loan from bank
    (28,000) 552,000
    Owner’s withdrawal
    Cash Flows from Investing
    Activities:
    (60,000)
    Purchase of equipment
    423,400
    INCREASE IN CASH AND CASH
    EQUIVALENTS
    0
    ADD: CASH & CASH EQUIVALENTS,
    CLOSING JOURNAL
    PAGE NUMBER 3
    WITH EXPLANATIONS
    CLOSING JOURNAL ENTRIES

    DAT DESCRIPTION REF DEBIT CREDIT


    BEG
    E
    423,400
    CASH
    April 30AND
    SalesCASH EQUIVALENTS,
    50 188,500
    April 30
    Sales Discounts 52 900

    Sales Returns and 51 8,000

    Allowances
    Income Summary 70 179,600

    To close sales accounts


    income summary.

    30 Income Summary 70 127,000

    Cost of Goods Sold 60 127,000

    To close cost of goods


    sold to income
    summary.

    30 Income Summary 70 70,500

    Rent Expense 64 5,000

    Utilities Expense 65 10,500

    Advertising Expense 66 7,500

    Supplies Expense 67 9,000

    Salaries Expense 68 36,000

    Freight Out 69 2,500

    To close expenses to
    income summary.
    CBM COMPANY
    POST-CLOSING TRIAL BALANCE
    APRIL 30, 2020
    (IN PESOS)

    DR CR

    Cash 423,400

    Accounts Receivable 28,500

    Merchandise Inventory 29,200

    Supplies 3,000

    Equipment 60,000

    Accounts Payable 10,000

    Notes Payable 80,000

    Dangayo, Capital 454,100

    TOTALS 544,100 544,100

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