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    Seechua Company

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    Cyrus Atayde Atienza
    The document contains financial statements and journal entries for Erlina Seechua Company for the year ended December 31, 2009. It includes an income statement showing revenues of $4.2 million and net income of $586,000. An adjusting journal entries section includes entries for office supplies, advertising, salaries, and depreciation. The statement of financial position lists assets of $3.29 million and liabilities and owner's equity of the same amount.

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    Seechua Company

    Uploaded by

    Cyrus Atayde Atienza
    952 views15 pages
    The document contains financial statements and journal entries for Erlina Seechua Company for the year ended December 31, 2009. It includes an income statement showing revenues of $4.2 million and net income of $586,000. An adjusting journal entries section includes entries for office supplies, advertising, salaries, and depreciation. The statement of financial position lists assets of $3.29 million and liabilities and owner's equity of the same amount.

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    The document contains financial statements and journal entries for Erlina Seechua Company for the year ended December 31, 2009. It includes an income statement showing revenues of $4.2 million and net income of $586,000. An adjusting journal entries section includes entries for office supplies, advertising, salaries, and depreciation. The statement of financial position lists assets of $3.29 million and liabilities and owner's equity of the same amount.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    952 views15 pages

    Seechua Company

    Uploaded by

    Cyrus Atayde Atienza
    The document contains financial statements and journal entries for Erlina Seechua Company for the year ended December 31, 2009. It includes an income statement showing revenues of $4.2 million and net income of $586,000. An adjusting journal entries section includes entries for office supplies, advertising, salaries, and depreciation. The statement of financial position lists assets of $3.29 million and liabilities and owner's equity of the same amount.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    ERLINDA SEECHUA

    COMPANY
    STATEMENT OF COMPREHENSIVE INCOME
    For the year ended December 31, 2009

    STATEMENT OF CHANGES IN OWNER’S EQUITY


    For the year ended December 31, 2009

    STATEMENT OF FINANCIAL POSITION


    As of December 31, 2009
    ADJUSTING JOURNAL ENTRIES
    A.
    Office Supplies Expense 17,000.00

    Office Supplies 17,000.00

    B.
    Advertising Expense 25,000.00

    Prepaid Advertising 25,000.00


    ADJUSTING JOURNAL ENTRIES
    C.
    Salaries Expense 21,000.00

    Salaries Payable 21,000.00


    D1.
    Depreciation Expense-Office Building 15,000.00

    Accumulated Depreciation-Office Building 15,000.00


    D2.
    Depreciation Expense-Office Equipment 20,000.00

    Accumulated Depreciation-Office Eqt. 20,000.00


    GENERAL LEDGER
    OFFICE SUPPLIES EXPENSE
    DEBIT CREDIT
    a. 17,000.00
    17,000.00

    OFFICE SUPPLIES
    DEBIT CREDIT
    42,000.00
    a. 17,000.00
    25,000.00
    GENERAL LEDGER
    ADVERTISING EXPENSE
    DEBIT CREDIT
    b. 25,000.00
    25,000.00

    PREPAID ADVERTISING
    DEBIT CREDIT
    75,000.00
    b. 25,000.00
    50,000.00
    GENERAL LEDGER
    SALARIES EXPENSE
    DEBIT CREDIT
    c. 21,000.00
    21,000.00

    SALARIES PAYABLE
    DEBIT CREDIT
    c. 21,000.00
    21,000.00
    GENERAL LEDGER
    DEPRECIATION EXPENSE –
    OFFICE BUILDING
    DEBIT CREDIT
    d1. 15,000.00
    15,000.00

    ACCUMULATED DEPN. –
    OFFICE BUILDING
    DEBIT CREDIT
    100,000.00
    d1. 15,000.00
    115,000.00
    GENERAL LEDGER
    DEPRECIATION EXPENSE –
    OFFICE EQUIPMENT
    DEBIT CREDIT
    d2. 20,000.00
    20,000.00

    ACCUMULATED DEPRECIATION. –
    OFFICE EQUIPMENT
    DEBIT CREDIT
    150,000.00
    d2. 20,000.00
    170,000.00
    ERLINDA SEECHUA COMPANY
    STATEMENT OF COMPREHENSIVE
    INCOME
    For the year ended December 31, 2009
    SALES

    SALES 4,600,000.00
    Less: SALES RET. & ALL. 187,000.00
    SALES DISCOUNTS 161,000.00 (348,000.00)
    NET SALES 4,252,000.00
    ERLINDA SEECHUA COMPANY
    STATEMENT OF COMPREHENSIVE
    INCOME
    For the year ended December 31, 2009
    COST OF GOODS SOLD

    BEGINNING INVENTORY 598,000.00


    Add: PURCHASES 2,643,000.00
    Add: Transportation In 72,000.00
    Less: PUR. RET. & ALL. (133,000.00)
    PUR. DISCOUNTS (172,000.00) 2,410,000.00
    COST OF GOODS AVAILABLE FOR SALE
    3,008,000.00
    Less: ENDING INVENTORY (723,000.00)
    COST OF GOODS SOLD 2,285,000.00
    ERLINDA SEECHUA COMPANY
    STATEMENT OF COMPREHENSIVE
    INCOME
    For the year ended December 31, 2009
    OPERATING EXPENSES

    INSURANCE EXPENSE 25,000.00


    INTEREST EXPENSE 208,000.00
    SALARIES EXPENSE (c) 883,000.00
    TRAVEL EXPENSE 188,000.00
    OFFICE SUPPLIES EXPENSE (a) 17,000.00
    ADVERTISING EXPENSE (b) 25,000.00
    DEPRECIATION EXPENSE-OFF. BLDG. 15,000.00
    DEPRECIATION EXPENSE-OFF. EQT. 20,000.00
    TOTAL OPERATING EXPENSES
    1,381,000.00
    ERLINDA SEECHUA COMPANY
    STATEMENT OF COMPREHENSIVE
    INCOME
    For the year ended December 31, 2009
    NET SALES 4,252,000.00

    LESS: COST OF GOODS SOLD (2,285,000.00)

    GROSS PROFIT 1,967,000.00

    LESS: TOTAL OPERATING EXPENSES


    (1,381,000.00)

    NET INCOME BEFORE TAX 586,000.00


    ERLINDA SEECHUA COMPANY
    STATEMENT OF CHANGES IN OWNER’S
    EQUITY
    For the year ended December 31, 2009
    SEECHUA, CAPITAL (Beginning) 1,510,000.00

    LESS: SEECHUA, WITHDRAWALS (200,000.00)

    TOTAL 1,310,000.00

    ADD: NET INCOME 586,000.00

    SEECHUA, CAPITAL (Ending) 1,896,000.00


    ERLINDA SEECHUA COMPANY
    STATEMENT OF FINANCIAL POSITION
    As of December 31, 2009

    ASSETS LIABILITIES & CAPITAL


    Cash 72,000.00 Accts. Pay. 74,000.00
    Accts. Rec. 136,000.00 Salaries Pay. 21,000.00
    Mer. Invty. 723,000.00 Notes Payable 200,000.00
    Prep. Adv. 50,000.00 Mortgage Pay. 1,100,000.00
    Off. Supplies 25,000.00 TOTAL LIABILITIES 1,395,000.00
    Off. Bldg. (net) 1,485,000.00
    Off. Eqt. (net) 400,000.00
    Land 400,000.00 Seechua, Cap. 1,896,000.00
    TOTAL ASSETS 3,291,000.00 TOTAL L. & C. 3,291,000.00
    ANY
    QUESTIONS?

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