GRAIN COMPANY

Requirement 1

Capital, End
Assets 352,800.00
Less: Liabilities(8000 included) 123,500.00 229,300.00
Capital, beg.
Assets 293,200.00
Less: Liabilities 117,800.00 175,400.00
Increase in Capital 53,900.00
Withdrawals 20,000.00
Profit 73,900.00

GRAIN COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR YEAR ENDED DECEMBER 31,2016

Sales (net of 21,000 returns) 725,000.00

Cost of goods sold
Merchandise Inverntory Jan 1 97,200.00
Net Purchases (13,00 returns) 551,200.00
Merchandise Inverntory Dec. 31 (105,800.00) 542,600.00
Gross Profit on Sales 182,400.00
Other Income 8,000.00
Operating Expenses (114,000.00)
Operating Income 76,400.00
Interest Expense (2,500.00)
Profit 73,900.00
 GRAIN COMPANY

NOTES- SALES
Receipts from customers 697,500.00
A/R, Beg (59,400.00)
A/R, End 76,100.00
Accounts written off 10,800.00
Sales Returns 21,000.00
Gross Sales 746,000.00

NOTES- PURCHASES
Payments to trade creditors 536,600.00
A/P beg (63,300.00)
A/P end 69,900.00
Unrecorded purchases 8,000.00
Purchase Returns 13,000.00
Gross Purchases 564,200.00

NOTES- OPERATING EXPENSES

Bad Debts expenses 10,800.00
Depreciation Expenses 9,500.00
Other Operating Expenses
Payment for operating exp. 94,100.00
Prepaid Exp. Beg 6,000.00
Prepaid Exp. End (7,500.00)
Accrued Exp. Beg (4,500.00)
Accrued Exp. End 5,600.00
Total Operating Expenses 114,000.00
 PROBLEM 6-9

Jack and Jill Company

Statement of Comprehensive Income
For the year ended December 31, 2017

Sales ₱ 7,440,000.00
Cost of sales ₱ 4,670,000.00
Gross Profit ₱ 2,770,000.00
Other opertating income:
gain on sale of automobile 20,000.00
Total income ₱ 2,790,000.00
Operating expenses:
Depreciation ₱ 298,666.67
Other expenses 1,003,600.00
Total expeness 1,302,266.67
Profit before interest ₱ 1,487,733.33
Interest expense 104,000.00
Profit ₱ 1,383,733.33

Jack and Jill Company

Statement of Changed in Partners' Equity
For the year ended December 31, 2017

Jack Jill
Equity, Jan. 1 ₱ 1,750,000.00 ₱ 1,815,000.00
Withdrawals (500,000.00) (250,000.00)
Share in Profit 691,866.67 691,866.67
Equity, Dec. 31 ₱ 1,941,866.67 ₱ 2,256,866.67

Jack and Jill Company

Statement of Financial Position
December 31, 2017'

ASSETS

Current assets
Cash ₱ 736,000.00
Accounts receivable 1,782,500.00
 Allowance for bad debts (42,500.00)
Receivable from employees 30,000.00
Deposit on merchandise purchases 75,000.00
Merchandise inventory 3,750,000.00
Prepaid Insurance 8,000.00
Total current assets ₱ 6,339,000.00
Non-current assets
Property, plant and equipment
Furniture and fixtures ₱ 220,000.00
Accum. Dep'n - Furniture and fixtures (87,000.00)
Automobiles 940,000.00
Accum. Dep'n - automobiles (421,666.67)
Total property, pland and equipment ₱ 651,333.33
TOTAL ASSETS ₱ 6,990,333.33

LIABILITIES

Current Liabilities
Accounts payable ₱ 1,875,000.00
Accrued expenses 16,600.00
Bank loan (interest included) 900,000.00
Total current liabilities ₱ 2,791,600.00

EQUITY

Jack, Capital ₱ 1,941,866.67

Jill, Capital 2,256,866.67
Total partner's equity ₱ 4,198,733.33
TOTAL LIABILITIES AND PARTNERS' EQUITY ₱ 6,990,333.33
NOTES-SALES
Collections in 2017 ₱ 6,440,000.00
Accounts Receivable, end 1,782,500.00
Written off 17,500.00
Accounts Receivable, beg (800,000.00)
Sales ₱ 7,440,000.00

NOTES-PURCHASES
Payment to merchandise creditors ₱ 4,500,000.00
Account payable, end 1,875,000.00
Returned merchandise (75,000.00)
Accounts payable, beg (1,380,000.00)
₱ 4,920,000.00
NOTES-COST OF SALES
Invent, beg. ₱ 3,500,000.00
Net Purchases 4,920,000.00
Invent, end (3,750,000.00)
Cost of sales ₱ 4,670,000.00

NOTES-DEPRECIATION EXPENSES
Furniture and fixtures (old) ₱ 22,000.00
Automobiles (old) 166,666.67
Automobiles (new) 110,000.00
Dep'n Expense ₱ 298,666.67

NOTES-OTHER EXPENSES
selling and general expenses ₱ 1,000,000.00
prepaid insurance, beg 15,000.00
prepaid insurance, end (8,000.00)
accrued expenses, beg (20,000.00)
accrued expenses, end 16,600.00
Other expenses ₱ 1,003,600.00

NOTES-INTEREST EXPENSE
Bank loan on 01/12/15 (paid 05/02/15 ₱ 32,000.00
Accrued (bank loan on 05/01/150 72,000.00
Interest expense ₱ 104,000.00