JKL COMPANY

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR 2015 & 2016 JKL COMPANY

ASSETS 2016 2015

Cash 400,000 290,000

Accounts Receivable 100,000 120,000
Trading Securities 20,000 40,000
Inventories 80,000 60,000
Prepaid Expenses 20,000 10,000
Total Current Assets 620,000 520,000

Total Non-Current
Assets 300,000 200,000

Total Assets 920,000 720,000

LIABILITIES

Total Current liabilities 50,000 100,000

Total Non-Current Liabilities 450,000 350,000

Owner’s Equity

Total Owner’s Equity 420,000 300,000

Total Liabilities & OE 920,000 720,000

 JKL COMPANY
COMPARATIVE STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR 2015 AND 2016

2016 2015

Net Sales 700,000 900,000

Less: Cost of Goods Sold (100,000) (80,000)
Gross Profit 600,000 820,000

Less: Operating Expenses (50,000) (120,000)

Earnings Before Interest and Taxes 550,000 700,000
Less: Interest Expense (10,000) (50,000)
Net Income before Tax 540,000 650,000
Less: Income Tax (162,000) (195,000)
Net Income 378,000 455,000