Eloiza Heart Trading Company

Statement of Financial Position

As at December 31, 2016

Debit Credit 2016 Debit Credit 2016

Assets Liabilities
Current Assets Current Liabilities
Cash Trade payables 198,700
Cash on Hand 120,586 Advances from officers and employees 5,076
Cash in Bank 560,125 680,711 Utilities payable 6,807
Inventories Salaries payable 10,150
Merchandise inventory - December 31, 2016 301,256 301,256 Unearned rent 5,600
Trade Receivables and other receivables Notes payable - short-term portion 250,000
Trade Receivables 400,125 Total Current Liabilities 476,333 476,333
Allowance for Bad Debts 60,128 Noncurrent Liabilities
Advances to Suppliers 125,677 Notes payable - long-term portion 180,000
Interest Receivable 1,248 Loans payable - short-term portion 130,000
Receivable from insurance 70,990 537,912 Loans payable - long-term portion 450,000
Prepayments Total Noncurrent Liabilities 760,000 760,000
Prepaid supplies 4,450
Prepaid interest 987 Total Current and Noncurrent Liabilities 1,236,333
Prepaid insurance 6,680 12,117
Total Current Assets 1,531,996 Equity
Noncurrent Assets Eloiza, capital 482,145
Property, Pland and Equipment Eloiza, drawing 250,000
Land 780,125 Owner's Equity 232,145
Land improvements 5,040
Building 480,650 Net Income 1,429,959
Building improvements 65,234 Total Equity 1,662,104
Furniture and equipment 88,190
Machinery and equipment 110,897 1,530,136 Total Liabilities and Equity 2,898,437
Accumulated deprecition - Land improvements 2,050
Accumulated deprecition - Building 100,788
Accumulated deprecition - Building improvements 5,019
Accumulated depreciation - Furniture 10,160
Accumulated depreciation - Machinery and equipment 45,678 163,695
Total Noncurrent Assets 1,366,441

Total of Current and Noncurrent Assets 2,898,437

Eloiza Heart Trading Company
Statement of Comprehensive Income
For the year ended December 31, 2016
2016
Net Sales
Sales 2,490,000
Sales Discount -10,250
Sales Return -1,577 2,478,173

Less: Cost of Sales

Inventories- beginning 255,544
Purchases 510,000
Purchases discount -88,000
Purchase return -7,650
Freight out 6,780
Freight in 56,875
Total goods available for sale 733,549
Inventories- ending -301,256 432,293
Gross Profit 2,045,880
Less: General and operating expenses
Salaries Expense 434,588
Utilities expense 10,770
Rent expense 60,000
Advertising expense 5,680
Bad debts 1,654
Depreciation – building 45,670
Depreciation - land improvements 6,557
Depreciation - building improvements 5,078
Depreciation - furniture 6,087
Depreciation - machinery and equipment 10,157
Supplies expense 10,124
Insurance expense 18,000
Interest expense 12,000
Miscellaneous expense 1,056 627,421
Net operating income 1,418,459
Add: Rent Income 10,000
Interest income 1,500
Net Income 1,429,959