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  • Preparation of Financial Statement

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    hatsumii 1927
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    The document provides income statements for Calamba and Santiago for the year ending December 31, 2021. It shows their net sales, cost of goods sold, expenses and profits. Calamba's profit was 405,330 and Santiago's was 354,090 for a total profit of 759,420. It also includes statements of changes in partners' equity and financial position as of December 31, 2021.

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    (Preparation of Financial Statement)

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    The document provides income statements for Calamba and Santiago for the year ending December 31, 2021. It shows their net sales, cost of goods sold, expenses and profits. Calamba's profit was 405,330 and Santiago's was 354,090 for a total profit of 759,420. It also includes statements of changes in partners' equity and financial position as of December 31, 2021.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    45 views2 pages

    Preparation of Financial Statement

    Uploaded by

    hatsumii 1927
    The document provides income statements for Calamba and Santiago for the year ending December 31, 2021. It shows their net sales, cost of goods sold, expenses and profits. Calamba's profit was 405,330 and Santiago's was 354,090 for a total profit of 759,420. It also includes statements of changes in partners' equity and financial position as of December 31, 2021.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    Calamba and Santiago

    Income Statement
    Dec 31, 2021

    Net Sales
    Sales 7,155,000
    Sales Return and Allowances 375,750
    Net Sales
    Cost of Sales 1,440,590
    Merchandise Inventory, Jan 1 5,407,160
    Purchases
    Purchases Discounts 43,050
    Purchases Return and Allowance 259,600 302,650
    5,104,510
    Net Purchases
    Transportation In 224,880
    Net Cost of Purchases 5,329,390
    Goods Available for Sales 6,769,980
    Merchandise Inventory, December 31 1,320,420
    Cost of Sales 5,449,560
    Gross Profit 1,329,690
    Operating Expenses
    General Expenses (control) 149,390
    Selling Expenses (control) 385,880
    Interest Expenses 35,000
    Total Operating Expenses 570,270
    Profit 759,420

    Calamba Santiago Total


    salary 330,000 290,000 620,000
    interest 10% 61,200 49,960 111,160
    remainder 1:1 14,130 14,130 28,260
    profit 405,330 354,090 759,420
    Calamba and Santiago
    Statement of Changes in Partners' Equity
    Dec 31, 2021

    Calamba Santiago Total


    Original Investments 612,000 499,600 1,111,600
    Less: Temporary Withdrawals 326,400 244,800 571,200
    Balances 285,600 254,800 540,400
    405,330 354,090 759,420
    Partners' Equity, Dec 31 690,930 608,890 1299820

    Calamba and Santiago


    Statement of Financial Position
    Dec 31, 2021
    Assets
    Cash 132,310
    Accounts Receivable 545,070
    Allowance for Uncollectible Accounts 18,790 526,280
    1,320,420
    Merchandise Inventory, December 31
    Prepaid Insurance 7,350
    Equipment 753,150
    Accumulated Depreciation-Equipment 462,870 290,280
    Tota Assets 2.276,640

    Liabilitis & Partners' Equity


    Accounts Payable 677,820
    Notes Payable 299,000
    Calamba,Capital 690,930
    Santiago,Capital 608,890
    Total Liabilities and Partners' Equity 2,276,640

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