NICA COMPANY

INCOME STATEMENT
AS OF FEBRUARY 17, 2018

Revenues 500,000
Sales return (25,000)
Sales discount   (5,000) (30,000)
Net sales 470,000
Cost of goods sold
Beginning inventory 50,000
Net Cost of Purchases 60,000
Purchase Returns (35,000)
Cost of Goods Available 75,000
Less: Ending inventory   (15,000) 60,000
Gross profit 410,000
Selling & Administrative expenses
Utilities expense (5,000)
Depreciation (10,000)
Management salaries (50,000)
Repairs & Maintenance (30,000)
Advertising expenditures (20,000)
Interest expense (5,000) (120,000)
Net income 290,000
 NICA COMPANY
STATEMENT OF OWNER'S EQUITY
AS OF FEBRUARY 17, 2018

Owner*, Capital, February 07, 2017 50,000

Additional investment 55,000
290,00
Net income for the year 0 345,000
Sub-total 395,000
Withdrawal of owner's equity (100,000)
Owner*, Capital, February 17, 2018 295,000
 NICA COMPANY

BALANCE SHEET

AS OF FEBRUARY 17, 2018

ASSETS

Current assets

Cash

500,000

Gross accounts receivable

100,000

Less: Allowance for Doubtful Accounts

 (40,000)

Net accounts receivable

60,000

Inventories

50,000

Total Current assets

610,000

Noncurrent assets

Gross fixed assets

555,000

Accumulated depreciation
(400,000)

Net fixed assets

155,000
Total assets

765,000

Current liabilities

Short-term bank loan

20,000

Accounts payable
10,000

Total Current liabilities

30,000

Noncurrent liabilities

Long term debt

40,000

Total liabilities
 70,000

Shareholder's equity

Additional paid-in capital

295,000

Retained earnings
400,000
 

Total liabilities and equity

765,000

NICA COMPANY

CASH FLOW STATEMENTS

AS OF FEBRUARY 17, 2018

Cash flow from operating activities

Cash receive from customers

200,000

Cash receive from account

40,000

Deduct cash payment for expenses

(120,000)

Deduct cash withdrawal by account

(20,000)
 Net cash provided by operating

100,000

Cash flow from investing activities

Cash payment from properties

Net cash provided by investing activities

(100,000)

Cash flow from financial activities

Cash receive from owner investment

55,000
 Cash receive from dividends
25,000

Deduct cash withdrawal by owner

(30,000)

Net cash provided by financing activities

50,000

Net increase in cash during year

50,000

Cash as of February 07, 2017

450,000

Cash as of February 17, 2018

500,000