HYOSAN MERCHANDISING COMPANY

TRIAL BALANCE

December 31, 2021 

Accounts Debit Credit

Cash 23,350  
Equipment 1,000  
Furniture 5,000  
Supplies 500  
Accounts Receivable 1,500  
     
Accounts Payable   5,000
Loans Payable   2,000
     
Owner's Equity   25000
Drawings 2000  
     
Sales   5400
Sales Return 200  
Sales Discount 200  
Utility Expense 250  
Rent Expense 3000  
Salary Expense 400  
     
Total 37400 37400

Prepare the following:

1. Statement of Financial Position (Balance Sheet)

2. Statement of Comprehensive Income (Income Statement)

Note: Cost of Goods Sold – 2000

 HYOSAN MERCHANDISING COMPANY

STATEMENT OF FINANCIAL POSITION

December 31, 2021

 
ASSETS
Current Assets  
Cash 23,350
Account Receivable 1,500
Supplies 500
Total Current Assets P25,350
Noncurrent Assets  
Equipment 1,000
Furniture 5,000
Total Noncurrent Assets 6,000
Total Assets 31,350
LIABILITIES
Current Liabilities  
Account Payable 5,000
Loan Payable 2,000
Noncurrent Liabilities  
   
Total Liabilities 7,000
CAPITAL
Owner’s Capital 24,350
Total Liabilities and Owner’s Capital 31,350

HYOSAN MERCHANDISING COMPANY

 STATEMENT OF COMPREHENSIVE INCOME

December 31, 2021 

Save 5,400
Sales Return 200
Sales Discount 200 (400)
Net Sales P5,000
                             EXPENSES  
Rent Expense 3,000
Salary Expense 400
Utility 250 (3,650)
Net Income 1,350
                      Owner’s Equity  
Owners Capital Jan. 25,000
Net Income for the year 1,350
Total 26,350
Drawing (-)2,000
Owner’s Capital Dec.31 24,350