Adam Kleen Enterprise

Compratetive Statement of Profit or Loss and Other Comprehensive Income

For the Year Ended December 31, 2020
Sales RM 1 244 887
Sales return and allowance ( RM 3 525 )
Sales discount ( RM 7 928 )
Net sales RM 1 233 434
Cost of Good Sold ( RM 445 174 )
Gross profit RM 788 260
Selling expenses :
Sales salaries expense RM 41 563
Advertising expense RM 9 113
Local municipal license RM 2 750
Depreciation expense-delivery van RM 3 875
Delivery van repair and maintenance RM 3 125
Sales supplies expense RM 8 560
Total selling expense RM 68 986
Administrative expense :
Depreciation expense-office equipment RM 3 000
Insurance expense RM 5 625
Office Salaries Expense RM 12 162
Office Supplies Expense RM 3 862
Rental Expense RM 10 625
Utilities Expense RM 3 237
Disbursement expense RM 255 000
Total administrative expense RM 293 511
Total operating expense ( RM 362 497 )
Income from operation RM 425 763
Other expense :
Interest expense ( RM 1 875 )
Net income RM 423 888
 Adam Kleen Enterprise
Statement of Changes in Equity
For the Year Ended December 31, 2020

Mr. Adam capital, January 1 2020 RM 0

Investment on January 1, 2020 RM 834 000
Net income for the year RM 423 888
Less withdrawals ( RM 55 000 )
Increase in owner equity RM 1 202 888
Mr. Adam capital, December 31 2020 RM 1 202 888

Adam Kleen Enterprise

Statement of Financial Position
For the Year Ended December 31, 2020
Assets
Current asset :
Cash RM 579 500
Account receivable RM 180 875
Merchandise inventory RM 404 813
Office supplies RM 4 000
Sales supplies RM 6 875
Prepaid insurance RM 72 975
Total current asset RM 1 240 038
Property, plant and equipment :
Land RM 180 000
Office equipment RM 288 750
Less accumulated depreciation- office equipment ( RM 85 113 )
Delivary van RM 368 875
Less accumulated depreciation-delivery van ( RM 151 125 )
Total property, plant and equipment RM 601 387
Total assets RM 1 850 425
Liabilities
Current liabilities :
Account payable RM 329 275
Salaries payable RM 10 625
Interest payable RM 7 037
Unearned revenue RM 19 350
Total current liabilities RM 366 287
Long-term liabilities :
Note payable RM 281 250
Total liabilities RM 647 537

Owner equity
Mr. Adam capital RM 1 202 888
Total liabilities and owner equity RM 1 850 425