BMSH2201

Verona Carinderia

Verona Carinderia
Income Statement
December 21, 20AA

Amount Percent
Net Sales 7,457,736 100%
Less: Cost of Goods Sold 6,228,552 84%
Gross Profit 1,229,184 16%
Less: Other Expenses 886,177 12%
Operating Income 343,007 4%
Less: Interest Expense 74,208 1%
Net Income 268,799 3%

Verona Carinderia
Balance Sheet
December 31, 20AA

Amount Percent
Cash 91,626 2.3%
Net Accounts Receivable 939,460 24.0%
Inventories 1,836,634 46.8%
Prepaid Rent 180,000 4.6%
Total Current Assets 3,047,720 77.7%
Equipment and Fixtures 1,280,961 32.7%
Less: Accumulated Depreciation 406,728 10.4%
Total Fixed Assets 874,233 22.3%
TOTAL ASSETS 3,921,953 100%

Accounts Payable 467,376 11.9%

Notes Payable 321,000 8.2%
Accruals 436,560 11.1%
Total Current Liabilities 1,224,936 31.2%
Long-term Debt 608,000 15.5%
Owner's Capital 2,089,017 53.3%
TOTAL LIABILITIES AND CAPITAL 3,921,953 100%

04 Handout 2 *Property of
 STI
 BMSH2201

Shoppersville Trading

Shoppersville Trading
Comparative Income Statements
For the years ended 2016 and 2015
2016 2015
Amount %
Net Sales 1,080,000 900,000 16.7%
Less: Cost of Goods Sold 636,000 504,000 20.8%
Gross Profit 444,000 396,000 10.8%
Less: Operating Expenses 291,600 204,000 30.0%
Operating Income 152,400 192,000 -26.0%
Less: Interest Expense 28,800 36,000 -25.0%
Income Before Income Tax 123,600 156,000 -26.2%
Less: Income Tax 43,260 54,600 -26.2%
Net Income 80,340 101,400 -26.2%

Shoppersville Trading
Comparative Balance Sheets
For the December 31, 2016 and December 31, 2015
2016 2015
Amount %
Cash 208,000 200,000 3.8%
Inventory 260,000 145,600 44.0%
Accounts Receivable 72,000 126,000 -75.0%
Total Current Assets 540,000 471,600 12.7%
Property and Equipment 600,000 560,400 6.6%
TOTAL ASSETS 1,140,000 1,032,000 9.5%

Liabilities and Stockholders' Equity

LIABILITIES
Notes Payable 134,400 112,800 16.1%
Long-term debts 240,000 300,000 -25.0%
Total Liabilities 374,400 412,800 -10.3%
STOCKHOLDERS' EQUITY
Preferred Stock 120,000 120,000 0.0%
Common Stock 300,000 240,000 20.0%
Additional Paid-in Capital 84,000 48,000 42.9%
Retained Earnings 261,600 211,200 19.3%
Total Stockholders' Equity 765,600 619,200 19.1%
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 1,140,000 1,032,000 9.5%
References
Benito, P. P., Chan Pao, T. P., & Yumang, K. (2016). Exploring small business and personal finance in senior high. Quezon City: Phoenix Publishing
House.
Lopez-Mariano, N. D. (2014). Elements of finance. Quezon City: Rex Book Store.

04 Handout 2 *Property of
 STI