Thanks to visit codestin.com
Credit goes to www.scribd.com

Scribd
Upload
961 views8 pages

MoJen ACC Pre Term

MoJen Incorporated had a net loss of $6,600 in 2012 with no sales, as expenses exceeded the $0 in revenue. In 2013, MoJen had net income of $1,850 as $58,000 in sales exceeded costs of goods sold and expenses. MoJen's balance sheet from 2012 to 2013 shows an increase in assets from cash provided by issuing $200,000 in common stock, while liabilities and retained earnings decreased. MoJen's cash flow statement shows it used cash for operating expenses, license acquisition, and property/equipment purchases in 2012-2013.

Uploaded by

Huong Thu Ha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
961 views8 pages

MoJen ACC Pre Term

MoJen Incorporated had a net loss of $6,600 in 2012 with no sales, as expenses exceeded the $0 in revenue. In 2013, MoJen had net income of $1,850 as $58,000 in sales exceeded costs of goods sold and expenses. MoJen's balance sheet from 2012 to 2013 shows an increase in assets from cash provided by issuing $200,000 in common stock, while liabilities and retained earnings decreased. MoJen's cash flow statement shows it used cash for operating expenses, license acquisition, and property/equipment purchases in 2012-2013.

Uploaded by

Huong Thu Ha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 8

Huong (Jane) Ha

Sales $0
Expenses: Rent 3,600
Salary 3,000
6,600
Net Income ($6,600)
Sales $58,000
Expenses:
COGS 16,550
Salary 18,000
Rent 21,600
56,150
MoJen Incorporated
Income Statement for Fiscal Year Ended December 31, 2012
MoJen Incorporated
Income Statement for Fiscal Year Ended December 31, 2013
Net Income $1,850
Common Stock
Liabilities
Accounts Payable
Liabilities
Owners' Equity
Common Stock
Retained Earnings
Owners' Equity
MoJen Incorporated
Balance Sheet as of December 31, 2012
License 30,000
Retained Earnings
Total $193,400 Total
Assets: Liabilities & Owners Equity:
Cash $157,400.00
Inventory 6,000
MoJen Incorporated
Balance Sheet as of December 31, 2013
Assets: Liabilities & Owners Equity:
Cash $103,640
Accounts Receivable 40,000
Inventory 1,360
PP&E 22,000
License 30,000
Total Total $197,000
MoJen Incorporated
Balance Sheet as of December 31, 2012
($6,600) Retained Earnings
$193,400 Total
Liabilities & Owners Equity:
$200,000
MoJen Incorporated
Balance Sheet as of December 31, 2013
Liabilities & Owners Equity:
$3,750
3,750
200,000
(6,750)
193,250
$197,000
Cash Received from Customers $0
Cash Paid for
Office rental (3,600)
Salary expense (3,000)
Inventory purchase (6,000)
Cash from Operations ($12,600)
Cash from Investing
Cash paid for License Acquisition (30,000)
Net Cash Used in Investing ($30,000)
Cash from Financing:
Cash receipt from Issuance of Stock 200,000
Net Financing Provided $200,000
Increase (Decrease) in Cash 157,400
Cash Beginning of the Year -
Cash End of the Year $157,400
Cash Received from Customers $18,000
Cash Paid for
Office rental (21,600)
Salary expense (18,000)
MoJen Incorporated
Statement of Cash Flows for Fiscal Year Ended December 31, 2012
MoJen Incorporated
Statement of Cash Flows for Fiscal Year Ended December 31, 2013
Inventory purchase (8,160)
Cash from Operations ($29,760)
Cash from Investing
Cash paid for Purchase of PP&E (22,000)
Net Cash Used in Investing ($22,000)
Cash from Financing:
Cash paid for Dividends (2,000)
Net Financing Provided (2,000)
Increase (Decrease) in Cash ($53,760)
Cash Beginning of the Year $157,400
Cash End of the Year $103,640

You might also like