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A1 FS Preparation

This document provides financial data for I Can Make It Corporation for the years ended December 31, 2020 and 2019. It includes account balances for assets, liabilities, equity, revenues and expenses. The company declared a dividend of P1.20 per share for 2020 and its share price was P12 at year-end. Statements of financial performance, financial position and cash flows are required to be prepared from this data for 2020 versus 2019.

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Judith Durens
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178 views1 page

A1 FS Preparation

This document provides financial data for I Can Make It Corporation for the years ended December 31, 2020 and 2019. It includes account balances for assets, liabilities, equity, revenues and expenses. The company declared a dividend of P1.20 per share for 2020 and its share price was P12 at year-end. Statements of financial performance, financial position and cash flows are required to be prepared from this data for 2020 versus 2019.

Uploaded by

Judith Durens
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ACCTG 206 R. A.

MARTINEZ, CPA

Consider the following data of I CAN MAKE IT CORPORATION for the years
ended December 31, 2020 and 2019 (the amounts were already adjusted).

2020 2019
Accounts Payable 164,000 190,000
Accounts Receivable, Net 120,000 100,000
Advertising Expense 145,000 100,000
Buildings, Net 625,000 675,000
Cash 79,000 42,000
Cost of Goods Sold 1,523,000 1,222,000
Depreciation Expense 85,000 75,000
Income before Taxes 141,000 57,000
Insurance Expense 100,000 45,000
Interest Expense 44,000 46,000
Land 100,000 100,000
Merchandise Inventory 250,000 265,000
Miscellaneous Expense 17,000 15,000
Notes Payable (secured) 400,000 420,000
Notes Payable- Trade 75,000 90,000
Office Equipment, Net 45,000 50,000
Office Salaries Expense 165,000 200,000
Ordinary Share, P10 par value 475,000 475,000
Provision for Income Taxes 47,000 19,000
Retained Earnings 544,000 491,000
Sales 2,486,000 2,075,000
Sales Salaries Expense 240,000 280,000
Short-term Investments 65,000 96,000
Store Equipment, Net 400,000 350,000
Supplies Expense 26,000 35,000
Taxes Payable 26,000 12,000

Additional data at end of 2020:


I CAN MAKE IT CORPORATION declared dividend and paid for year 2020
at P1.20 per share. Likewise, the market value of shares at December 31,
2020 was P12 per share.

Required: Prepare the following (in comparative format):


1. Statement of Financial Performance
2. Statement of Financial Position using Report Form
3. Statement of Cash Flows using Indirect Method

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