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Summer, Sw4m5

The document outlines financial information including payment for merchandise, collections from sales, net income, stockholder's equity, and total assets. It details total deposits, disbursements, and expenses leading to a net income of 1,440,000.00 and total assets amounting to 14,310,000.00.

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dwightgabrielgarcia
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9 views3 pages

Summer, Sw4m5

The document outlines financial information including payment for merchandise, collections from sales, net income, stockholder's equity, and total assets. It details total deposits, disbursements, and expenses leading to a net income of 1,440,000.00 and total assets amounting to 14,310,000.00.

Uploaded by

dwightgabrielgarcia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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a) Payment for Merchandise:

Total Deposits 6,300,000.00


Less Adjusted Cash in Bank:
Balance per Bank Statement 450,000.00
Less Outstanding Checks 90,000.00 360,000.00
Total Check Disbursments: 5,940,000.00
Less Other Check Disbursments
Payment of Loan 225,000.00
Payment of Interest on Loan 45,000.00
Payment for Equipment 801,000.00 1,071,000.00
Payments for Merchandise Purchases 4,869,000.00

b) Collection from Sales:


Total Deposits 6,300,000.00
Less Deposits on other Collections: 900,000.00
Cash Investment 900,000.00 1,800,000.00
Proceeds from Bank Loan 4,500,000.00
p4 Collections Deposited in the Bank
Add Collections Not Deposited
Cash on Hand 12/31/22 225,000.00
Add Disbursments in Cash 990,000.00
TOTAL 1,215,000.00
Less Customers' Deposit 135,000.00 1,080,000.00
Total Collections from Sales 5,580,000.00

c) Net Income:
Sales 7,200,000.00
Less Cost of Sales
Purchases 5,499,000.00
Less Inventory 1,359,000.00 4,140,000.00
Gross Profit 3,060,000.00
Less Expenses
Utilities 180,000.00
Salaries 180,000.00
Supplies 360,000.00
Doubtful Accounts 90,000.00
Building Depreciation 540,000.00
Land Depreciation 144,000.00
Interest Expense 126,000.00 1,620,000.00
Net Income 1,440,000.00

d) Stockholder's Equity
Common Stock 10,800,000.00
APIC 900,000.00
Retained Earnings 1,170,000.00
TOTAL STOCKHOLDER'S EQUITY 12,870,000.00
e) Total Assets
Current Assets
Cash 585,000.00
Accounts Receivable 1,530,000.00
Inventory 1,359,000.00 3,474,000.00
Non-Current Assets
Land 2,700,000.00
Building 7,560,000.00
Equipment 576,000.00 10,836,000.00
TOTAL ASSETS: 14,310,000.00
[33360000+1620000]

[4869000+630000]

[8100000/15]
[720000/5]
[45k+801k-720k]

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