TERESITA BUENAFLOR SHOES INCOME STATEMENT
For the period ended February 28, 2015 Sales
1,332,000
Less Sa Sales Returns and Allowances
141,000
Sales Discounts Net Sales
11,840
(152,840) 1,179,160
Less Less Cost Cost of Sale Saless Merchandise Inventory, Feb. 1, 2015
413,000
Add Add Net Net Cos Costt of of Pur Purch chas ase e Purchases Less
668,000
Purchases Returns and Allowances
(25,000)
Purchases Discounts
(7,020)
Net Purchase Add
635,980
Transportation-In
13,000
648,980
Total Goods Available for Sale
1,061,980
Less Merchandise Inventory - Feb. 28, 2015
397,000
Gross Profit
664,980 514,180
Less Less Opera Operatin ting g Expens Expenses es Salaries Expense
102,000
Supplies Expense
58,000
Insurance Expense
2,000
Depreciation Expense-Bldg. Depreciation Expense-Equipt
9,000 12,000
Transportation Out
4,000
Advertising Expense
6,000
Interest Expense Miscellaneous Expense PROFIT
26,000 7,000
TERESITA BUENAFLOR SHOES STATEMENT OF CHANGES IN EQUITY
February 28, 2015 Buenaflor, Capital - Feb. 1, 2015 Add: Profit
1,569,000 288,180
Total
1,857,180
Less Buenaflor Withdrawals Buenaflor, Capital - Feb. 28, 2015
400,000 1,457,180
226,000 288,180
TERESITA BUENAFLOR SHOES BALANCE SHEET
As of February 28, 2015 ASSETS
Current Assets Cash Account Receivable
221,180 428,000
Merchandise Inventory
397,000
Supplies
14,000
Prepaid Insurance
46,000
1,106,180
Noncurrent Assets Land
460,000
Building
1,750,000
Less Accumulated Depreciation-Bldg. Equipment
359,000
1,391,000
2,310,000
Less Accumulated Depreciation- Equipt
642,000
1,668,000
TOTAL ASSETS
3,519,000 4,625,180
LIABILITIES AND OWNER'S EQUITY
Current Liabilities Accounts Payable Salaries Payable Noncurrent Liabilities Mortgage Payable
517,000
51,000
568,000
2,600,000
Owner's Equity Buenaflor, Capital - Feb. 28, 2015 TOTAL LIABILITIES AND OWNER'S EQUITY
1,457,180 4,625,180
