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NICANOR Comptech 2016 Financial Summary

The document presents the trial balance, worksheet, statement of comprehensive income (SCI), and statement of financial position (SFP) for Nicanor Comptech Service for the year ended December 31, 2016. The SCI shows net income of P955,000 and the SFP shows total assets of P2,188,000 consisting mainly of cash, receivables, and equipment, with total liabilities and equity also of P2,188,000.

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Maxene Ybañez
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588 views7 pages

NICANOR Comptech 2016 Financial Summary

The document presents the trial balance, worksheet, statement of comprehensive income (SCI), and statement of financial position (SFP) for Nicanor Comptech Service for the year ended December 31, 2016. The SCI shows net income of P955,000 and the SFP shows total assets of P2,188,000 consisting mainly of cash, receivables, and equipment, with total liabilities and equity also of P2,188,000.

Uploaded by

Maxene Ybañez
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
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NICANOR Comptech Service presented the following accounts for the year ended December 31,2016:

Accumulated Depreciation - Furniture and Fixture 30,000


Accumulated Depreciation - Service Equipment 40,000
Accounts payable 60,000
Accounts receivable 480,000
Advertising expense 18,000
Allowance for doubtful accounts 9,000
Cash in bank 293,000
Furniture and fixtures 300,000
Mortgage payable 200,000
Nicanor, Capital 961,000
Notes receivable 500,000
Office supplies expense 80,000
Petty cash fund 15,000
Rent expense 144,000
Service equipment 600,000
Service income 1,200,000
Taxes and licenses 10,000
Utilities expense 72,000
Utilities payable 12,000

Required: Worksheet
SCI
SFP
ded December 31,2016:

NICANOR Comptech Ser


Worksheet
December 31, 2016
Trial Balance
Account Titles Dr
Cash in bank 293,000
Accounts receivable 480,000
Notes receivable 500,000
Furniture and fixtures 300,000
Petty cash fund 15,000
Service equipment 600,000
Accumulated Depreciation - Furniture and Fixture
Accumulated Depreciation - Service Equipment
Allowance for doubtful accounts
Accounts payable
Mortgage payable
Utilities payable
Nicanor, Capital
Service income
Advertising expense 18,000
Office supplies expense 80,000
Rent expense 144,000
Taxes and licenses 10,000
Utilities expense 72,000
Totals 2,512,000
Net Income
Totals 2,512,000
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NICANOR Comptech Service
Worksheet
December 31, 2016
Trial Balance Comprehensive Income
Cr Dr Cr

30,000 30,000
40,000 40,000
9,000 9,000
60,000
200,000
12,000
961,000
1,200,000 1,200,000
18,000
80,000
144,000
10,000
72,000
2,512,000 324,000 1,279,000
955,000
2,512,000 1,279,000 1,279,000
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Financial Position
Dr Cr
293,000
480,000
500,000
300,000

15,000
600,000

60,000
200,000
12,000
961,000

2,188,000 1,233,000
955,000
2,188,000 2,188,000
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NICANOR Comptech Service
Statement of Comprehensive Income
December 31, 2016

Service Income P 1,279,000


Less: Expenses
Advertising Expense P 18,000
Office Supplies Expense 80,000
Rent Expense 144,000
Taxes and Licenses 10,000
Utilities expense 72,000 324, 000
Net Income P 955,000
NICANOR Comptech Service
Statement of Financial Position
December 31, 2016
ASSET LIABILITIES
Cash in bank 293,000 Accounts payable
Accounts receivable 480,000 Mortgage payable
Notes receivable 500,000 Utilities payable
Furniture and fixtures 300,000 Total Liabilities
Petty cash fund 15,000 EQUITY
Service equipment 600,000 Nicanor, Capital
Service income
Total Assets 2,188,000 Total Liabilities & Equity
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60,000
200,000
12,000
272,000

961,000
1,200,000
2,188,000
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