Mabella V.
Belingon
ABM12-YA-1P
Crash Landing on You Company
Trial Balance
For the period ended Dec 31, 2020
Dr Cr
Cash on hand 120,586.00
Cash in bank 560,125.00
Trade receivables 400,125.00
Allowance for bad debts 60,128.00
Advances to suppliers 125,677.00
Interest receivable 1,248.00
Prepaid supplies 4,450.00
Receivable from insurance 70,990.00
Merchandise inventory - January 1, 2016 255,544.00
Prepaid interest 987.00
Prepaid insurance 6,680.00
Land 780,125.00
Land improvements 5,040.00
Accumulated depreciation - Land improvements 2,050.00
Building 480,650.00
Accumulated depreciation - Building 100,788.00
Building improvements 65,234.00
Accumulated depreciation - Building improvements 5,019.00
Furniture and equipment 88,190.00
Accumulated depreciation - Furniture 10,160.00
Machinery and equipment 110,897.00
Accumulated depreciation - Machinery and equipment 45,678.00
Trade payables 198,700.00
Advances from officers and employees 5,076.00
Utilities payable 6,807.00
Salaries payable 10,150.00
Unearned rent 5,600.00
Notes payable - short-term portion 250,000.00
Notes payable - long-term portion 180,000.00
Loans payable - short-term portion 130,000.00
Loans payable - long-term portion 450,000.00
Crash, capital 482,145.00
Crash, drawing 250,000.00
Sales 2,490,000.00
Sales discount 10,250.00
Sales return 1,577.00
Rent income 10,000.00
Interest income 1,500.00
Purchases 510,000.00
Purchases discount 88,000.00
Purchase return 7,650.00
Freight in 56,875.00
Freight out 6,780.00
Salaries expense 434,588.00
Utilities expense 10,770.00
Advertising expense 5,680.00
Rent expense 60,000.00
Bad debts 1,654.00
Depreciation - building 45,670.00
Depreciation - land improvements 6,557.00
Depreciation - building improvements 5,078.00
Depreciation - furniture 6,087.00
Depreciation - machinery and equipment 10,157.00
Supplies expense 10,124.00
Insurance expense 18,000.00
Interest expense 12,000.00
Miscellaneous expense 1,056.00
Merchandise inventory - December 31, 2016 301,256.00
Income and expense summary 301,256.00
Total 4,840,707.00 4,840,707.00
Mabella V. Belingon
ABM12-YA-1P
Crash Landing on You Company
Financial Position
For the period ended Dec 31, 2020
Current Assets
Cash on hand 120,586.00
Cash in bank 560,125.00
Trade receivables 400,125.00
Less: Allowance for bad debts 60,128.00 339,997.00
Advances to suppliers 125,677.00
Interest receivable 1,248.00
Prepaid supplies 4,450.00
Receivable from insurance 70,990.00
Prepaid interest 987.00
Prepaid insurance 6,680.00
Total Current Assets 1,230,740.00
Non Current Assets
Land 780,125.00
Land improvements 5,040.00
Accumulated depreciation - Land improvements 2,050.00 2,990.00
Building 480,650.00
Accumulated depreciation - Building 100,788.00 379,862.00
Building improvements 65,234.00
Accumulated depreciation - Building improvements 5,019.00 60,215.00
Furniture and equipment 88,190.00
Accumulated depreciation - Furniture 10,160.00 78,030.00
Machinery and equipment 110,897.00
Accumulated depreciation - Machinery and equipment 45,678.00 65,219.00
Total Non Current Assets 1,366,441.00
Total Assets 2,597,181.00
Current Liabilities
Trade payables 198,700.00
Advances from officers and employees 5,076.00
Utilities payable 6,807.00
Salaries payable 10,150.00
Unearned rent 5,600.00
Notes payable - short-term portion 250,000.00
Loans payable - short-term portion 130,000.00
Total Current Liabilities 606,333.00
Non Current Liabilities
Notes payable - long-term portion 180,000.00
Loans payable - long-term portion 450,000.00
Total Non Current Liabilities 630,000.00
Total Liabilities 1,236,333.00
Equity
Crash, Capital, Dec 31,2020 1,360,848.00
Total Equity 1,360,848.00
Total Liabilities and Equity 2,597,181.00
Mabella V. Belingon
ABM12-YA-1P
Crash Landing on You Company
Income Statement
For the period ended Dec 31, 2020
Sales 2,490,000.00
Less: Sales Discount -10,250.00
Sales Return -1,577.00 -11,827.00
Net Sales 2,478,173.00
Less: Cost of Good Sold 425,513.00
Gross Profit 2,052,660.00
Less Operation & Administrative Expenses:
Freight out 6,780
Salaries expense 434,588
Utilities expense 10,770
Advertising expense 5,680
Rent expense 60,000
Bad debts 1,654
Supplies expense 10124
Insurance expense 18,000
Interest expense 12,000
Miscellaneous expense 1,056
Depreciation Expense - building 45,670
Depreciation Expense- land improvements 6,557
Depreciation Expense- building improvements 5,078
Depreciation Expense- furniture 6,087
Depreciation Expense- machinery and equipment 10,157
Total Operation & Administrative Expenses -634,201
Net Operating Income 1,418,459.00
Other Income
Rent income 10,000
Interest income 1,500
Total Other Income 11,500
Total 1,429,959.00
Less: Income and Expense Summary 301,256
Net Income: 1,128,703.00
Mabella V. Belingon
ABM12-YA-1P
Crash Landing on You Company
Statement of Changes in Equity
For the period ended Dec 31, 2020
Crash, Capital 482,145
Add: Net Income 1,128,703.00
Total 1,610,848.00
Less: Crash, Drawings -250,000
Crash, Capital, Dec 31,2020 1,360,848.00
Mabella V. Belingon
ABM12-YA-1P
Crash Landing on You Company
Statement of Cost of Good Sold
For the period ended Dec 31, 2020
Merchandise Inventory, Jan 1, 2016 255,544.00
Add: Net Purchases 510,000.00
Add: Freight in 56,875.00
Total 566,875.00
Less: Purchase Discount -88,000.00
Purchase Return -7,650.00 -95,650.00
Total 471,225.00
Net Purchases 726,769.00
Total Goods Available for Sale 726,769.00
Less: Merchandise Inventory, Dec 31, 2016 301,256.00
Cost of Good Sold 425,513.00
