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    Periodic - Financial Statements

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    Jeon Cyrone Cuachon
    Henry Lopez Merchandising had net income of $4,608 for the month of September 2020. Owner's equity increased by $2,600 to $41,600. As of September 2021, the company had total assets of $58,800 including $9,400 in cash. For the month, the company used $29,592 in operating activities and $10,000 in investing activities while financing activities provided $48,992 in cash. The ending cash balance was $9,400.

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    Periodic - Financial Statements

    Uploaded by

    Jeon Cyrone Cuachon
    24 views3 pages
    Henry Lopez Merchandising had net income of $4,608 for the month of September 2020. Owner's equity increased by $2,600 to $41,600. As of September 2021, the company had total assets of $58,800 including $9,400 in cash. For the month, the company used $29,592 in operating activities and $10,000 in investing activities while financing activities provided $48,992 in cash. The ending cash balance was $9,400.

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    PERIODIC - FINANCIAL STATEMENTS

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    Henry Lopez Merchandising had net income of $4,608 for the month of September 2020. Owner's equity increased by $2,600 to $41,600. As of September 2021, the company had total assets of $58,800 including $9,400 in cash. For the month, the company used $29,592 in operating activities and $10,000 in investing activities while financing activities provided $48,992 in cash. The ending cash balance was $9,400.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views3 pages

    Periodic - Financial Statements

    Uploaded by

    Jeon Cyrone Cuachon
    Henry Lopez Merchandising had net income of $4,608 for the month of September 2020. Owner's equity increased by $2,600 to $41,600. As of September 2021, the company had total assets of $58,800 including $9,400 in cash. For the month, the company used $29,592 in operating activities and $10,000 in investing activities while financing activities provided $48,992 in cash. The ending cash balance was $9,400.

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    © All Rights Reserved
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    of 3

    Henry Lopez Merchandising

    Statement of Comprehensive Income


    For the Month Ended September 31, 2020.
    DEBIT CREDIT
    Sales 45,300
    Less: Sales Discount (304)
    Sales Return and Allowances (900)
    Net Sales P 44,096
    Cost of Goods Sold (P 31,800)
    Gross Profit P 12,708

    Cost of Goods Sold


    Beginning Inventory 0
    Purchases 56,800
    Less: Purchase Discount (312)
    Purchase Return and Allowances (800)
    Net Purchases P 55,688
    Freight-In 700
    Cost of Goods Purchased P 56,388
    Cost of Goods Available for Sale P 56,388
    Less: Ending Inventory (25,000)
    Cost of Goods Sold P 31,800

    General and Administrative Expense


    Salaries Expense 3,000
    Utilities Expense 400
    Rent Expense 3,500
    Advertising Expense 1,000
    Total General and Administrative Expenses (P 7,900)

    Selling Expenses
    Freight-Out P 200
    Total Selling Expenses (P 200)

    Net Income P 4,608


    Henry Lopez Merchandising
    Statement of Changes in Owner’s Equity
    For the Month Ended September 31, 2020.
    DEBIT CREDIT
    Beginning Owner’s Equity P 39,000
    Add: Net Income for the Month P 4,608
    Total P 43,608
    Less: Withdrawals (P 2,008)
    Total P 41,600

    Net Increase in Owner’s Equity P 2,600

    Henry Lopez Merchandising, Ending Owner’s Equity, September P 41,600


    31, 2020.

    Henry Lopez Merchandising


    Statement of Financial Position
    As of September 31, 2021.
    DEBIT CREDIT
    Current Assets
    Cash P 9,400
    Accounts Receivables P 13,700
    Merchandise Inventory P 25,000
    Supplies P 700
    Total Current Assets P 48,800
    Non – Current Asset
    Equipment P 10,000
    Total Non – Current Assets P 10,000

    TOTAL ASSETS P 58,800

    Current Liabilities
    Accounts Payable P 5,200
    Notes Payable P 12,000
    Total Current Liabilities P 17,200
    Total Non – Current Liabilities 0

    TOTAL LIABILITIES P 17,200

    Owner’s Equity P 41,600


    TOTAL OWNER’S EQUITY P 41,600

    TOTAL LIABILITIES AND OWNER’S EQUITY P 58,800


    Henry Lopez Merchandising
    Statement of Cash Flows
    For the Month Ended September 31, 2021.
    DEBIT CREDIT
    Cash flows from operating activities
    Receipts from accounts receivables P 14,896
    Receipts from purchase returns P 500
    Receipts from goods sold P 16,400
    Purchase of office supplies (P 700)
    Payment for freight-out (P 200)
    Purchase of merchandise (P 50,988)
    Payment for salary (P 1,500)
    Payment for freight-in (P 700)
    Refund to customers (P 900)
    Payment for various expenses (P 6,400)
    Net cash used by operating activities (P 29,592)

    Cash flows from investing activities


    Purchase of computer equipment (P 10,000)
    Net cash used by investing activities (P 10,000)

    Cash flows from financing activities


    H. Lopez, Initial Capital P 39,000
    Loan from bank P 12,000
    H. Lopez, Drawings (P 2,008)
    Net cash provided by financing activities P 48,992

    Net Increase in Cash P 9,400


    Beginning Cash Balance 0
    Ending Cash Balance P 9,400

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