MADAMOT COMPANY Year 2022(end) Year 2021(beg)

ASSETS:
Cash 155,000.00 300,000.00
Accounts Receivable 436,000.00 200,000.00
Inventory 53,000.00 350,000.00
Financial Asset in debt 312,000.00 -
Prepaid Expenses 70,000.00 150,000.00
Land&Bldg 1,800,000.00 1,800,000.00
Equipment 855,000.00 480,000.00
Total 3,681,000.00 3,280,000.00

LIABILITIES:
Accounts Payable 933,000.00 180,000.00
Accrued Expenses 44,000.00 30,000.00
Income tax payable 70,000.00 120,000.00
Bank loan 500,000.00 1,000,000.00
Total 1,547,000.00 1,330,000.00

Retained earnings,end 1,534,000.00

Add: Dividends 200,000.00
Total 1,734,000.00
Less: Retained earnings,beg - 1,350,000.00
Net income 384,000.00

Computation of Sales:

Accounts Receivable,end 436,000.00

Collections from customers 5,070,000.00
Less: AR,beg - 200,000.00
Cash Refund - 20,000.00
Total sales 5,286,000.00

Computation of Purchases:
Accounts Payable,end 933,000.00
Payment to suppliers 1,747,000.00
Less: Accounts Payable,beg - 180,000.00
Total 2,500,000.00

Computation of expenses:
Payments 1,500,000.00
Prepaid exp,beg 150,000.00
Accrued Exp,end 44,000.00

Less: Prepaid exp,end - 70,000.00

Accrued exp,beg - 30,000.00 - 100,000.00

Total 1,594,000.00
 Effect on net assets
Increase Decrease
Cash 145,000.00
Accounts Receivable 236,000.00
Inventory 297,000.00 Net Sales (1)
Financial Asset in debt 312,000.00 Cost of Goods Sold (2)
Prepaid Expenses 80,000.00 Gross Income
Land&Bldg - Interest income
Equipment 375,000.00 Total income
Accounts Payable 753,000.00
Accrued Expenses 14,000.00 Expenses:
Income tax payable 50,000.00 Operating Expenses (3)
Bank loan 500,000.00 Depreciation (4)
Total 1,473,000.00 1,289,000.00 Income tax expense
Interest expense
Net increase in net assets 184,000.00
Add: Dividend 200,000.00 Net income
Net Income 384,000.00

Note 1 - Net sales

Sales
Sales discount
Sales returns & allowances
Net sales

Note 2 - COGS
Inventory,beg
Purchases
Purchase discounts
Purchase returns&allowances
Goods Available for sale
Inventory,end
COGS

Note 3 - Operating expenses

Expenses
Delivery expenses
Total

Note 4 - depreciation
Equipment,beg
Add: equip acquired
Less: Equipment,end

Financial asset in debt,beg

Add: FA acquired
Less: FA in debt,end

Total
 MADAMOT COMPANY
Income Statement
Year ended December 31,2022

5,036,000.00
2,750,000.00
2,286,000.00
5,000.00
2,291,000.00

1,644,000.00
13,000.00
180,000.00
120,000.00 1,957,000.00

334,000.00

5,286,000.00
- 180,000.00
- 70,000.00
5,036,000.00

350,000.00
2,500,000.00
- 12,000.00
- 35,000.00
2,803,000.00
- 53,000.00
2,750,000.00

1,594,000.00
50,000.00
1,644,000.00

480,000.00
 400,000.00
- 855,000.00
25,000.00
-
300,000.00
- 312,000.00
- 12,000.00
13,000.00
TSUPER MARIO

Adjusting entries:
a) Equipment,beg 480,000.00 Retained Earnings
Less: Equip,end - 460,000.00 Depreciation expense
Depreciation 20,000.00 Accumulated Depreciation

b) Retained earnings 40,000.00

Expenses 40,000.00

Mario, drawing 8,000.00

Cash 8,000.00
Sales
Cash 2,000,000.00 Cost of Goods Sold (1)
Interest payable 500,000.00 Gross Income
Bank loan 1,500,000.00
Expenses:
Expenses
Computation of Sales:
Sales per book 2,000,000.00
Add: AR,end 150,000.00 Net income
Less: AR,beg - 120,000.00
Advances from customers,end - 14,000.00
Total 2,016,000.00 Note 1 - COGS
Inventory,beg
Computation of Purchases: Purchases
Purchases per book 1,200,000.00 Goods available for sale
Add: AP,end 82,000.00 Less: Inventory,end
Less: AP,beg - 90,000.00 Total
Total 1,192,000.00

Computation of expenses:
Expenses per book 800,000.00 Adjusting Entries:
Add: Prepaid exp,beg 50,000.00 a) Expenses
Accrued exp,end 30,000.00
b) Retained earnings
Less: Prepaid exp,end - 20,000.00 Expenses
Accrued exp,beg - 45,000.00
Mario, drawing
Total 815,000.00 Cash

Cash
Retained earnings: Interest payable
Add: AR beg 120,000.00 Bank loan
Inventory,beg 80,000.00

Less: AP,beg - 90,000.00

Accrued exp,beg - 45,000.00

Total 65,000.00
 70,000.00
20,000.00 ASSETS:
90,000.00

TSUPER MARIO
Income Statement
Year ended December 31, 2021

2,016,000.00 LIAB & EQUITY:

1,162,000.00
854,000.00

- 815,000.00

39,000.00

80,000.00
1,192,000.00
1,272,000.00
- 110,000.00
1,162,000.00

550,000.00

40,000.00
40,000.00

8,000.00
8,000.00

2,000,000.00
500,000.00
1,500,000.00
 TSUPER MARIO
Statement of Financial Position
December 31, 2021

Cash 4,992,000.00
AR 150,000.00
Inventory 110,000.00
Prepaid exp 20,000.00
Equipment 460,000.00
Advances to suppliers 15,000.00
Total 5,747,000.00

AP 82,000.00
Bank loan 1,500,000.00
Advances from customers 14,000.00
Accrued exp 30,000.00
Interest payable 500,000.00

Capital 1,500,000.00
Retained 104,000.00

total 3,730,000.00