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    Statement of Financial Performance

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    Jaily Jessica Cerdeña
    The financial statements summarize the hair salon's revenues, expenses, owner's equity, assets, and liabilities. Revenues were $20,000 from haircuts with $3,000 in net income. Total assets were $90,000 including $62,000 in current assets and $28,000 in non-current assets. Total liabilities were $40,000 and owner's equity was $50,000.

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    Statement of Financial Performance

    Uploaded by

    Jaily Jessica Cerdeña
    9 views2 pages
    The financial statements summarize the hair salon's revenues, expenses, owner's equity, assets, and liabilities. Revenues were $20,000 from haircuts with $3,000 in net income. Total assets were $90,000 including $62,000 in current assets and $28,000 in non-current assets. Total liabilities were $40,000 and owner's equity was $50,000.

    Original Description:

    Notes

    Original Title

    Statement-of-Financial-Performance

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    The financial statements summarize the hair salon's revenues, expenses, owner's equity, assets, and liabilities. Revenues were $20,000 from haircuts with $3,000 in net income. Total assets were $90,000 including $62,000 in current assets and $28,000 in non-current assets. Total liabilities were $40,000 and owner's equity was $50,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views2 pages

    Statement of Financial Performance

    Uploaded by

    Jaily Jessica Cerdeña
    The financial statements summarize the hair salon's revenues, expenses, owner's equity, assets, and liabilities. Revenues were $20,000 from haircuts with $3,000 in net income. Total assets were $90,000 including $62,000 in current assets and $28,000 in non-current assets. Total liabilities were $40,000 and owner's equity was $50,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Statement of Financial Performance

    Revenues:

    Haircut Revenue P. 20, 000

    Total Revenues: P. 20, 000

    Less: Operating expense

    Salaries expense P. 15, 000

    Advertise expense P. 2, 000

    Total Expense: P. 17, 000

    Net Income: P. 3, 000

    Statement of Changes in Owner’s Equity

    Beginning Capital -

    Add: Investment P. 50, 000

    Net Income 3, 000

    Subtotal P. 53, 000

    Less: Withdrawal P. 3, 000

    Ending: Rjoyce, Capital P. 50, 000


    Statement of Financial Position

    Assets

    Current

    Cash P. 9, 000

    Accounts Receivable P. 8, 000

    Notes Receivables P. 10, 000

    Prepaid Rent P. 15, 000

    Prepaid Insurance P. 12, 000

    Supplies P. 8, 000

    Total Current Assets: P. 62, 000

    Non-current Assets

    Equipment P. 25, 000

    Furniture P. 3, 000

    Total Non-current Assets: P. 28, 000

    Total Assets: P. 90, 000

    Liabilities

    Current Liabilities

    Accounts Payable P. 20, 000

    Unearned Revenue 20, 000

    Total Current Liabilities P. 40, 000

    Total Liabilities P. 40, 000

    Owner’s Equity

    Rjoyce, Capital P. 50, 000

    Total Liabilities and Owner’s Equity P. 90, 000 (40,000 + 50,000)

    Assets= Liabilities + Owner’s Equity

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