Venus Trading Company

Statement of Comprehensive Income

For the Year Ended December 31, 20CY

Sales ₱ 4,580,950
Less: Sales Returns and Allowances ₱ 54,675
Sales Discounts 60,350 115,025
Net Sales ₱ 4,465,925
Merchandise Inventory, Beginning ₱ 1,268,400
Purchases 2,720,950
Transportation In 65,850
Less: Purchase Returns and Allowances ₱ 32,840
Purchase Discounts 50,250 83,090
Total Goods Available for Sale ₱ 3,972,110
Less: Merchandise Inventory, Ending 1,325,425
Cost of Goods Sold 2,646,685
Gross Profit ₱ 1,819,240
Add: Interest Income 3,000
Less: Distribution Expenses
Sales Salary Expense ₱ 340,800
Advertising Expense 24,000
Transportation Out 36,760
Depreciation Expense - Store Equipment 25,000
Miscellaneous Selling Expense 15,950 ₱ 442,510
Administration Expenses
Office Salary Expense ₱ 268,600
Rent Expense 96,000
Insurance Expense 19,000
Supplies Expense 17,890
Tax Expense 25,940
Depreciation Expense - Office Equipment 9,000
Bad Debt Expense 22,905
Miscellaneous General Expense 17,725 477,060
Interest Expense 24,000
Total Expenses 943,570
Net Profit ₱ 878,670
 Venus Trading Company
Statement of Changes in Equity
For the Year Ended December 31, 20CY F

Venus Cielo, Capital - Beginning ₱ 686,545

Add: Additional Investment 100,000 Current Assets
Profit 878,670 ₱ 1,665,215 Cash
Less: Venus Cielo, Drawing 72,000 Notes Receivable
Venus Cielo, Capital - Ending ₱ 1,593,215 Interest Receivable
Accounts Receivable
Less: Allowance for Doubtf
Merchandise Inventory
Prepaid Insurance
Office Supplies
Non-Current Assets
Store Equipment
Less: Accumulated Depreci
Office Equipment
Less: Accumulated Depreci
Total Assets

Current Liabilities
Accounts Payable
Notes Payable
VAT Payable
Accrued Sales Salary
Accrued Office Salary
Accrued Rent
Accrued Advertising
Owner's Equity
Venus Cielo, Capital
Total Liabilities and Owner's Equity
 Venus Trading Company
Statement of Financial Position
For the Year Ended December 31, 20CY

ASSETS Operating Activities

₱ 435,785
Notes Receivable 75,000
Interest Receivable 1,500
Accounts Receivable ₱ 265,870
Less: Allowance for Doubtful Accounts 28,555 237,315 Investing Activities
Merchandise Inventory 1,325,425
Prepaid Insurance 12,500
Office Supplies 5,385 ₱ 2,092,910
Financing Activities
Store Equipment ₱ 250,000
Less: Accumulated Depreciation-Store Equipment 50,000 ₱ 200,000
Office Equipment ₱ 90,000
Less: Accumulated Depreciation-Office Equipment 18,000 72,000 272,000 Increase in Cash for curr
₱ 2,364,910 Cash - Beginning
LIABILITIES AND OWNER'S EQUITY Net Cash - Ending

Accounts Payable ₱ 575,060

Notes Payable 150,000
VAT Payable 13,635
Accrued Sales Salary 15,000
Accrued Office Salary 10,000
Accrued Rent 6,000
Accrued Advertising 2,000 ₱ 771,695

Venus Cielo, Capital 1,593,215

ilities and Owner's Equity ₱ 2,364,910
 Venus Trading Company
Statement of Cash Flows
For the Year Ended December 31, 20CY

Operating Activities
Net Income ₱ 878,670
Add: Depreciation Expense ₱ 34,000
Increase in Current Liabilities 771,695
Less: Increase in Non-Cash Current Assets - 1,657,125 - 851,430
Net Cash Inflows from Operating Activities ₱ 27,240
Investing Activities
Purchase of Store Equipments -₱ 225,000
Purchase of Office Equipment - 81,000
Net Cash Outflows from Investing Activities - 306,000
Financing Activities
Investment ₱ 786,545
Withdrawals - 72,000
Net Cash Inflows from Financing Activities 714,545
Increase in Cash for current year ₱ 435,785
Cash - Beginning -
Net Cash - Ending ₱ 435,785