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Cashflows Test

The financial documents show that Golden Garments had total assets of $670,396 in 2018 compared to $637,854 in 2017. Net income increased from $119,892 in 2017 to $142,000 in 2018. Total expenses increased from $372,000 in 2017 to $386,000 in 2018. Accounts receivable and inventory balances increased from 2017 to 2018 while prepaid expenses decreased and plant & equipment decreased due to depreciation.

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Nonilon Robles
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124 views1 page

Cashflows Test

The financial documents show that Golden Garments had total assets of $670,396 in 2018 compared to $637,854 in 2017. Net income increased from $119,892 in 2017 to $142,000 in 2018. Total expenses increased from $372,000 in 2017 to $386,000 in 2018. Accounts receivable and inventory balances increased from 2017 to 2018 while prepaid expenses decreased and plant & equipment decreased due to depreciation.

Uploaded by

Nonilon Robles
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

GOLDEN GARMENTS

Comparative Statement of Financial Position


As of Dec. 31, 2018, and 2017
2018 2017
ASSETS
Cash 70,392.00 68,250.00
Accounts Receivable 218,549.00 184,978.00
Inventory 223,242.00 197,097.00
Prepaid Expenses 67,710.00 76,542.00
Plant and Equipment,net 90,503.00 110,987.00
TOTAL ASSETS 670,396.00 637,854.00

LIABILITIES AND EQUITY


Accounts Payable 158,214.00 139,135.00
Bank Loans and other Payables 71,672.00 56,769.00
Notes Payable-current 30,000.00 30,000.00
Notes Payable - long-term 139,000.00 169,000.00
Owner's Capital 271,510.00 242,950.00
TOTAL LIABILITIES AND EQUITY 670,396.00 637,854.00

GOLDEN GARMENTS
Statement of Comprehensive Income
For the years ended Dec. 31, 2018, and 2017

2018 2017
Net Sales 2,000,000.00 1,801,802.00
Cost of Sales 1,472,000.00 1,309,910.00
Gross Profit 528,000.00 491,892.00

Administrative and Operating Expenses:


Salaries and Wages-store 148,000.00 130,000.00
Salaries and Wages-office 38,000.00 42,000.00
Heat, light, and power 100,000.00 100,000.00
Repair and maintenance 18,000.00 33,000.00
Miscellaneous expense 12,000.00 15,000.00
Representation expense 15,000.00 10,000.00
Depreciation 35,000.00 35,000.00
Bad debts 20,000.00 7,000.00
TOTAL EXPENSES 386,000.00 372,000.00
NET INCOME 142,000.00 119,892.00

Required:
1. Statement of cash flows for year ended Dec. 31, 2018

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