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JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income

JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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inventory turnover for 2020

average sales period for 2020

JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income
Transcribed Image Text:JOVIT SUPERCUTE DISTRIBUTIONS Statement of Financial Position As of December 31, 2020, 2019 ASSETS 2020 2019 Current Assets: Cash and Cash Equivalent Accounts Receivable Inventories Prepaid Expenses Total Current Assets 13,250.00 10,065.00 7,620.00 9,545.00 40,480.00 11,070.00 8,055.00 5,300.00 10,600.00 35,025.00 Non-current Assets: Property, Plant and Equipment TOTAL ASSETS 92,500.00 132,980.00 79,085.00 114,110.00 LIABILITIES AND OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Loans Payable Total Liabilities Owner's Equity TOTAL LIABILITIES AND OWNER'S 38,150.00 42,335.00 23,990.00 62,140.00 70,840.00 18,960.00 61,295.00 52,815.00 EQUITY 132,980.00 114,110.00 JOVIT SUPERCUTE DISTRIBUTIONS Statement of Comprehensive Income For the Years Ended December 31, 2020, 2019 and 2018 Net Sales Cost of Sales Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income Before Income Taxes Income Tax Expense 2020 104,705.00 32,275.00 72,430.00 48,140.00 24,290.00 1,050.00 23,240.00 3,756.00 19,484.00 2019 91,850.00 29,004.24 62,845.76 42,770.00 20,075.76 950.00 19,125.76 3,001.00 16,124.76 Net Income
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