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Submit at least one page of written analysis for each financial statement.

Submit at least one page of written analysis for each financial statement.

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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4. Submit at least one page of written analysis for each financial statement. 

P 2303: FINANCIAL ANALYSIS AND REPORTING SY 2021-2022 (FINAL OUTPUT) ABC INDUSTRIES CONSOLIDATED INCOME STATEMENT DECEMBER 31, 2020 2020 2019 Amount Percent Amount Percent Net Sales P 38,028,500 P 26,315,420 16,526,084 9,789,336 Cost of Goods Sold 26,358,500 Gross Profit P 11,670,000 Selling Expenses 7,111,740 General and Administrative Expenses 2,123,420 9,235,160 2,434,840 925,239 P 1,509,601 6,157,808 1,368,402 7,526,210 2,263,126 868,409 1,394,717 Total Operating Expenses Earnings before income tax Income tax Net Income Common Stock shares Outstanding Earnings per share Of common stock 2,500,000 2,498,750 0.60 0.56
Transcribed Image Text:P 2303: FINANCIAL ANALYSIS AND REPORTING SY 2021-2022 (FINAL OUTPUT) ABC INDUSTRIES CONSOLIDATED INCOME STATEMENT DECEMBER 31, 2020 2020 2019 Amount Percent Amount Percent Net Sales P 38,028,500 P 26,315,420 16,526,084 9,789,336 Cost of Goods Sold 26,358,500 Gross Profit P 11,670,000 Selling Expenses 7,111,740 General and Administrative Expenses 2,123,420 9,235,160 2,434,840 925,239 P 1,509,601 6,157,808 1,368,402 7,526,210 2,263,126 868,409 1,394,717 Total Operating Expenses Earnings before income tax Income tax Net Income Common Stock shares Outstanding Earnings per share Of common stock 2,500,000 2,498,750 0.60 0.56
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 2021 2019 ASSETS Amount Percent Amount Percen CURRENT ASSETS Cash and Cash equivalents P 1,271,231 P 677,600 Account Receivable (Net) 994,409 773,134 Note Receivable 350,000 3,250,000 320,000 4,190,000 Merchandise Inventories Total Current Assets 5,865,640 5,960,734 Property and Equipment(Net) 13,668,850 11,798,155 TOTAL ASSETS P 19,534,490 P 17,758,889 LIABILITIES Accounts Payable Salaries Payable Income Taxes Payable Other accrued expenses 1,275,300 1,477,800 330,000 245,200 500,200 48,339 925,239 8,000 Total Current Liabilities P 2,538,539 2,271,539 Long-Term Liabilities Mortgage Payable Bonds Payable 500,000 536,000 2,340,000 2,400,000 Total Long-term Liabilities 2,900,000 2,876,000 TOTAL LIABILITIES 5,438,539 5,147,539 STOCKHOLDERS' EQUITY Common Stock, 2,500,000 shares at P1 par value per share 2,500,000 2,498,750 Capital in excess of par value 1,750,000 1,726,250 Retained Earnings January 1, 20 XX 8,386,350 6,991,633 Net Income for the Year 1,509,601 1,424,717 Less dividends 50,000 30,000 Retained Earnings, Dec 31 20XX 9,845,951 8,386,350 TOTAL STOCKHOLDER'S EQUITY 14,095,951 12,611,350 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY P 19,534,490 P 17,758,889
Transcribed Image Text:CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 2021 2019 ASSETS Amount Percent Amount Percen CURRENT ASSETS Cash and Cash equivalents P 1,271,231 P 677,600 Account Receivable (Net) 994,409 773,134 Note Receivable 350,000 3,250,000 320,000 4,190,000 Merchandise Inventories Total Current Assets 5,865,640 5,960,734 Property and Equipment(Net) 13,668,850 11,798,155 TOTAL ASSETS P 19,534,490 P 17,758,889 LIABILITIES Accounts Payable Salaries Payable Income Taxes Payable Other accrued expenses 1,275,300 1,477,800 330,000 245,200 500,200 48,339 925,239 8,000 Total Current Liabilities P 2,538,539 2,271,539 Long-Term Liabilities Mortgage Payable Bonds Payable 500,000 536,000 2,340,000 2,400,000 Total Long-term Liabilities 2,900,000 2,876,000 TOTAL LIABILITIES 5,438,539 5,147,539 STOCKHOLDERS' EQUITY Common Stock, 2,500,000 shares at P1 par value per share 2,500,000 2,498,750 Capital in excess of par value 1,750,000 1,726,250 Retained Earnings January 1, 20 XX 8,386,350 6,991,633 Net Income for the Year 1,509,601 1,424,717 Less dividends 50,000 30,000 Retained Earnings, Dec 31 20XX 9,845,951 8,386,350 TOTAL STOCKHOLDER'S EQUITY 14,095,951 12,611,350 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY P 19,534,490 P 17,758,889
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