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Sukoako Company Statement of Financial Position Current Assets Year 1 Year 2

The Sukoako Company's financial position improved from Year 1 to Year 2. Total assets increased from $6,224,000 to $7,272,500 due primarily to growth in current assets such as cash and inventory. Total liabilities decreased slightly from $2,240,000 to $2,231,400 while owner's equity grew from $3,984,000 to $5,041,100 driven by profits of $1,320,000 and $1,557,100 in Years 1 and 2 respectively.

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Kevin Garnett
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44 views

Sukoako Company Statement of Financial Position Current Assets Year 1 Year 2

The Sukoako Company's financial position improved from Year 1 to Year 2. Total assets increased from $6,224,000 to $7,272,500 due primarily to growth in current assets such as cash and inventory. Total liabilities decreased slightly from $2,240,000 to $2,231,400 while owner's equity grew from $3,984,000 to $5,041,100 driven by profits of $1,320,000 and $1,557,100 in Years 1 and 2 respectively.

Uploaded by

Kevin Garnett
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Sukoako Company

Statement of Financial Position


Current Assets YEAR 1 YEAR 2
Cash 1,202,800 1,744,350
Account Receivables 280,000 285,000
Less: Allowance for Doubtful Accounts 2,800 277,200 2,850 282,150
Inventory 500,000 600,000
Prepaid Rent 56,000 56,000
Supplies 56,000 50,000
Total Current Assets 2,092,000
Property and Equipment (net)
Land 1,120,000 1,120,000
Building 1,120,000 1,120,000
Less: Accum. Depreciation - Buildg. 112,000 1,008,000 224,000 896,000
Equipment 280,000 280,000
Less: Accum. Depreciation - Equipt. 28,000 252,000 56,000 224,000
Goodwill 800,000 800,000
Investment in Properties 560,000 1,000,000
Investment in Securities 392,000 4,132,000 500,000
Total Assets 6,224,000
Liabilities
Current Liabilities
Accounts Payable 196,000 199,500
Salaries Payable 392,000 470,400
Interest Payable 56,000 57,000
Accrued Expense 280,000 285,000
Current portion of long term debts 112,000 200,000
Unerned income 84,000 85,500
Total current liabilities 1,120,000
Non-current liabilities
Notes Payable (3 years) 224,000 150,000
Long term debts 896,000 1,120,000 784,000
Total Liabilities 2,240,000
Owner's Equity
Suko, Capital 3,984,000
Total Liabilities and Owner's Equity 6,224,000
YEAR 2

2,732,500

4,540,000
7,272,500

1,297,400

934,000
2,231,400

5,041,100
7,272,500
Sukoako Company
Statement of Comprehensive Income
Net Sales YEAR 1
Gross Sales 3,920,000
Less: Sales Returns and Allowances 224,000
Sales Discounts 336,000 560,000
Net Sales 3,360,000
Cost of Sales
Inventory, beg. 300,000
Purchase 1,400,000
Less: Purchase Returns and Allowances 112,000
Purchase Discounts 168,000 280,000
Net Purchases 1,120,000
Transportation In 0
Net Cost of Purchases 1,120,000
Goods Available for Sale 1,420,000
Less: Inventory, end 500,000
Cost of Sales 920,000
Gross Profit 2,440,000
Operating Expenses
Supplies Expense 56,000
Rent Expense 168,000
Utilities Expense 280,000
Salaries Expense 392,000
Interest Expense 56,000
Doubtful Account Expense 28,000
Depreciation Expense 140,000
Total Operating Expense 1,120,000
Profit 1,320,000
e Income
YEAR 2
4,704,000
246,400
369,600 616,000
4,088,000

500,000
1,680,000
123,200
184,800 308,000
1,372,000
0
1,372,000
1,872,000
600,000
1,272,000
2,816,000

57,000
168,000
336,000
470,400
57,000
28,000
142,500
1,258,900
1,557,100
Sukoako Company
Statement in Changes in Equity
Year 1 Year 2
Suko, Capital, beg. 3,000,000 3,984,000
Add: Profit 1,320,000 1,557,100
Total 4,320,000 5,541,100
Less: Withdrawals 336,000 500,000
Suko, Capital, end 3,984,000 5,041,100

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