Robert Armory Inc's financial statements for the year ending December 31, 2023, detail its assets, liabilities, and equity, showing total assets of $3,541,000 and total liabilities of $1,395,000. The company reported a net income of $1,184,000, with total revenues from sales amounting to $4,600,000. The cash flow statement indicates a net increase in cash of $912,000, resulting from operating, investing, and financing activities.
Robert Armory Inc's financial statements for the year ending December 31, 2023, detail its assets, liabilities, and equity, showing total assets of $3,541,000 and total liabilities of $1,395,000. The company reported a net income of $1,184,000, with total revenues from sales amounting to $4,600,000. The cash flow statement indicates a net increase in cash of $912,000, resulting from operating, investing, and financing activities.
Robert Armory Inc's financial statements for the year ending December 31, 2023, detail its assets, liabilities, and equity, showing total assets of $3,541,000 and total liabilities of $1,395,000. The company reported a net income of $1,184,000, with total revenues from sales amounting to $4,600,000. The cash flow statement indicates a net increase in cash of $912,000, resulting from operating, investing, and financing activities.
Robert Armory Inc's financial statements for the year ending December 31, 2023, detail its assets, liabilities, and equity, showing total assets of $3,541,000 and total liabilities of $1,395,000. The company reported a net income of $1,184,000, with total revenues from sales amounting to $4,600,000. The cash flow statement indicates a net increase in cash of $912,000, resulting from operating, investing, and financing activities.
Sales Returns And Allowances 187,000.00 Sales 4,600,000.00 Travel Expense 188,000.00 Reversing Entries Accounts Debit Credit Office Supplies 17,000.00 Office Supplies Expense 17,000.00 # Prepaid Advertising 25,000.00 Advertising Expense 25,000.00 # Accrued Salaries 21,000.00 Salaries Expense 21,000.00 # Total: 63,000.00 63,000.00 Armory Inc it its first year of operations ended December 31, 2023 are as follows: Amount Additional Information 136,000.00 1. Office supplies consumed during the year amounted to P17,000. 74,000.00 2. Advertising expense in the amount of P25,000 has expired during the year. 72,000.00 3. Salaries of P21,000 have accrued as at December 31,2023 72,000.00 4. Depreciation on the office building and on the office equipment amounted to P15,000 and P20,00
25,000.00 5. The December 31, 2023 ending inventory is P723,000
161,000.00 187,000.00 4,600,000.00 188,000.00 31, 2023 are as follows: onal Information ear amounted to P17,000. P25,000 has expired during the year. t December 31,2023 d on the office equipment amounted to P15,000 and P20,000, respectively.
ory is P723,000
Robert Armory Inc
Trial Balance For the Year Ended December 31, 2023 Account Title Debit Credit Assets: Cash 72,000.00 Accounts Recievable 136,000.00 Office Supplies 25,000.00 Prepaid Advertising 50,000.00 Land 400,000.00 Office Building 1,600,000.00 Accumulated Depreciation - Building 15,000.00 Office Equipment 570,000.00 Accumulated Depreciation - Equipment 20,000.00 Inventory 723,000.00 Liabilities: Accounts Payables 74,000.00 Mortgage Payabel 1,100,000.00 Notes Payable Due in 2 Years 200,000.00 Accrued Salaries 21,000.00 Equity: Capital Stock 662,000.00 Additional Paid-In Capital 300,000.00 Revenue & Expenses: Sales 4,600,000.00 Sales Returns And Allowances 187,000.00 Sales Discounts 161,000.00 Purchases 1,920,000.00 Purchase Discounts 172,000.00 Purchase Return and Allowances 133,000.00 Freight In 72,000.00 Salaries Expense 883,000.00 Insurance Expense 25,000.00 Travel Expense 188,000.00 Interest Expense 208,000.00 Depreciation Expense - Building 20,000.00 Depreciation Expense - Equipment 15,000.00 Office Supplies - Expense 17,000.00 Advertising Expense 25,000.00 TOTAL: 7,297,000.00 7,297,000.00 Robert Armory Inc Balance Sheet For the Year Ended December 31, 2023
Assets Current Assets Cash 72,000.00 Accounts Receivable 136,000.00 Office Supplies 25,000.00 Prepaid Advertising 50,000.00 Inventory 723,000.00 Total Current Assets 1,006,000.00
Property and Equipment
Land 400,000.00 Office Building 1,600,000.00 Office Equipment 570,000.00 Less: Accumulated Depreciation - Building 15,000.00 Accumulated Depreciation - Equipment 20,000.00 2,535,000.00 Total Assets 3,541,000.00
Current Liabilities Liabilities
Accounts Payables 74,000.00 Mortgage Payable 1,100,000.00 Notes Payable Due in 2 Years 200,000.00 Accrued Salaries 21,000.00 Total Current Liabilities 1,395,000.00
Investing Activity: Land (400,000.00) Office Building (1,600,000.00) Office Equipment (570,000.00)
Net Cash by Investing
(2,570,000.00)
Financing Activity
Capital Stock 662,000.00
Additional Paid-In Capital 300,000.00 Mortgage Payable 1,100,000.00 Notes Payable 200,000.00 Net Cash by Financing 2,262,000.00
Net Increase/Decrease in Cash
Net Cash by Operating 1,220,000.00 Net Cash by Investing (2,570,000.00) Net Cash by Financing 2,262,000.00 Total: 912,000.00 Net Increase/Decrease in Cash 72,000.00 No. Account Title
Cash Accounts Receivable Office Supplies Prepaid Advertising Land Office Building Accumulated Depreciation - Building Office Equipment Accumulated Depreciation - Equipment Inventory (Ending) Accounts Payable Mortgage Payable Notes Payable Due in 2 Years Accrued Salaries Capital Stock Additional Paid-In Capital Sales Sales Returns And Allowances Sales Discounts Purchases Purchase Discounts Purchase Return and Allowances Freight In Salaries Expense Insurance Expense Travel Expense Interest Expense Depreciation Expense - Building Depreciation Expense - Equipment Office Supplies - Expense Advertising Expense TOTAL:
Net Profit: Robert Armory Inc Statement of Changes in Stockholders E For the Year Ended December 31, 2023
