Create the statement of Cash flows for The Wealthy Co. for the period ended July 31,2020
Transactions:
July 1 Winnie Sy made initial contribution to the
business by depositing money in the
company’s bank account. Amount 200,000
July 1 Purchased laptop from Computershop Inc.
for office use. Amount 45,000
Payment term: COD (Cash on Delivery).
July 2 Paid advance rental for 6 months. Amount 30,000
July 4 Received 200 reams of bond papers
(inventory) ordered from Jude Corp. Amount 25,000
Payment terms: 2/10, n/30.
July 7 Delivered150 reams of bond papers to
Aurora Company. Amount 41,250
Payment terms: 2/10, n/20.
Cost of merchandise was P18,750.
July 8 Paid the July 4 purchases 24,500
July 15 Paid salary of employee. Amount 7,000
July 16 Received payment from the July 7 sales. Amount 40,425
July 18 Sold 20 reams of bond papers to Audrey
Company. Audrey picked up the
merchandise from the store. Amount 5,500
Payment term: 15 days.
Cost of merchandise was P2,500.
July 19 Received10 boxes of ballpoint pens from
Mickey Inc. Amount 25,000 Payment terms: COD
July 22 Over the counter sale of 4 boxes of
ballpoint pens to Happy Company. Amount 22,000
Payment term: Cash
Cost of merchandise was P 10,000
July 23 Received 10 calculators from Plusminus
Corporation. Amount 3,000 Payment terms: 30 days.
July 24 Sold 6 calculators to Joel Company.
picked up the merchandise from the store. Amount 3,960
Payment Term: 15 days.
Cost of merchandise was P1,800
July 25 Paid electricity bill. Amount 7,400
July 26 Received 2 defective calculators from Joel
Company. Amount 1,320. Cost of defective calculators is
600
July 31 Over the counter cash withdrawal by the
owner, Winnie Sy, for her personal
expenses. Amount 10,000
Extracted text: The Wealthy Co. The Wealthy Co. Statement of Comprehensive Income Statement of Financial Position For the month ended July 31,2020 As of July 31,2020 ASSE TS Php 72,710 Allowances (1,320) (825) Sales Current Assets Less: Sales Returns and Less: Sales Discount Cash 91,525 30,140 20.050 25.000 Net Sales: 70,565 account receivable Inventory Prepaid expenses Total current assets (a) Less: Cost of Goods Sold (32,450) Gross Profit 38,115 166,715 Operating Expenses: Non-current assets: Office equipm ent Less: accumulated depreciation Total non-cur ent asset (b) Total a ssets Liab ilities & shareholders' equity Current liabilities: Account payable Salaries payable Total liabilities (c) Shareholders' equity: Sy, capital Selling Expenses Salaries Expense General and Administrative Expenses: 45,000 (14,000) (750) 44.250 (7,400) (5,000) (750) Utilities Expenses 210,965 Rental Expenses Depreciation Expenses Total Expense: 3,000 7,000 (27,150) Net Income: 10,965 10,000 200,000 10,965 (10,000) Add netincome Less: Sy, Drawings Total sharehol ders' equity (d) Total Liabilities & shareholders' equity (c + d) 200,965 210,965