Sales Revenue (Note 1) Cost of Goods Sold: Gross Margin Perfect Smile Company Statement of Income...
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Sales Revenue (Note 1) Cost of Goods Sold: Gross Margin Perfect Smile Company Statement of Income For the year ended December 31 2018 $3.348,076 2019 $3,505,342 1,466,435 1,302,402 2,038,907 2,045,674 Operating expenses Sales and marketing expenses 910,940 972,972 Occupancy expenses 182,188 194,594 Administration expenses 255,063 330,810 Total operating expenses 1,348,191 1498,377 Operating income Non-operating or other Gain (loss) on sale of land and building 159,585 11,414 Interest (expense) income 20,389 20,457 Total non-operating 179,974 31,871 Income before tax 510,741 515,427 Income tax expense 114,917 121,125 Net Income (Loss): 395,824 394,302 Note 1: Management has determined that 80% of its sales were on credit in 2019, and 90% in 2018 Perfect Smile Company Statement of Changes in equity For the year ended December 31 Retained earnings, January 1, 2018 Add: Net income Less: Dividends declared Retained eamings, December 31, 2019 2019 2018 688,085 408,134 395,824 394,302 (126,700) (114,350) 957-210 688,085 Perfect Smile Company Statement of Financial Position As at December 311 2019 2018 2017 Assets Current assets: Cash 54,496 Accounts receivable, net (Note 2) 779,100 110,809 631,071 297 330,000 Prepaid expenses 15,766 18.216 19.632 Inventory 844,605 768.591 Total current assets 1,693,967 1,528,687 691,732 1,206,661 Non-Current Assets Marketable securities 500,000 400,000 50,000 Property plant & equipment, net 615,254 583,064 528.210 Total assets 2,809,221 2,511,751 1,784,871 Liabilities and shareholders' equity Current liabilities: Accounts payable 659,553 654,853 320,077 Uneamed revenue 62,558 38,912 51,760 Bank loan, current portion 75,000 75,000 75,000 Total current liabilities 797,111 768,765 446,837 Non-Current liabilities: Bank loan payable 579,900 654,900 729,900 Total liabilities 1,377,011 1,423,665 1,176,737 Shareholders' equity Common shares 475,000 400,000 200,000 Retained eamings 957,210 688,085 408,134 Total liabilities and shareholders' equity 2,809,221 2,511,751 1,784,871 Sales Revenue (Note 1) Cost of Goods Sold: Gross Margin Perfect Smile Company Statement of Income For the year ended December 31 2018 $3.348,076 2019 $3,505,342 1,466,435 1,302,402 2,038,907 2,045,674 Operating expenses Sales and marketing expenses 910,940 972,972 Occupancy expenses 182,188 194,594 Administration expenses 255,063 330,810 Total operating expenses 1,348,191 1498,377 Operating income Non-operating or other Gain (loss) on sale of land and building 159,585 11,414 Interest (expense) income 20,389 20,457 Total non-operating 179,974 31,871 Income before tax 510,741 515,427 Income tax expense 114,917 121,125 Net Income (Loss): 395,824 394,302 Note 1: Management has determined that 80% of its sales were on credit in 2019, and 90% in 2018 Perfect Smile Company Statement of Changes in equity For the year ended December 31 Retained earnings, January 1, 2018 Add: Net income Less: Dividends declared Retained eamings, December 31, 2019 2019 2018 688,085 408,134 395,824 394,302 (126,700) (114,350) 957-210 688,085 Perfect Smile Company Statement of Financial Position As at December 311 2019 2018 2017 Assets Current assets: Cash 54,496 Accounts receivable, net (Note 2) 779,100 110,809 631,071 297 330,000 Prepaid expenses 15,766 18.216 19.632 Inventory 844,605 768.591 Total current assets 1,693,967 1,528,687 691,732 1,206,661 Non-Current Assets Marketable securities 500,000 400,000 50,000 Property plant & equipment, net 615,254 583,064 528.210 Total assets 2,809,221 2,511,751 1,784,871 Liabilities and shareholders' equity Current liabilities: Accounts payable 659,553 654,853 320,077 Uneamed revenue 62,558 38,912 51,760 Bank loan, current portion 75,000 75,000 75,000 Total current liabilities 797,111 768,765 446,837 Non-Current liabilities: Bank loan payable 579,900 654,900 729,900 Total liabilities 1,377,011 1,423,665 1,176,737 Shareholders' equity Common shares 475,000 400,000 200,000 Retained eamings 957,210 688,085 408,134 Total liabilities and shareholders' equity 2,809,221 2,511,751 1,784,871
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