Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 38 views

    Vienna Corrine Q. Abucejo Cs32 MW

    Uploaded by

    James Domini Lopez Labiano
    The document contains the trial balance, adjustments, income statement, balance sheet, and statement of owner's equity for Cotabato Bookstore for March 30, 2017. It shows the unadjusted trial balance, various account adjustments, revenues of ₱760,000 and expenses of ₱58,650 resulting in a net profit of ₱84,350. The ending balance sheet lists total assets of ₱339,850 including current assets of ₱238,350 and fixed assets of ₱101,500, with total liabilities of ₱32,500 and owner's equity of ₱307,350.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Vienna Corrine Q. Abucejo Cs32 MW

    Uploaded by

    James Domini Lopez Labiano
    38 views10 pages
    The document contains the trial balance, adjustments, income statement, balance sheet, and statement of owner's equity for Cotabato Bookstore for March 30, 2017. It shows the unadjusted trial balance, various account adjustments, revenues of ₱760,000 and expenses of ₱58,650 resulting in a net profit of ₱84,350. The ending balance sheet lists total assets of ₱339,850 including current assets of ₱238,350 and fixed assets of ₱101,500, with total liabilities of ₱32,500 and owner's equity of ₱307,350.

    Original Description:

    far

    Original Title

    lab1

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains the trial balance, adjustments, income statement, balance sheet, and statement of owner's equity for Cotabato Bookstore for March 30, 2017. It shows the unadjusted trial balance, various account adjustments, revenues of ₱760,000 and expenses of ₱58,650 resulting in a net profit of ₱84,350. The ending balance sheet lists total assets of ₱339,850 including current assets of ₱238,350 and fixed assets of ₱101,500, with total liabilities of ₱32,500 and owner's equity of ₱307,350.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    38 views10 pages

    Vienna Corrine Q. Abucejo Cs32 MW

    Uploaded by

    James Domini Lopez Labiano
    The document contains the trial balance, adjustments, income statement, balance sheet, and statement of owner's equity for Cotabato Bookstore for March 30, 2017. It shows the unadjusted trial balance, various account adjustments, revenues of ₱760,000 and expenses of ₱58,650 resulting in a net profit of ₱84,350. The ending balance sheet lists total assets of ₱339,850 including current assets of ₱238,350 and fixed assets of ₱101,500, with total liabilities of ₱32,500 and owner's equity of ₱307,350.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 10

    Vienna Corrine Q.

    Abucejo
    CS32 MW
    Cotabato Bo
    Worksh
    March 30,

    Account Titles Unadjusted Trial Balance

    Debit Credit
    Cash on Hand 150,000
    Petty Cash Fund 1,000
    Accounts Receivable 30,000
    Allowance for Bad Debts 1,000
    Merchandise Inventory, beginning 90,000
    Furniture & Equipment 120,000
    Accumulated Depreciation 10,000
    Accounts Payable 15,000
    VAT Payable 12,000
    Eva Dunlao, Capital 228,000
    Eva Dunlao, Drawing 5,000
    Sales 760,000
    Sales Returns & Allowances 2,000
    Purchases 585,000
    Freight In 1,000
    Purchase Returns & Allowances 1,000
    Salaries Expense 10,050
    Rental Expense 25,000
    Insurance Expense 7,950
    TOTAL 1,027,000 1,027,000

    Adjustments:
    Merchandise Inventory, end
    Income & Expense Summary
    Uncollectible Account
    Depreciation Expense
    Prepaid Insurance
    Prepaid Rent
    Accrued Salaries
    TOTAL
    NET PROFIT
    TOTAL
    Cotabato Bookstore
    Worksheet
    March 30,2017

    Adjustments Income Statements Balance Sheet

    Debit Credit Debit Credit Debit


    150,000
    1,000
    30,000
    7,600
    90,000
    120,000
    8,500

    5,000
    760,000
    2,000
    585,000
    1,000
    1,000
    5,500 15,550
    5,000 20,000
    950 7,000

    60,000 60,000

    7,600 7,600
    8,500 8,500
    950 950
    5,000 5,000
    5,500
    27,550 27,550 736,650 821,000 371,950
    84,350
    821,000 821,000 371,950
    Balance Sheet

    Credit

    8,600

    18,500
    15,000
    12,000
    228,000

    5,500
    287,600
    84,350
    371,950
    Cotabato Bookstore
    Income Statement
    March 30,2017

    Net Sales
    Sales
    Sales Return & Allowances
    Net Sales
    Cost of Good Sold
    Merchandise Inventory, beginning 90,000
    Purchases 585,000
    Freight In 1,000
    Gross Purchases 586,000
    Purchase Returns & Allowances 1,000 585,000
    Cost of Goods Available for Sale 675,000
    Merchandise Inventory, end 60,000
    Cost of Good Sold
    Gross Profit
    Operating Expenses
    Salaries Expense 15,550
    Rental Expense 20,000
    Insurance Expense 7,000
    Uncollectible Account 7,600
    Depreciation Expense 8,500
    Net Profit
    760,000
    2,000
    758,000

    615,000
    143,000

    58,650
    84,350
    Cotabato Bookstor
    Balance Sheet
    March 30,2017

    ASSETS
    Current Assets:
    Cash on Hand 150,000
    Petty Cash Fund 1,000
    Accounts Receivable 30,000
    Allowance for Bad Debts 8,600 21,400
    Prepaid Insurance 950
    Prepaid Rent 5,000
    Merchandise Inventory, end 60,000
    TOTAL CURRENT ASSETS 238,350

    Non-current assets:
    Furniture & Equipment 120,000
    Accumulated Depreciation 18,500 101,500
    TOTAL NON-CURRENT ASSETS 101,500
    TOTAL ASSETS 339,850
    Cotabato Bookstore
    Balance Sheet
    March 30,2017

    LIABILITIES
    Current Liability:
    Accounts Payable 15,000
    VAT Payable 12,000
    Accrued Salaries 5,500
    TOTAL CURRENT LIABILITY 32,500

    OWNER'S EQUITY
    Eva Dunlao, Capital 307,350
    TOTAL OWNERS EQUITY 307,350

    TOTAL LIABILITIES & OWNERS EQUITY 339,850


    Cotabato Bookstore
    Changes in Owner's Equity
    March 30,2017

    Eva Dunlao, Capital, beginning 228,000


    Add: Net Profit 84,350
    Total 312,350
    Less: Eva Dunlao, Drawings 5,000
    Eva Dunlao, Capital, end 307,350

    You might also like