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    Thunderbird Partnership Short Ver

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    Elle
    Thunderbird Trucking Services generated $154,966.86 in revenue and $130,290 in operating expenses for a net operating income of $24,676.86 for December 2010. After accounting for $6,550 in interest expenses and $5,438.06 in income taxes, the company realized a net income of $12,688.80. As of December 31, 2010, Thunderbird had total assets of $2,070,552.94 including $1,927,100 in non-current assets, and total liabilities of $970,552.94 including $650,000 in mortgage payable.

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    Thunderbird Partnership Short Ver

    Uploaded by

    Elle
    521 views3 pages
    Thunderbird Trucking Services generated $154,966.86 in revenue and $130,290 in operating expenses for a net operating income of $24,676.86 for December 2010. After accounting for $6,550 in interest expenses and $5,438.06 in income taxes, the company realized a net income of $12,688.80. As of December 31, 2010, Thunderbird had total assets of $2,070,552.94 including $1,927,100 in non-current assets, and total liabilities of $970,552.94 including $650,000 in mortgage payable.

    Original Description:

    Exercise for Partnership Accounting

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    Thunderbird Trucking Services generated $154,966.86 in revenue and $130,290 in operating expenses for a net operating income of $24,676.86 for December 2010. After accounting for $6,550 in interest expenses and $5,438.06 in income taxes, the company realized a net income of $12,688.80. As of December 31, 2010, Thunderbird had total assets of $2,070,552.94 including $1,927,100 in non-current assets, and total liabilities of $970,552.94 including $650,000 in mortgage payable.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    521 views3 pages

    Thunderbird Partnership Short Ver

    Uploaded by

    Elle
    Thunderbird Trucking Services generated $154,966.86 in revenue and $130,290 in operating expenses for a net operating income of $24,676.86 for December 2010. After accounting for $6,550 in interest expenses and $5,438.06 in income taxes, the company realized a net income of $12,688.80. As of December 31, 2010, Thunderbird had total assets of $2,070,552.94 including $1,927,100 in non-current assets, and total liabilities of $970,552.94 including $650,000 in mortgage payable.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    THUNDERBIRD TRUCKING SERVICES

    Income Statement
    For the month ended December 31, 2010

    Service Revenue P 154,966.86


    Less: Operating Expenses
    Salaries P 86,500.00
    SSS, Philhealth & Pag-ibig Fund Contribution 6,500.00
    Repairs and Maintenance 1,750.00
    Fuel and Lubricants 9,500.00
    Insurance 1,140.00
    Utilities 5,480.00
    Depreciation Expense - Building 1,250.00
    Depreciation Expense - Trucks 10,625.00
    Depreciation Expense - Office Equipment 887.50
    Depreciation Expense - Furniture & Fixture 387.50
    Office Supplies 5,470.00
    Miscellaneous 800.00
    Total Operating Expense 130,290.00
    Operating Income P 24,676.86

    Other Expenses
    Interest Expense 6,550.00
    18,126.86
    Income before income tax P
    Provision for income tax 5,438.06

    NET INCOME P 12,688.80


    THUNDERBIRD TRUCKING SERVICES
    Statement of Financial Position
    December 31, 2010

    AS S ETS

    Cash P 63,778.74
    Petty Cash 4,000.00
    Accounts Receivable 26,320.00
    input tax 39,634.20
    Office supplies 4,360.00
    Prepaid Insurance 5,360.00
    Total Current Assets P 143,452.94
    Land P 800,000.00
    Building P 300,000.00
    Accumulated Depreciation - Building 45,000.00 255,000.00
    Trucks P 1,020,000.00
    Accumulated Depreciation - Trucks 284,062.50 735,937.50
    Office Equipment P 129,000.00
    Accumulated Depr - Office Equipment 25,387.50 103,612.50
    Furniture & Fixture P 46,500.00
    Accumulated Depr - Furniture & Fixture 13,950.00 32,550.00
    Total Non-Current Assets 1,927,100.00
    TOTAL ASSETS P 2,070,552.94
    LIAB I LITI E S
    1,100,000.00
    Accounts Payable P 36,500.00
    Notes payable 220,000.00 1,096,000.00
    SSS, PHealth & Pag. Funds Pay 11,558.30
    Withholding Tax Payable 11,165.56 4,000.00
    Salaries Payable 5,850.00
    Interest Payable 6,550.00
    Utilities payable 4,895.00
    output tax 18,596.02
    Income Tax Payable 5,438.06
    Total Current Liabilites P 320,552.94
    Mortgage Payable 650,000.00
    TOTAL LIABILITIES P 970,552.94
    CAPI TAL

    Anton Agoncillo, Capital P 522,500.00


    Bobby Bernardo, Capital 577,500.00
    TOTAL CAPITAL 1,100,000.00
    TOTAL LIABILITES AND CAPITAL P 2,070,552.94
    THUNDERBIRD TRUCKING SERVICE
    Statement of Owner's Equity
    For the month ended December 31, 2010

    A. Agoncillo B. Bernardo C. Campos TOTAL


    Capital, December 1, 2008 P 387,614.65 P 434,894.90 P 279,801.65 P 1,102,311.20
    -
    Add: Net Income -
    Interest P 16,598.25 P 24,318.00 P 14,411.25 P 55,327.50
    Salaries 15,000.00 15,000.00 15,000.00 45,000.00
    Remainder - equally (29,212.90) (29,212.90) (29,212.90) (87,638.70)
    Sub-total P 2,385.35 P 10,105.10 P 198.35 P 12,688.80

    Total P 390,000.00 P 445,000.00 P 280,000.00 P 1,115,000.00

    Less Withdrawals 5,000.00 5,000.00 5,000.00 15,000.00


    Net P 385,000.00 P 440,000.00 P 275,000.00 P 1,100,000.00

    Retirement of C. Campos 137,500.00 137,500.00 (275,000.00)

    Capital, December 31, 2008 P 522,500.00 P 577,500.00 P - P 1,100,000.00

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