Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00 Depreciation Expense ₱100,000.00 Total ₱1,560,100.00 ₱1,560,100.00 Merchandise inventory, End is PHP 120,000. 10% of the salary is for the supervisor; 11% is for the manager; the rest is for the front-line employees 20% of the rent expense and 50% of the depreciation expense were used by the sales department Assume 30% Tax STATEMENT OF FINANCIAL POSITION (MULTI-STEP method, REPORT FORMAT)
|
Account Name |
Adjusted |
|
|
Debit |
Credit |
|
|
Cash |
₱80,000.00 |
|
|
|
₱100,000.00 |
|
|
Allowance for Doubtful Accounts |
|
₱44,200.00 |
|
Notes Receivable |
₱130,000.00 |
|
|
Interest Receivable |
₱3,900.00 |
|
|
Merchandise Inventory, beg. |
₱ 80,000.00 |
|
|
Prepaid Insurance |
₱50,000.00 |
|
|
Prepaid Rent |
₱70,000.00 |
|
|
Office Equipment |
₱500,000.00 |
|
|
|
|
₱150,000.00 |
|
Accounts Payable |
|
₱30,000.00 |
|
Salaries Payable |
|
|
|
Ya Man, Capital |
|
₱822,000.00 |
|
Ya Man, Drawings |
₱10,000.00 |
|
|
Sales |
|
₱500,000.00 |
|
Sales Returns and Allowances |
₱10,000.00 |
|
|
Purchases |
₱320,000.00 |
|
|
Freight In |
₱3,000.00 |
|
|
Purchase Returns and Allowances |
|
₱10,000.00 |
|
Salary Expense |
₱40,000.00 |
|
|
Rent Expense |
₱14,000.00 |
|
|
Doubtful Accounts Expense |
₱39,200.00 |
|
|
Interest Income |
|
₱3,900.00 |
|
Insurance Expense |
₱10,000.00 |
|
|
Depreciation Expense |
₱100,000.00 |
|
|
Total |
₱1,560,100.00 |
₱1,560,100.00 |
|
|
||
|
Merchandise inventory, End is PHP 120,000. |
||
|
10% of the salary is for the supervisor; 11% is for the manager; the rest is for the front-line employees |
||
|
20% of the rent expense and 50% of the depreciation expense were used by the sales department |
||
|
Assume 30% Tax |
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