For th
Unadjusted Trial Balance
Account Titles
Cash in Bank
Petty Cash Fund
Accounts Receivable
Finished Goods, Jan. 1
Goods in Process, Jan. 1
Raw Materials, Jan. 1
Machinery and Equipment
Accumulated Depreciation
Office Equipment
Accumulated Depreciation
Franchise
Vouchers Payable
E. Detoya, Capital
Sales
Purchases- Raw Materials
Direct Labor
Indirect Labor
Taxes and Licenses
Repairs and Maintenance
Light and Water
Office Salaries
Total
Finished Goods, Dec. 31
Goods in Process, Dec. 31
Raw Materials, Dec. 31
Depreciation- Mach. & Eqpt.
Depreciation- Office Eqpt.
Amortization of Franchise
Cost of Goods Manufactured
Loss
Debit Credit
₱ 375,000.00
₱ 10,000.00
₱ 65,000.00
₱ 150,000.00
₱ 75,000.00
₱ 185,000.00
₱ 380,000.00
₱ 76,000.00
₱ 120,000.00
₱ 24,000.00
₱ 315,000.00
₱ 67,000.00
₱ 1,692,000.00
₱ 1,350,000.00
₱ 295,000.00
₱ 350,000.00
₱ 285,000.00
₱ 84,000.00
₱ 120,000.00
₱ 160,000.00
₱ 240,000.00
₱ 3,209,000.00 ₱ 3,209,000.00
 Vanilla Food Processing Co.
Worksheet
For the Year Ended December 31, 2019

Adjustments Cost of Goods Manufactured

Debit Credit Debit Credit

₱ 75,000.00
₱ 185,000.00

₱ 76,000.00

₱ 34,000.00
₱ 35,000.00

₱ 295,000.00
₱ 350,000.00
₱ 285,000.00
₱ 67,200.00
₱ 90,000.00
₱ 136,000.00

₱ 286,000.00
₱ 90,000.00
₱ 76,000.00 ₱ 76,000.00
₱ 34,000.00
₱ 35,000.00
₱ 145,000.00 ₱ 145,000.00 ₱ 1,559,200.00 ₱ 376,000.00
₱ 1,183,200.00
₱ 1,559,200.00 ₱ 1,559,200.00
 Income Statement Balance Sheet
Debit Credit Debit Credit
₱ 375,000.00
₱ 10,000.00
₱ 65,000.00
₱ 150,000.00

₱ 380,000.00
₱ 152,000.00
₱ 120,000.00
₱ 58,000.00
₱ 280,000.00
₱ 67,000.00
₱ 1,692,000.00
₱ 1,350,000.00

₱ 16,800.00
₱ 30,000.00
₱ 24,000.00
₱ 240,000.00

₱ 350,000.00 ₱ 350,000.00
₱ 286,000.00
₱ 90,000.00

₱ 34,000.00
₱ 35,000.00

₱ 1,183,200.00
₱ 1,713,000.00 ₱ 1,700,000.00 ₱ 1,956,000.00 ₱ 1,969,000.00
₱ 13,000.00 ₱ 13,000.00
₱ 1,713,000.00 ₱ 1,713,000.00 ₱ 1,969,000.00 ₱ 1,969,000.00
 Vanilla Food Processing Co.
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2019

Raw Materials, Jan. 1 ₱ 185,000.00

Add: Purchases ₱ 295,000.00
Total Raw Materials Available for Use ₱ 480,000.00
Less: Raw Materials, Dec. 31 ₱ 90,000.00
Total Raw Materials Used ₱ 390,000.00
Direct Labor ₱ 350,000.00
Manufacturing Overhead
Indirect Labor ₱ 285,000.00
Taxes and Licenses ₱ 67,200.00
Repairs and Maintenance ₱ 90,000.00
Light and Water ₱ 136,000.00
Depreciation- Mach. & Eqpt. ₱ 76,000.00 ₱ 654,200.00
Total Manufacturing Cost ₱ 1,394,200.00
Add: Goods in Process, Jan. 1 ₱ 75,000.00
Total Goods in Process ₱ 1,469,200.00
Less: Goods in Porcess, Dec. 31 ₱ 286,000.00
Total Cost of Goods Manufactured ₱ 1,183,200.00
 Vanilla Food Processing Co.
Statement of Comprehensive Income
For the Year Ended December 31, 2019

Sales
Less: Cost of Goods Sold
Cost of Goods Manufactured ₱ 1,183,200.00
Add: Finished Goods, Jan. 1 ₱ 150,000.00
Total Goods Available for Sale ₱ 1,333,200.00
Less: Finished Goods, Dec. 31 ₱ 350,000.00
Gross Income
Less: Operating Expenses
Taxes and Licenses ₱ 16,800.00
Repair and Maintenance ₱ 30,000.00
Light and Water ₱ 24,000.00
Office Salaries ₱ 240,000.00
Depreciation- Office Eqpt. ₱ 34,000.00
Amortization of Franchise ₱ 35,000.00
Net Loss
₱ 1,350,000.00

₱ 983,200.00
₱ 366,800.00

₱ 379,800.00
-₱ 13,000.00
 Vanilla Food Processing Co.
Statement of Financial Position
As of December 31, 2019

ASSETS
Current Assets
Cash in Bank ₱ 375,000.00
Petty Cash Fund ₱ 10,000.00
Accounts Receivable ₱ 65,000.00
Finished Goods, Dec. 31 ₱ 350,000.00
Goods in Process, Dec. 31 ₱ 286,000.00
Raw Materials, Dec. 31 ₱ 90,000.00
Total Current Assets
Noncurrent Assets
Machinery and Equipment ₱ 380,000.00
Less: Accumulated Depreciation ₱ 152,000.00
Net ₱ 228,000.00
Office Equipment ₱ 120,000.00
Less: Accumulated Depreciation ₱ 58,000.00
Net ₱ 62,000.00
Franchise ₱ 280,000.00
Total Noncurrent Assets
Total Assets

LIABILITIES & OWNER'S EQUITY

Current Liabilities
Vouchers Payable ₱ 67,000.00
Total Liabilities
Owner's Equity
E. Detoya, Capital, Dec. 31 ₱ 1,692,000.00
Less: Loss -₱ 13,000.00
Total Owner's Equity ₱ 1,679,000.00
Total Liabilities and Owner's Equity
₱ 1,176,000.00

₱ 570,000.00
₱ 1,746,000.00

₱ 67,000.00

₱ 1,679,000.00
₱ 1,746,000.00
Adjusting Entries

12/31/19 Depreciation- Mach. & Eqpt. ₱ 76,000.00

Accumulated Depreciation - Mach. And Equp. ₱ 76,000.00
To record the year-end depreciation

12/31/19 Depreciation - Office Eqpt. ₱ 34,000.00

Accumulated Depreciation - Office Equip. ₱ 34,000.00
To record the year-end depreciation

12/31/19 Amortization of Franchise ₱ 35,000.00

Franchise ₱ 35,000.00
To record the year-end amortization

Closing Entries

12/31/19 Raw Materials, Dec. 31 ₱ 90,000.00

Goods in Process, Dec. 31 ₱ 286,000.00
Manufacturing Summary ₱ 376,000.00
To close manufacturing accounts with credit balances

12/31/19 Manufacturing Summary ₱ 1,559,200.00

Raw Materials, Jan. 1 ₱ 185,000.00
Goods in Process, Jan. 1 ₱ 75,000.00
Purchases- Raw Materials ₱ 295,000.00
Direct Labor ₱ 350,000.00
Indirect Labor ₱ 285,000.00
Taxes and Licenses- Factory ₱ 67,200.00
Repairs and Maintenance- Factory ₱ 90,000.00
Light and Water- Factory ₱ 136,000.00
Depreciation- Mach. & Eqpt. ₱ 76,000.00
To close manufacturing accounts with debit balances

12/31/19 Income Summary ₱ 1,333,200.00

Manufacturing Summary ₱ 1,183,200.00
Finished Goods, Jan. 1 ₱ 150,000.00
To close manufacturing summary and beginning finished Goods

12/31/19 Finished Goods, Dec 31 ₱ 350,000.00

Income Summary ₱ 350,000.00
To establish the ending inventory

12/31/19 Income Summary ₱ 379,800.00

Depreciation- Office Eqpt. ₱ 34,000.00
 Taxes and Licenses- Non-Factory ₱ 16,800.00
Repairs and Maintenance- Non-Factory ₱ 30,000.00
Light and Water- Non-Factory ₱ 24,000.00
Office Salaries ₱ 240,000.00
Amortization of Franchise ₱ 35,000.00
To close non-manufacturing accounts

12/31/19 Sales ₱ 1,350,000.00

Income Summary ₱ 1,350,000.00
To close the income account

12/31/19 E. Detoya, Capital ₱ 13,000.00

Income Summary ₱ 13,000.00
To close income summary account