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  • Gold Trading, Inc. Adjusted Trial Baalnce 31-Dec-20

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    ME Valleser
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    This adjusted trial balance shows the assets, liabilities, equity, income and expenses of Gold Trading, Inc. as of December 31, 2020. Major assets include cash in banks and equivalents totaling over $44 million, merchandise inventory of $7.2 million, and property and equipment after depreciation of $3.9 million. Significant liabilities are income tax payable of $5.6 million and accounts payable of $3.4 million. Equity includes share capital of $11.6 million and retained earnings of $13 million. Total revenues and expenses are both over $175 million.

    Original Description:

    preparation of the basic financial statements

    Original Title

    Trial Balance

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    This adjusted trial balance shows the assets, liabilities, equity, income and expenses of Gold Trading, Inc. as of December 31, 2020. Major assets include cash in banks and equivalents totaling over $44 million, merchandise inventory of $7.2 million, and property and equipment after depreciation of $3.9 million. Significant liabilities are income tax payable of $5.6 million and accounts payable of $3.4 million. Equity includes share capital of $11.6 million and retained earnings of $13 million. Total revenues and expenses are both over $175 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    92 views2 pages

    Gold Trading, Inc. Adjusted Trial Baalnce 31-Dec-20

    Uploaded by

    ME Valleser
    This adjusted trial balance shows the assets, liabilities, equity, income and expenses of Gold Trading, Inc. as of December 31, 2020. Major assets include cash in banks and equivalents totaling over $44 million, merchandise inventory of $7.2 million, and property and equipment after depreciation of $3.9 million. Significant liabilities are income tax payable of $5.6 million and accounts payable of $3.4 million. Equity includes share capital of $11.6 million and retained earnings of $13 million. Total revenues and expenses are both over $175 million.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Gold Trading, Inc.

    Adjusted Trial Baalnce


    31-Dec-20

    Cash in Bank - UBP 12,748,275.35


    Cash in Bank - BDO 15,943,727.09
    Cash Equivalents 15,434,881.70
    Cash on Hand 402,630.80
    Petty Cash Fund 57,500.00
    Merchandise Inventory 7,235,760.00
    Cash Bond 5,000.00
    Accounts Receivable 396,367.61
    Office Equipment 2,165,258.13
    Accum. Depre.-Office Equipment 1,820,246.67
    Office Furniture & Fixtures 635,371.29
    Accum. Depre.-Office F & F 606,714.32
    Miscellaneous Fixed Asset 281,287.12
    Accum. Depre. - Misc. FA 134,670.37
    Leasehold Improvements 2,229,791.82
    Rent Deposit 310,740.00
    Security Deposit - Telephone 27,500.00
    Security Deposit - Others 2,568,756.74
    Construction Bond 204,837.42
    Advances to Owners & Employees 43,542.72
    SSS Receivable - Maternity 19,000.00
    Electricity Deposit 58,463.22
    Accounts Payable 3,446,208.15
    Income Tax Payable 5,591,710.51
    VAT Payable 681,065.31
    Withholding Tax Payable 263,707.27
    SSS Premium Payable 61,596.01
    SSS Loan Payable 5,415.97
    Pag-ibig Fund Payable 12,704.48
    Pag-ibig Loan Payable 20,613.77
    Philhealth Premium Payable 18,030.01
    Accrued Salary Payable 351,880.31
    Payable from Employees 12,683.79
    Pension Payable 2,481,252.00
    Share Capital 11,620,000.00
    Retained Earnings 7,885,065.83
    Retained Eranings - Appropriated 5,000,000.00
    Sales 129,599,639.84
    Sale Return & Allowances 578,500.00
    Sales Discounts 2,505,369.60
    Purchases 82,620,365.37
    Purchase Returns & Allowances 3,545,456.00
    Purchase Discounts 2,789,453.00
    Freight & Handling Expense - Freight In 1,061,445.38
    Packaging Expense - Cost of Sales 620,312.50
    Advertising and PR - Selling 947,944.20
    Marketing Expense:Promos - Selling 1,207,781.93
    Repairs and Maintenance 569,296.04
    Salaries & Wages Expenses 7,452,925.28
    Communication Expense 349,176.57
    SSS Premium Expense 409,890.10
    Pag-ibig Premium Expense 66,936.32
    Philhealth Premium Expense 90,881.25
    Rent Expense 9,017,344.73
    Utilities Expense 1,127,644.29
    Representation & Entertainment 66,652.14
    Office Supplies Expense 348,683.84
    Donation & Contribution Expense 10,000.00
    Transportation & Travel Expense 352,111.74
    Miscellaneous Expense 535,583.07
    Professional Fees 141,714.29
    Dues and Subscriptions 16,835.14
    Depreciation Expense 287,402.60
    Taxes & Licenses 642,024.90
    Bank Charges & Interest 473,657.56
    Employees Welfare and Benefits 454,820.44
    Insurance Expense - Admin 265,496.64
    Service Fee Expense 800,041.60
    Training & Recruitment Expense 86,664.29
    13th Month Pay 765,187.18
    Gasoline Expense 129,964.56
    Security Service/Agency Fee 73,020.94
    Meetings/Affairs/Events 640,259.73
    Uniform Expense 183,284.38
    Pension Expense 280,204.00
    Total 175,948,113.61 175,948,113.61

    Merchandise Inventory - December 31 3,083,869.60

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