Ricardo Pangan Company

Worksheet
For the Month Ended January 31, 2019
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
No Account Title
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
110 Cash 2,384,700 2,384,700 2,384,700
120 Accounts Receivable 740,000 740,000 740,000
130 Merchandise Inventory 730,000 730,000 730,000 470,000 470,000
140 Prepaid Rent 90,000 a. 30,000 60,000 60,000
150 Office Supplies 200,000 b. 130,000 70,000 70,000
160 Office Equipment 1,000,000 1,000,000 1,000,000
165 Accumulated Depreciation 250,000 c. 10,000 260,000 260,000
210 Notes Payable 570,000 570,000 570,000
220 Accounts Payable 1,190,000 1,190,000 1,190,000
230 Salaries Payable d. 90,000 90,000 90,000
310 Pangan, Capital 1,650,000 1,650,000 1,650,000
320 Pangan, Withdrawals 100,000 100,000 100,000
330 Income Summary
410 Sales 3,160,000 3,160,000 3,160,000
420 Sales Returns and Allowances 30,000 30,000 30,000
430 Sales Discounts 11,600 11,600 11,600
510 Purchases 1,440,000 1,440,000 1,440,000
520 Purchases Returns and Allowances 10,000 10,000 10,000
530 Purchases Discounts 6,300 6,300 6,300
540 Transportation In 20,000 20,000 20,000
610 Salaries Expense 80,000 d. 90,000 170,000 170,000
620 Rent Expense a. 30,000 30,000 30,000
630 Office Supplies Expense b. 130,000 130,000 130,000
640 Depreciation Expense c. 10,000 10,000 10,000
650 Interest Expense 10,000 10,000 10,000
6,836,300 6,836,300 260,000 260,000 6,936,300 6,936,300 2,581,600 3,646,300 4,824,700 3,760,000
Profit 1,064,700 1,064,700
3,646,300 3,646,300 4,824,700 4,824,700
 Ricardo Pangan Company
Income Statement
For the Month Ended January 31, 2019
Revenues from Sales
Gross Sales 3,160,000
Less: Sales Returns and Allowances 30,000
Sales Discounts 11,600 41,600
Net Sales 3,118,400
Less: Cost of Goods Sold
Merchandise Inventory, Beginning 730,000
Purchases 1,440,000
Less: Purchases Returns and Allowances 10,000
Purchases Discounts 6,300 16,300
Net Purchases 1,423,700
Transportation In 20,000
Net Cost of Purchases 1,443,700
Goods Available for Sales 2,173,700
Less: Merchandise Inventory, Ending 470,000
Cost of Goods Sold 1,703,700
Gross Profit 1,414,700
Less: Operating Expenses
Salaries Expense 170,000
Rent Expense 30,000
Office Supplies Expense 130,000
Depreciation Expense 10,000
Total Operating Expenses 340,000
Operating Profit 1,074,700
Less: Finance Costs 10,000
Profit 1,064,700

Ricardo Pangan Company

Statement of Changes in Equity
For the Month Ended January 31, 2019

Pangan, Capital, 1/1/2019 1,650,000

Add: Profit 1,064,700
Total 2,714,700
Less: Pangan, Withdrawals 100,000
Pangan, Capital, 1/31/2019 2,614,700
 Ricardo Pangan Company
Statement of Financial Position
As of January 31, 2019
ASSETS
Current Assets
Cash 2,384,700
Accounts Receivable 740,000
Merchandise Inventory 470,000
Prepaid Rent 60,000
Office Supplies 70,000
Total Current Assets 3,724,700
Non-current Assets
Office Equipment 1,000,000
Less: Accumulated Depreciation 260,000
Total Non-current Assets 740,000
TOTAL ASSETS 4,464,700
LIABILITIES
Current Liabilities
Notes Payable 570,000
Accounts Payable 1,190,000
Salaries Payable 90,000
Total Current Liabilities 1,850,000
OWNER'S EQUITY
Pangan, Capital, 1/31/2019 2,614,700
TOTAL LIABILITIES AND OWNER'S EQUITY 4,464,700
 Ricardo Pangan Company
Post-Closing Trial Balance
January 31, 2019
No. Account Titles Debit Credit
110 Cash 2,384,700
120 Accounts Receivable 740,000
130 Merchandise Inventory 470,000
140 Prepaid Rent 60,000
150 Office Supplies 70,000
160 Office Equipment 1,000,000
165 Accumulated Depreciation 260,000
210 Notes Payable 570,000
220 Accounts Payable 1,190,000
230 Salaries Payable 90,000
310 Pangan, Capital 2,614,700
4,724,700 4,724,700