Good Hope Corporation Worksheet Adjustments

Good Hope Corporati
Worksheet
December 31, 202
TRIAL BALANCE
Particulars
DEBIT CREDIT
Cash 582,000.00
Accounts Receivable 240,000.00
Allowance for Doubftful Accounts
Receivable from Highest Bidder
Inventories 140,000.00
Store Supplies 18,000.00
Office Supplies 21,000.00
Store Furnitures and Fixtures 275,000.00
Accumulated Depreciation- Store Furniture and Fixtures
Office Equipment 225,000.00
Accumulated Depreciation- Office Equipment
Accounts Payable 291,000.00
Salaries Payable
Unearned Sales 64,000.00
Cash Dividends Payable- preference
Cash Dividends Payable- ordinary
12% Preference Share-Capital 120,000.00
Subscribed Share Capital-preference 60,000.00
Subscriptions Receivable-preference 30,000.00
Ordinary Share Capital 600,000.00
Subscribed Share Capital-ordinary 200,000.00
Subscriptions Receivable-ordinary 100,000.00
Share Premium-preference 50,000.00
Share Premium-ordinary 60,000.00
Share premium- treasury shares
Accumulated Profits-free
Accumulated Profits-apprpriated for treasury shares
Treasury shares-ordinary 168,000.00
Sales 2,999,000.00
Purchases 1,555,000.00
Store salaries Expense 280,000.00
Store supplies Expense
Depreciation Expense- Store Furniture and Fixtures
Miscellaneous Distribution Costs 11,000.00
Office Salaries Expense 330,000.00
Utilities Expense 270,000.00
Rent Expense 180,000.00
Office Supplies Expense
Depreciation Expense- Office Equipment
Doubtful Accounts Expense
Miscellaneous Administrative Expenses 19,000.00
Income Summary
Total 4,444,000.00 4,444,000.00

Net Income
Total
Good Hope Corporation
Worksheet
December 31, 2020
ADJUSTMENTS Adjusted Trial Balance Income Statement Balance Sheet

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
88,000.00 670,000.00 670,000.00
240,000.00 240,000.00
19,200.00 19,200.00
130,000.00 140,000.00 130,000.00 130,000.00

12,000.00 6,000.00 6,000.00
14,700.00 6,300.00 6,300.00
275,000.00 275,000.00
44,000.00 44,000.00
225,000.00 225,000.00
22,500.00 22,500.00
291,000.00
15,000.00 15,000.00
16,000.00 48,000.00
120,000.00
60,000.00
30,000.00 30,000.00
48,000.00 648,000.00
48,000.00 152,000.00
24,000.00 76,000.00 76,000.00
50,000.00
36,000.00 24,000.00
26,000.00 126,000.00 68,000.00 68,000.00

16,000.00 3,015,000.00 3,015,000.00
1,555,000.00 1,555,000.00
15,000.00 295,000.00 295,000.00
12,000.00 12,000.00 12,000.00
44,000.00 44,000.00 44,000.00
11,000.00 11,000.00
330,000.00 330,000.00
270,000.00 270,000.00
180,000.00 180,000.00
14,700.00 14,700.00 14,700.00
22,500.00 22,500.00 22,500.00
19,200.00 19,200.00 19,200.00
19,000.00 19,000.00
140,000.00 130,000.00 140,000.00 130,000.00 140,000.00 130,000.00
611,400.00 611,400.00 4,638,700.00 4,638,700.00 2,912,400.00 3,145,000.00 1,726,300.00

232,600.00
3,145,000.00 3,145,000.00 1,726,300.00
Balance Sheet
CREDIT
19,200.00
44,000.00
22,500.00
291,000.00
15,000.00
48,000.00
120,000.00
60,000.00
648,000.00
152,000.00
50,000.00
24,000.00
1,493,700.00
232,600.00
1,726,300.00
A

GENERAL JOURNAL
Account Titles and Explanation P.R. Debit

Dec-15 Cash 90,000
Share Premium- Ordinary 36,000
Treasury shares-ordinary
To record the reissued treasury shares
18 Receivable from Highest Bidder 2,000

Cash
To record the costs related to public auction
18 Receivable from Highest Bidder 24,000

Subscriptions Receivable-ordinary
To record the delinquent subscriptions
27 Treasury shares-ordinary 26,000

To record the default shares reqacquired
Subscribed Share Capital-ordinary 48,000

Ordinary Share Capital
To record the issued shares
31 Store salaries Expense 15,000

Salaries Payable
To record the salaries accrued
31 Store supplies Expense 12,000

Office Supplies Expense 14,700
Store Supplies
Office Supplies
To reocrd the supplies used
31 Unearned Sales 16,000

Sales
To record the earned sales
31 Depreciation Expense- Store Furniture and Fixtures 44,000

Depreciation Expense- Office Equipment 22,500
To record the depreciation
31 Doubtful Accounts Expense 19,200

To record the bad debts
31 Income Summary 140,000

Inventories
To close the beginning inventory
Inventories 130,000
Income Summary
To record the ending inventory
31 Income Summary 232,600

To record the net income
31 Accumulated Profits-free 68,000

Balance 940,000

GENERAL JOURNAL
CLOSING ENTRIES
Account Titles and Explanation P.R. Debit
Income Summary 2,772,400

Purchases
Store salaries Expense
Depreciation Expense- Store Furniture and Fixtures
Miscellaneous Distribution Costs
Office Salaries Expense
Utilities Expense
Rent Expense
Miscellaneous Administrative Expenses
To close the expense accounts
Sales 3,015,000
Income Summary
To close the revenue eaccounts
*closing of net income to the accumulated profits is already recorded above*
REVERSING ENTRIES
Salaries Payable 15,000
Store salaries Expense
Store Supplies 12,000

Office Supplies 14,700
Balance 5,829,100
GJ-1
Credit
126,000
2,000
24,000
26,000
48,000
15,000
12,000
14,700
16,000
44,000
22,500
19,200
140,000
130,000
232,600
68,000
940,000
GJ-1
Credit
1,555,000.00
295,000.00
12,000.00
44,000.00
11,000.00
330,000.00
270,000.00
180,000.00
14,700.00
22,500.00
19,200.00
19,000.00
3,015,000
15,000
12,000
14,700
5,829,100
B.

ADJUSTED TRIAL BALANCE
DECEMBER 31 2020
Acct code Account titles Debit

Cash 670,000.00
Accounts Payable
Salaries Payable
Unearned Sales
12% Preference Share-Capital
Subscribed Share Capital-preference
Subscribed Share Capital-ordinary
Share Premium-preference
Share Premium-ordinary
Sales
Purchases 1,555,000.00
Store supplies Expense 12,000.00
Depreciation Expense- Store Furniture and Fixtures 44,000.00
Office Salaries Expense 330,000.00
Utilities Expense 270,000.00
Rent Expense 180,000.00
Office Supplies Expense 14,700.00
Depreciation Expense- Office Equipment 22,500.00
Doubtful Accounts Expense 19,200.00
Miscellaneous Administrative Expenses 19,000.00
Income Summary 140,000.00
BALANCE ₱ 4,638,700.00
B.
Good Hope Corp

POST CLOSING TRIAL
DECEMBER 31 2
Acct code
Credit
19,200.00
44,000.00
22,500.00
291,000.00
15,000.00
48,000.00
120,000.00
60,000.00
648,000.00
152,000.00
50,000.00
24,000.00
3,015,000.00
130,000.00
₱ 4,638,700.00
POST CLOSING TRIAL BALANCE
DECEMBER 31 2020
Account titles Debit
Cash 670,000.00
Accounts Payable
Salaries Payable
Unearned Sales
12% Preference Share-Capital
Subscribed Share Capital-preference
Subscribed Share Capital-ordinary
Share Premium-preference
Share Premium-ordinary
BALANCE ₱ 1,726,300.00
Credit
19,200.00
44,000.00
22,500.00
291,000.00
15,000.00
48,000.00
120,000.00
60,000.00
648,000.00
152,000.00
50,000.00
24,000.00
164,600.00
68,000.00
₱ 1,726,300.00
C. INCOME STATEMENT
Statement of Comprehensive Income
For the year ended December 31, 20xx
Notes
Sales 3,015,000.00
Less: Cost of Goods Sold 1 1,565,000.00
Gross Profit 1,450,000.00
Less: Operating Expenses
Selling Expenses 2 362,000
Administrative Expenses 3 855,400 1,217,400.00
Net Income ₱ 232,600.00
D. Owners Equity
Good Hop
Statement of Changes
For the year ende
Subscribed
12% Preference
Share Capital-
Share-Capital
preference
Beginning Balance ₱ 120,000.00 ₱ 60,000.00

Issuance of ordinary shares
Reacquired Shares
Reissuance of treasury shares
Net Income
Appropriation of Treasury Shares
Ending Balance ₱ 120,000.00 ₱ 60,000.00
Statement of Changes in Shareholders' Equity
For the year ended December 31, 20xx
Subscriptions Subscribed Subscriptions

Share Premium- Ordinary Share
Receivable- Share Capital- Receivable-
preference Capital
preference ordinary ordinary
₱ 30,000.00 ₱ 50,000.00 ₱ 600,000.00 ₱ 200,000.00 ₱ 100,000.00

48,000 (48,000) (48,000)
₱ 30,000.00 ₱ 50,000.00 ₱ 648,000.00 ₱ 152,000.00 ₱ 52,000.00

Accumulated
Share Premium- Accumulated Profits- Treasury
ordinary Profits-free apprpriated for shares-ordinary
treasury shares
₱ 60,000.00 ₱ - ₱ - ₱ 168,000.00
26,000
(36,000) (126,000)
232,600
(68,000) 68,000
₱ 24,000.00 ₱ 164,600.00 ₱ 68,000.00 ₱ 68,000.00
F. NOTES TO FINANCIAL STATEMENTS
Note 1 : Cost of Goods Sold
Statement of Cost of Good Sold
(Date)
Inventory, Beg. 140,000.00

Add: Net Purchases 1,555,000.00
Cost of Goods Available for Sale 1,695,000.00
Less Inventory, End 130,000.00
Cost of Goods Sold ₱ 1,565,000.00
Note 2 : Selling Expenses

Store supplies Expense 12,000.00
Depreciation Expense- Store Furniture and Fixtures 44,000.00
Total Selling Expenses ₱ 362,000.00
Note 3 : Administrative Expenses
Office
Salaries
Expense
Utilities Expense
Rent Expense
Miscellaneous Administrative Expenses
Total Administrative Expenses
330,000.00
270,000.00
180,000.00
14,700.00
22,500.00
19,200.00
19,000.00
₱ 855,400.00
Withdrawal of owner
NET CASH FLOWS F
Net Cash Flows

Add: Cash, Jan1, 2020
Cash, December 31, 2020
Withdrawal of owner -
NET CASH FLOWS FROM FINANCIN #REF!
#REF!
sh, Jan1, 2020 #REF!
ecember 31, 2020 #REF!
E
Statement of Financial Position
As of December 31, 2020
ASSETS
Current Assets
Cash 670,000.00
Allowance for Doubftful Accounts 19,200.00 220,800.00
Total Current Assets 1,033,100.00
Non-Current Assets
Accumulated Depreciation- Store Furniture and Fixtures 44,000.00 231,000.00
Accumulated Depreciation- Office Equipment 22,500.00 202,500.00
Total Non-Current Assets 433,500.00
Total Assets 1,466,600.00
LIABILITIES AND EQUITY

Liabilities
Accounts Payable 291,000.00
Salaries Payable 15,000.00
Unearned Sales 48,000.00
Total Liabilities 354,000.00
Equity:
Contributed Capital:
Share Capital:
12% Preference Share-Capital 120,000.00
Subscribed Share Capital-preference 60,000.00
Less Subscriptions Receivable-preference 30,000.00 30,000.00
Ordinary Share Capital 648,000.00
Subscribed Share Capital-ordinary 152,000.00
Subscriptions Receivable-ordinary 76,000.00 76,000.00
Share Premium-preference 50,000.00
Share Premium-ordinary 24,000.00
Total Contributed Capital 948,000.00
Accumulated Profits:
Accumulated Profits-free 164,600.00
Accumulated Profits-apprpriated for treasury shares 68,000.00 232,600.00
Total Contributed Capital and Accumulated Profits 1,180,600.00
Less: Treasury Shares at cost 68,000.00
Total Equity 1,112,600.00
TOTAL LIABILITIES AND EQUITY 1,466,600.00

Good Hope Corporation Worksheet Adjustments

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Good Hope Corporation Worksheet Adjustments

Uploaded by

Copyright:

Available Formats

Good Hope Corporati

Total 4,444,000.00 4,444,000.00

ADJUSTMENTS Adjusted Trial Balance Income Statement Balance Sheet

130,000.00 140,000.00 130,000.00 130,000.00

26,000.00 126,000.00 68,000.00 68,000.00

611,400.00 611,400.00 4,638,700.00 4,638,700.00 2,912,400.00 3,145,000.00 1,726,300.00

Good Hope Corporation

Account Titles and Explanation P.R. Debit

18 Receivable from Highest Bidder 2,000

18 Receivable from Highest Bidder 24,000

27 Treasury shares-ordinary 26,000

Subscribed Share Capital-ordinary 48,000

31 Store salaries Expense 15,000

31 Store supplies Expense 12,000

31 Unearned Sales 16,000

31 Depreciation Expense- Store Furniture and Fixtures 44,000

31 Doubtful Accounts Expense 19,200

31 Income Summary 140,000

31 Income Summary 232,600

31 Accumulated Profits-free 68,000

Good Hope Corporation

Income Summary 2,772,400

*closing of net income to the accumulated profits is already recorded above*

Store Supplies 12,000

Good Hope Corporation

Acct code Account titles Debit

Good Hope Corp

Beginning Balance ₱ 120,000.00 ₱ 60,000.00

Subscriptions Subscribed Subscriptions

₱ 30,000.00 ₱ 50,000.00 ₱ 600,000.00 ₱ 200,000.00 ₱ 100,000.00

₱ 30,000.00 ₱ 50,000.00 ₱ 648,000.00 ₱ 152,000.00 ₱ 52,000.00

Inventory, Beg. 140,000.00

Note 2 : Selling Expenses

Note 3 : Administrative Expenses

Net Cash Flows

Total Assets 1,466,600.00

LIABILITIES AND EQUITY

TOTAL LIABILITIES AND EQUITY 1,466,600.00

You might also like

closing of net income to the accumulated profits is already recorded above