KAILA CLARISSE H.

CORTEZ

Christine Sousa Bags

WORKSHEET
For the month ended December 31, 2015
ACCOUNT TITLE UNADJUSTED TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT Statement of Financial Position

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

Cash 72,000 72,000

Accounts Receivable 136,000 136,000

Merchandise Inventory 598,000 598,000 723,000 723,000

Prepaid Advertising 75,000 25,000 50,000

Office Building 1,600,000 1,600,000

Accumulated Depreciation-Bldg. 100,000 15,000 115,000

Office Equipment 570,000 570,000

Accumulated Depreciation-Equipt. 150,000 20,000 170,000

Office Supplies 42,000 17,000 25,000

Land 400,000 400,000

Accounts Payable 74,000 74,000

Notes Payable due in 2yrs. 200,000 200,000

Mortgage Payable 1,100,000 1,100,000

Sousa, Capital 1,510,000 1,510,000

Sousa, Withdrawals 200,000 200,000

Sales 4,600,000 4,600,000

Sales Discount 161,000 161,000

Sales Returns and Allowances 187,000 187,000

Purchases 2,643,000 2,643,000

Purchases Discounts 172,000 172,000

Purchases Returns and Allowances 133,000 133,000

Transportation in 72,000 72,000

Salaries Expense 862,000 21,000 883,000

Insurance Expense 25,000 25,000

Interest Expense 208,000 208,000

Travel Expense 188,000 ___________ 188,000

Totals 8,039,000 8,039,000

========= =========

Supplies Expense 17,000 17,000

Advertising Expense 25,000 25,000

Salaries Payable 21,000 21,000

Depreciation Expense-Bldg 15,000 15,000

Depreciation Expense-Equipt 20,000 ___________ 20,000

 98,000 98,000 5,042,000 5,628,000 3,776,000 3,190,000

======== =========

Profit 586,000 __________ ___________ 586,000

5,628,000 5,628,000 3,776,000 3,776,000

Christine Sousa Bags ========= ========= ======== =========

Statement of Income
For the Year Ended December 31, 2015
Net Sales
Gross Sales 4,600,000.00
Less: Sales Returns and Allow. 187,000.00
Sales Discounts 161,000.00 348,000.00
Net Sales 4,252,000.00
Cost of Sales
Merchandise Inventory, 1/1/2020 598,000.00
Purchases Christine Sousa Bags
2,643,000.00
Statement
Less: Purchases Returns and Allow.of Changes in Owner's Equity
133,000.00
For the Year Ended December 31, 2015
Purchases Discounts 172,000.00
Net Purchases 2,338,000.00
Tranportation In 72,000.00
Net Cost of Purchases 1,510,000.0
2,410,000.00
Sousa, Capital, Beg.
Goods Available for Sale 3,008,000.00 0
Less:Merchandise Inventory, 12/31/20 723,000.00
Cost of Sales
586,000.0
2,285,000.00
Gross Profit Add: Profit 1,967,000.00 0
Operating Expenses
Depreciation Expense-Equipment 20,000.00
Tota
Depreciation Expense-Building 15,000.00
2,096,000.0
l
Advertising Expense 25,000.00 0
Insurance Expense Withdrawal
25,000.00 200,000.0
Salaries Expense
Less: s 883,000.00
0
Travel Expense 188,000.00
Offi ce Supplies Expense 17,000.00 1,896,000.0
Operating Profit Sousa, Owner's Equity 1,173,000.00 0
Finance Costs 794,000.00
Interest Expense 208,000.00
Profit 586,000.00
 Christine Sousa Bags
Statement of Financial Position
December 31, 2015
Assets
Current Assets
Cash and Cash Equivalents 72,000.00
Trade and Other Receivable 136,000.00
Inventories 748,000.00
Prepaid Expenses 50,000.00
Total Current Assets 1,006,000.00
Non-Current Assets
Property, Plant and Equipment 2,285,000.00
Total Assets 3,291,000.00

Liabilities
Current Liabilities
Trade and Other Payables 95,000.00
Non-Current Liabilities
Long-Term Notes 200,000.00
Mortgage Payable 1,100,000.00
Total Non-Current Liabilities 1,300,000.00
Total Liabilities 1,395,000.00
 Owner's Equity
Sousa, Capital, 12/31 1,896,000.00
Total Liabilities and Owner's
Equity 3,291,000.00

Closing Entries
 Date Particulars Debit Credit
Dec. 31 Merchandise Inventory 12/31/2020 723,000.00
Sales 4,600,000.00
Purchases Return and Allowances 172,000.00
Purchases Discounts 133,000.00
Income Summary 5,628,000.00

Dec. 31 Income Summary 5,042,000.00

Merchandising Inventory 1/1/2020 598,000.00
Purchases 2,643,000.00
Sales Return and Allowances 187,000.00
Sales Discounts 161,000.00
Transportation in 72,000.00
Salaries Expense 883,000.00
Insurance Expense 25,000.00
Interest Expense 208,000.00
Travel Expense 188,000.00
Supplies Expense 17,000.00
Advertising Expense 25,000.00
Depreciation Expense-Bldg 15,000.00
Depreciation Expense-Equipt 20,000.00

Dec. 31 Income Summary 586,000.00

Sousa, Capital 586,000.00

Dec. 31 Sousa, Capital 200,000.00

Sousa, Withdrawals 200,000.00
 Christine Sousa Bags
Post – closing Trial Balance
December 31, 2015

Account Title Debit Credit

Cash Php 72,000

Accounts Receivable 136,000
Merchandise Inventory 723,000
Prepaid Advertising 50,000
Office Building 1,600,000
Accumulated Depreciation-Bldg. 115,000
Office Equipment 570,000
Accumulated Depreciation-Equipt. 170,000
Office Supplies 25,000
Land 400,000
Accounts Payable 74,000
Notes Payable due in 2yrs. 200,000
Mortgage Payable 1,100,000
Salaries Payable 21,000
Sousa, Capital 1,896,000

Totals Php 3,576,000 Php 3,576,000

============== ===============
Opening Entries

Month Date Account Titles Debit Credit

JAN 1 Cash Php 72,000

Accounts Receivable 136,000
Merchandise Inventory 723,000
Prepaid Advertising 50,000
Office Building 1,600,000
Office Equipment 570,000
Office Supplies 25,000
Land 400,000
Accumulated Depreciation-Bldg. 115,000
Accumulated Depreciation-Equipt 170,000
Accounts Payable 74,000
200,000
Notes Payable due in 2yrs. 1,100,000
21,000
Mortgage Payable 1,896,000

Salaries Payable

Sousa, Capital