Name: Hinampas, Lyka C.

Subject: Fundamentals of Accounting 2

Section: BSBA HR-2D Professor: Prof.Chit Rosario

DR-Park Wash Services

Trial Balances
December 31,2020

Debit Credit

Cash 550,000
Account Receivable 63,000
Office Equipment 240,000
Accumulated Depreciation-Office Equipment 24,000
Car Wash Equipment 1,200,000
Accumulated Depreciation-Car Wash Equipment 200,000
Furniture and Fixtures 25,000
Accumulated Depreciation-Furniture and Fixtures 5,000
Supplies 40,000
Prepaid Insurance 50,000
Accounts Payable 100,000
Notes Payable 150,000
Taxes and Licenses Payable 5,000
Loan Payable, P250,000 due annually 500,000
Del Rio, Capital 940,000
Del Rio, Withdrawals 120,000
Service Revenues 1,710,000
Parking Fees Revenue 94,000
Rent Expense 600,000
Depreciation Expense-Office Equipment 12,000
Depreciation Expense-Car Wash Equipment 100,000
Utilities Expense 115,500
Taxes and License Expense 85,000
Depreciation Expense-Furniture and Fixtures 2,500
Repair and Maintenance 15,500
Advertising Expense 64,500
Salaries Expenses 300,000
Insurance Expense 60,000
Supplies Expense 85,000

3,728,000 3,728,000
 DR-Park Wash Services
Statement of Financial Position
December 31,2020

ASSETS

Current Assets
Cash 550,000
Account Receivable 63,000
Supplies 40,000
Prepaid Insurance 50,000
Total Current Assets 703,000

Non-Current Assets

Property Plant and Equipment (1) 1,236,000

Total Non-Current Assets 1,236,000
Total Assets 1,939,000
 Liabilities and Owners Equity

Current Liabilities
Trade and others Payables (2) 255,000
Total Current Liabilities 255,000

Non-Current Liabilities
Loan Payable 500,000

Del Rio, Capital 1,184,000

Total Liabilities and Owners Equity 1,939,000
 DR-Park Wash Services
Statement of Comprehensive Income
For the year ended December 31,2020

Revenue
Service Income 1,710,000

Operating Expenses
Rent Expense 600,000
Depreciation Expense-Office Equipment 12,000
Depreciation Expense-Car Wash Equipment 100,000
Utilities Expense 115,500
Taxes and License Expense 85,000
Depreciation Expense-Furniture and Fixtures 2,500
Repair and Maintenance 15,500
Advertising Expense 64,500
Salaries Expenses 300,000
Insurance Expense 60,000
Supplies Expense 85,000 (1,440,000)

Net Operating Income 270,000

Add: Parking Fee Revenue 94,000

Net Income 364,000

 DR Park-Wash Services
Statement of Changes in Owner’s Equity
December 31, 2020

Del Rio, Capital January 1, 2020 940,000

Net Income for the year 364,000
Total 1,304,000

Less: Del Rio, Withdrawals (120,000)

Del Rio, Capital December 31,2020 ` 1,184,000

Submitted By: HINAMPAS, LYKA C.

BSBA HR -2D