Falsetto Company Adjusted Trial Ba

For the Year Ended December 31,

Accounts Debit Credit
Cash ₱ 14,500.00
Accounts Receivable ₱ 11,100.00
Inventory ₱ 29,000.00
Prepaid Insurance ₱ 2,500.00
Equipment ₱ 95,000.00
Accumulated Depreciation-Equipment ₱ 18,000.00
Notes Payable ₱ 25,000.00
Accounts Payable ₱ 10,600.00
Owner's Capital ₱ 81,000.00
Owner's Drawing ₱ 12,000.00
Sales Revenue ₱ 536,800.00
Interest Revenue ₱ 2,500.00
Sales Returns and Allowances ₱ 6,700.00
Sales Discount ₱ 5,000.00
Cost of Goods Sold ₱ 363,400.00
Freight out ₱ 7,600.00
Advertising expense ₱ 12,000.00
Salaries Expnse ₱ 56,000.00
Utilities ₱ 18,000.00
Rent Expense ₱ 24,000.00
Depreciation Expense ₱ 9,000.00
Insurance expense ₱ 4,500.00
Interest Expense ₱ 3,600.00

Total ₱ 673,900.00 ₱ 673,900.00

Instructions
1. Use the Multi-Step Income Statement when Preparing the Income Statement,
2. Classify if the Asset or Liability is Current or Non-Current when preparing the Balance Sheet.
setto Company Adjusted Trial Balance
or the Year Ended December 31,20CY
 FALCETTO COMPANY
INCOME STATEMENT
For the year ended December 31,20CY
Sales Revenues
Sales revenue ₱ 536,800.00
Less: Sales Returns and Allowances ₱ 6,700.00
Sales Discounts ₱ 5,000.00 ₱ 11,700.00
Net Sales ₱ 525,100.00
Cost of goods sold ₱ 363,400.00
Gross Profit ₱ 161,700.00
Operating Expenses
Salaries Expense ₱ 56,000.00
Rent Expense ₱ 24,000.00
Utilities Expense ₱ 18,000.00
Advertising Expense ₱ 12,000.00
Depreciation Expense ₱ 9,000.00
Freight-out ₱ 7,600.00
Insurance Expense ₱ 4,500.00
Total operating expense ₱ 131,100.00
Income From Operations ₱ 30,600.00
Other Revenue and gains
Interest Revenue ₱ 2,500.00
Other Expense and losses
Interest Expense ₱ 3,600.00 ₱ 1,100.00

Net Income ₱ 29,500.00

 Falsetto Company
Balance Sheet
For the Year Ended December 31,20CY
Assets
Current Assets ₱ 14,500.00
Cash ₱ 11,100.00
Accounts Receivable ₱ 29,000.00
Notes Payable ₱ 2,500.00
Non-Current Assets ₱ 57,100.00
Equipment ₱ 95,000.00
Less:Accumulated Depreciation-equipment ₱ 18,000.00 ₱ 77,000.00

Total Assets ₱ 134,100.00

Liabilities and Owner's Equity

Current Liabilities
Notes Payable ₱ 25,000.00
Accounts Payable ₱ 10,600.00 ₱ 35,600.00
Toral Liabilities ₱ 35,600.00
Owner's Equity
Owner's Capital ₱ 81,000.00
Net Income ₱ 29,500.00
Less: Owner's Drawing ₱ 12,000.00 ₱ 98,500.00
Total Liabilities and Owner's Equity ₱ 134,100.00
0CY