Orbilla, Mark Philip BSIT-4

JJN Company
Adjusted Trial Balance
Dec. 31, 2020

Cash in Bank P 1,020,000

Accounts Receivable 380,000
Allowance for Bad Debts P 30,000
Prepaid Rent 150,000
Office Supplies 80,000
Office Equipment 1,590,000
Accumulated Depreciation -OE 250,000
Building - Office 1,500,000
Accumulated Depreciation - Building 300,000
Accounts Payable 200,000
Accrued Salaries Expense 30,000
Unearned Service Revenue 90,000
Notes Payable (Long-term) 1,000,000
JJN, Capital 2,150,000
JJN, Withdrawals 150,000
Service Revenue 1,994,000
Salaries and Wages 280,000
Depreciation Expense 150,000
Promotional Expense 120,000
Rent Expense 150,000
Utilities Expense 100,000
Interest Expense (Notes) 100,000
Office Supplies Expense 50,000
Taxes and Licenses 194,000
Bad Debts 30,000
TOTAL P 6,044,000 P 6,044,000

Required: Prepare the following financial statements:

1. Statement of Comprehensive Income (Income Statement) (10 pts)
Service Revenue   1,994,000
Salaries and Wages 280,000  
Depreciation Expense 150,000  
Promotional Expense 120,000  
Rent Expense 150,000  
Utilities Expense 100,000  
Interest Expense (Notes) 100,000  
Office Supplies Expense 50,000  
Taxes and Licenses 194,000  
Bad Debts 30,000  
  1,174,000  
PROFIT   820,000
2. Statement of Changes in Equity (5 pts)
2,150,00
JJN, Capital   0
Add: Profit   820,000
2,970,00
Total   0
Less: Drawing   150,000
2,820,00
JJN, Capital Dec. 31,2020   0

3. Statement of Financial Position (Balance Sheet) (15 pts)

Current Assets
Cash in bank 1,020,000
Accounts receivable 380,000
Prepaid rent 150,000
  Office Supplies 80,000
Total current assets 1,630,000
 
Non-current assets
Office Equipment 1,590,000  
AD - OE 250,000 1,340,000
Building 1,500,000  
  AD - Building 300,000 1,200,000
Total non-current assets 2,540,000
 
Total Assets 4,170,000

Current liabilities
Accounts payable 200,000
Accrued salaries expense 30,000
Unearned service revenue 90,000
  Allowance for bad debts 700,000
Total Current liabilities 1,020,000
 
Non-current liabilities
  Notes payable (long-term) 1,000,000
Total liabilities 2,020,000
 
Owner's Equity
  JJN, Capital 2,150,000
Total liabilities & equity 4,170,000