El MUEBLES COMPANY

TRIAL BALANCE
As of September 30, 2020
Cash 359,115
Accounts receivable 154,650
Notes receivable 30,000
Accum. Dep Office equipment - admin 200
Accum. Dep Office equipment - Selling 200
Accum. Dep Office equipment -Factory 400
Accum.Dep Furniture & Fixtures - Admin 400
Accum.Dep Furniture & Fixtures - Selling 750
Accum.Dep Furniture & Fixtures - Factory 200
Accum.Dep Machine tools 150
Accum.Dep Factory Machinery & Equipment 1,400
Accum.Dep Delivery Van 750
Accounts payable 46,500
Sales 438,700
Cost of goods sold 175,480
Raw materials 12,815
Finished goods 15,980
Over applied factory overhead 965
Salaries Expense - Selling 32,000
Salaries Expense -Admin 67,000
SSS & EC Contribution Expense - Selling 2,600
SSS & EC Contribution Expense - Admin 5,040
Philhealth contribution expense - selling 960
Philhealth contribution expense - Admin 1,985
Pag-Ibig contribution expense - selling 200
Pag-Ibig contribution expense -admin 400
Rent expense - admin 12,000
Rent expense - selling 6,000
Maintenance & repair 4,000
Gas & Oil expense 2,500
Utilities expense - Admin 4,800
Utilities expense - Selling 2,400
Dep. Expense- Office Equipment - Admin 200
Dep. Expense- Office Equipment - selling 200
Dep. Expense- Furniture & Fixtures - Admin 400
Dep. Expense- Furniture & Fixtures - selling 400
Dep. Expense - Delivery Van 750
TOTAL ₱ 691,245.00 ₱ 691,245.00
 EL MUEBLES COMPANY
Income Statement
As of July 31, 2020
Sales ₱ 2,753,100.00
Less: Sales discount 2,120
Net Sales ₱ 2,750,980.00
Cost of goods sold 1,101,240
FOH over-applied 6,755 1,094,485
Gross Profit 1,656,495
Less expenses
Other expenses
Repair & Maintenance cost 2,500
Organization Cost 50,000
Administrative Expense
Salaries Expense -Admin 469,000
SSS & EC Contribution Expense - Admin 35,280
Philhealth contribution expense - Admin 13,895
Pag-Ibig contribution expense -admin 2,800
Rent expense - admin 84,000
Utilities expense - Admin 33,600
Dep. Expense- Office Equipment - Admin 1400
Dep. Expense- Furniture & Fixtures - Admin 2,800
Selling Expense
Salaries Expense - Selling 224,000
SSS & EC Contribution Expense - Selling 18,200
Philhealth contribution expense - selling 6,720
Pag-Ibig contribution expense - selling 1400
Rent expense - selling 42,000
Utilities expense - Selling 16,800
Dep. Expense- Office Equipment - selling 1400
Dep. Expense- Furniture & Fixtures - selling 2,800
Dep. Expense - Delivery Van selling 5,250
Gas & Oil expense 10,000
Promotion 5,000 1,028,845
Income before tax ₱ 627,650.00
Income tax expense (april) ₱ 76,392.00
Income tax expense (july) 87,906 164,298

Total Gross Income ₱ 463,352.00

 EL MUEBLES COMPANY
Income Statement
For the Eight Month Ended August 31, 2020
Sales ₱ 3,150,050.00
Less: Sales discount 2,120
Net Sales ₱ 3,147,930.00
Cost of goods sold 1,260,020
FOH over-applied 7,720 1,252,300
Gross Profit 1,895,630
Less expenses
Other expenses
Repair & Maintenance cost 2,500
Organization Cost 50,000
Administrative Expense
Salaries Expense -Admin 536,000
SSS & EC Contribution Expense - Admin 40,320
Philhealth contribution expense - Admin 15,880
Pag-Ibig contribution expense -admin 3,200
Rent expense - admin 96,000
Utilities expense - Admin 38,400
Dep. Expense- Office Equipment - Admin 1,600
Dep. Expense- Furniture & Fixtures - Admin 3,200
Selling Expense
Salaries Expense - Selling 256,000
SSS & EC Contribution Expense - Selling 20,800
Philhealth contribution expense - selling 7,680
Pag-Ibig contribution expense - selling 1,600
Rent expense - selling 48,000
Utilities expense - Selling 19,200
Dep. Expense- Office Equipment - selling 1,600
Dep. Expense- Furniture & Fixtures - selling 3,200
Dep. Expense - Delivery Van selling 6,000
Gas & Oil expense 10,000
Promotion 5000 1,166,180
Income before tax ₱ 729,450.00
Income tax expense (april) ₱ 76,392.00
Income tax expense (july) 87,906 164,298

Total Gross Income ₱ 565,152.00

 EL MUEBLES COMPANY
Income Statement
For the Third Quarter Ended September 30, 2020
Sales ₱ 3,588,750.00
Less: Sales discount 2,120
Net Sales ₱ 3,586,630.00
Cost of goods sold 1,435,500
FOH over-applied 8,685 1,426,815
Gross Profit 2,159,815
Less expenses
Other expenses
Repair & Maintenance cost 6,500
Organization Cost 50,000
Administrative Expense
Salaries Expense -Admin 603,000
SSS & EC Contribution Expense - Admin 45,360
Philhealth contribution expense - Admin 17,865
Pag-Ibig contribution expense -admin 3,600
Rent expense - admin 108,000
Utilities expense - Admin 43,200
Dep. Expense- Office Equipment - Admin 1,800
Dep. Expense- Furniture & Fixtures - Admin 3,600
Selling Expense
Salaries Expense - Selling 288,000
SSS & EC Contribution Expense - Selling 23,400
Philhealth contribution expense - selling 8,640
Pag-Ibig contribution expense - selling 1,800
Rent expense - selling 54,000
Utilities expense - Selling 21,600
Dep. Expense- Office Equipment - selling 1,800
Dep. Expense- Furniture & Fixtures - selling 3,600
Dep. Expense - Delivery Van selling 6,750
Gas & Oil expense 12,500
Promotion 5,000 1,310,015
Income before tax ₱ 849,800.00
Income tax expense (april) ₱ 76,392.00
Income tax expense (july) 87,906 164,298

Total Gross Income ₱ 685,502.00

 EL MUEBLES COMPANY
Income Statement
For the 3rd Quarter Ended September 30, 2020
July August
Sales ₱ 2,753,100.00
Less: Sales discount 2,120
Net Sales ₱ 2,750,980.00
Cost of goods sold 1,101,240 1,260,020
FOH over-applied 6,755 1,094,485 7,720
Gross Profit 1,656,495
Less expenses
Other expenses
Repair & Maintenance cost 2,500 2,500
Organization Cost 50,000 50,000
Administrative Expense
Salaries Expense -Admin 469,000 536,000
SSS & EC Contribution Expense - Admin 35,280 40,320
Philhealth contribution expense - Admin 13,895 15,880
Pag-Ibig contribution expense -admin 2,800 3,200
Rent expense - admin 84,000 96,000
Utilities expense - Admin 33,600 38,400
Dep. Expense- Office Equipment - Admin 1400 1,600
Dep. Expense- Furniture & Fixtures - Admin 2,800 3,200
Selling Expense
Salaries Expense - Selling 224,000 256,000
SSS & EC Contribution Expense - Selling 18,200 20,800
Philhealth contribution expense - selling 6,720 7,680
Pag-Ibig contribution expense - selling 1400 1,600
Rent expense - selling 42,000 48,000
Utilities expense - Selling 16,800 19,200
Dep. Expense- Office Equipment - selling 1400 1,600
Dep. Expense- Furniture & Fixtures - selling 2,800 3,200
Dep. Expense - Delivery Van selling 5,250 6,000
Gas & Oil expense 10,000 10,000
Promotion 5,000 1,028,845 5000
Income before tax ₱ 627,650.00
Income tax expense (april) ₱ 76,392.00 ₱ 76,392.00
Income tax expense (july) 87,906 164,298 87,906

Net Income ₱ 463,352.00

 ANY
nt
ember 30, 2020
August September
₱ 3,150,050.00 ₱ 3,588,750.00
2,120 2,120
₱ 3,147,930.00 ₱ 3,586,630.00
1,435,500
1,252,300 8,685 1,426,815
1,895,630 2,159,815

6,500
50,000

603,000
45,360
17,865
3,600
108,000
43,200
1,800
3,600

288,000
23,400
8,640
1,800
54,000
21,600
1,800
3,600
6,750
12,500
1,166,180 5,000 1,310,015
₱ 729,450.00 ₱ 849,800.00
₱ 76,392.00
164,298 87,906 164,298

₱ 565,152.00 ₱ 685,502.00