IZZY Trading

Adjusted Trial Balance

December 31, 2016

DEBIT

Cash in Bank 480,028.00

Accounts Receivable 67,200.00
Merchandise Inventory 500,000.00
Input Tax 24,441.60
Store Furniture and Fixtures 120,000.00
Store Equipment 90,000.00
Accounts Payable -
SSS Payable -
Pag-IBIG Payable -
PhilHealth Payable -
Witholding Tax Payable -
Output Tax -
Izzy Capital -
Sales -
Sales Discounts 5,420.00
Sales Returns and Allowances 7,000.00
Purchases 210,000.00
Freight-In 4,300.00
Purchase Discount -
Purchase Return and Allowances -
Salaries Expense 65,000.00
Rent Expense 9,000.00
Insurance Expense 3,000.00
Office Supplies Expense 6,000.00
Store Supplies Expense 5,000.00
Taxes and Licenses 8,000.00
Freight-Out 4,000.00
SSS Contributions 1,000.00
Pag-IBIG Contributions 500.00
PhilHealth Contributions 500.00
-
-
Merchandise Inventory, Dec. 31 -
Prepaid Rent 10,000.00
Prepaid Insurance 12,000.00
Utilities Expense 3,500.00
Utilities Payable -
Salaries Payable -
Depreciation Expense 2,250.00
Accumulated Depreciation - Store Furnitures -
Accumulated Depreciation - Store Equipment -
Office Supplies 4,000.00
Store Supplies 3,000.00
Doubtful Accounts 3,360.00
Allowance for Doubtful Accounts -

TOTAL 1,648,499.60
 IZZY Trad
Income State
For the Month Ended Dec

CREDIT

- Gross Sales
- Less: Sales Discount
- Sales Return and Allowances
- Net Sales
-
- Cost of Sales
56,000.00 Merchandise Inventory-Beginning
2,000.00 Add: Purchases
1,000.00 Add:
1,000.00 Gross Purchases
4,000.00 Less:
42,069.60
1,160,000.00 Net Purchases
363,000.00 Cost of Goods Available for Sales
- Less: Merchandise Inventory - Ending
- Cost of Sales (Cost of Goods Sold)
-
- Gross Profit
2,320.00
4,000.00 Operating Expenses
- Salaries Expense
- Rent Expense
- Insurance Expense
- Office Supplies
- Store Supplies
- Taxes and Licenses
- Freight- Out
- SSS Contribution
- Pag-IBIG Contribution
- PhilHealth Contribution
- Depreciation Expense
- Doubtful Accounts
- Utilities Expense
- Total Operating Expenses
- NET INCOME
-
3,500.00
4,000.00
-
1,000.00
 1,250.00
-
-
-
3,360.00

1,648,499.60
-
 IZZY Trading
Income Statement
For the Month Ended December 31, 2016

5,420.00
Return and Allowances 7,000.00

andise Inventory-Beginning (the initial Investment)

Purchases 210,000.00
Freight In 4,300.00
Gross Purchases 214,300.00
Purchase Discount 2,320.00
Purchase Return and Allowances 4,000.00

Goods Available for Sales

Merchandise Inventory - Ending (as per Post-Closing Trial Balance)
Sales (Cost of Goods Sold)

s Expense 65,000.00
9,000.00
nce Expense 3,000.00
6,000.00
5,000.00
and Licenses 8,000.00
4,000.00
ontribution 1,000.00
IG Contribution 500.00
alth Contribution 500.00
iation Expense 2,250.00
ul Accounts 3,360.00
s Expense 3,500.00
Operating Expenses
 IZZY Trading
Balance Sheet
As of December 31, 2016

ASSET
363,000.00 Current Assets

12,420.00
350,580.00

500,000.00

207,980.00 Non-Current Assets

707,980.00
540,000.00
167,980.00

182,600.00

TOTAL ASSETS

LIABILITIES
Current Liabilities

111,110.00
71,490.00

TOTAL LIABILITIES
OWNER'S EQUITY

TOTAL OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY

 IZZY Trading
Balance Sheet
As of December 31, 2016

ASSET
Current Assets
Cash 480,028.00
Accounts Receivable 67,200.00
Allowance for Doubtful Accounts (3,360.00)
Merchandise Inventory 540,000.00
Office Supplies 4,000.00
Store Supplies 3,000.00
Prepaid Insurance 12,000.00
Prepaid Rent 10,000.00
Total Current Assets 1,112,868.00

Non-Current Assets
Store Furniture and Fixtures 120,000.00
Accumulated Depreciation - Store Furnitures (1,000.00)
Store Furniture and Fixtures (net) 119,000.00

Store Equipment 90,000.00

Accumulated Depreciation - Store Equipment (1,250.00)
Store Equipment (net) 88,750.00

Total Non-Current Assets 207,750.00

TOTAL ASSETS 1,320,618.00

LIABILITIES
Current Liabilities
Accounts Payable 56,000.00
Salaries Payable 4,000.00
Utilities Payable 3,500.00
SSS Payable 2,000.00
Pag-IBIG Payable 1,000.00
PhilHealth Payable 1,000.00
Witholding Tax Payable 4,000.00
VAT Payable 17,628.00
Current Liabilities 89,128.00
TOTAL LIABILITIES 89,128.00
OWNER'S EQUITY
Izzy Capital - Beginning 1,160,000.00
Add: Net Income for the Period 71,490.00
Izzy Capital - Ending 1,231,490.00
TOTAL OWNER'S EQUITY 1,231,490.00

TOTAL LIABILITIES AND OWNER'S EQUITY 1,320,618.00

-
 Izzy Trading
Statement of Changes in Equity
For the Year Ended December 31, 2016

Beginning Capital, December 1, 2016 1,160,000.00

Add: Net Income for the Period 71,490.00
Total 1,231,490.00
Less: Withdrawal -
Ending Capital, December 31, 2016 1,231,490.00
 Izzy Trading
Statement of Cash Flows
For the Year Ended December 31, 2016

Cash Flows from Operating Activities

Net Income for the Period
Adjustments for:

Total

Net Cash Provided (Used) by Operating Activities

Cash Flows from Investing Activities

Net Cash Provided (Used) by Investing Activities

Cash Flows from Financing Activities

Net Cash Provided (Used) by Investing Activities

Net Increase (Decrease) in Cash for the Period

Add: Beginning Balance of Cash, December 01, 2016
Ending Cash Balance, December 31, 2016
 Izzy Trading
Statement of Cash Flows
For the Year Ended December 31, 2016

Cash Flows from Operating Activities

Net Income for the Period
Adjustments for:
Depreciation
Total
(Increase) Decrease in Receivables
(Increase) Decrease in Merchandise Inventory
(Increase) Decrease in Office Supplies
(Increase) Decrease in Store Supplies
(Increase) Decrease in Prepaid Insurance
(Increase) Decrease in Prepaid Rent
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Salaries Payable
Increase (Decrease) in Utilities Payable
Increase (Decrease) in SSS Payable
Increase (Decrease) in Pag-IBIG Payable
Increase (Decrease) in PhilHealth Payable
Increase (Decrease) in Witholding Tax Payable
Increase (Decrease) in VAT Payable
Net Cash Provided (Used) by Operating Activities

Cash Flows from Investing Activities

(Increase) Decrease in Store Furniture and Fixtures (Invested by the Owner)
(Increase) Decrease in Store Equipment (Invested by the Owner)
Net Cash Provided (Used) by Investing Activities

Cash Flows from Financing Activities

Proceeds from the Investment by the Owner
Net Cash Provided (Used) by Investing Activities

Net Increase (Decrease) in Cash for the Period

Add: Beginning Balance of Cash, December 01, 2016
Ending Cash Balance, December 31, 2016
 71,490.00

2,250.00
73,740.00
(63,840.00)
(540,000.00)
(4,000.00)
(3,000.00)
(12,000.00)
(10,000.00)
56,000.00
4,000.00
3,500.00
2,000.00
1,000.00
1,000.00
4,000.00
17,628.00
(469,972.00)

(120,000.00)
(90,000.00)
(210,000.00)

1,160,000.00
1,160,000.00

480,028.00
-
480,028.00
-