TERESITA BUENAFLOR SHOES

Unadjusted Trial Balance

February 28, 2019

Debit Credit
Cash 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 413,000.00
Supplies 72,000.00 d
Prepaid Insurance 48,000.00 b
Land 460,000.00
Building 1,750,000.00
Accumulated Depreciation - Building 350,000.00 c
Equipment 2,310,000.00
Accumulated Depreciation - Equipment 630,000.00 c
Accounts Payable 517,000.00
Salaries Payable a
Mortgage Payable 2,600,000.00
Buenaflor, Capital 1,569,000.00
Buenaflor, Withdrawals 400,000.00
Income Summary
Sales 1,332,000.00
Sales Returns and Allowances 141,000.00
Sales Discounts 11,840.00
Purchases 668,000.00
Purchase Returns and Allowances 25,000.00
Purchase Discounts 7,020.00
Transaportation In 13000
Salaries Expense 51,000.00 a
Supplies Expense d
Insurance Expense b
Depreciation Expense - Building c
Depreciation Expense - Equipment c
Transportation Out 4,000.00
Advertising Expense 6,000.00
Interest Expense 26000
Miscellaneous Expense 7,000.00

TOTAL 7,030,020.00 7,030,020.00

PROFIT
 Adjustments Income Statement Balance Sheet
Debit Credit Debit Credit Debit
221,180.00
428,000.00
413,000.00 397,000.00 397,000.00
58,000.00 14,000.00
2,000.00 46,000.00
460,000.00
1,750,000.00
9,000.00
2,310,000.00
12,000.00

51,000.00

400,000.00
(288,180.00)
1,332,000.00
141,000.00
11,840.00
668,000.00
25,000.00
7,020.00
13,000.00
51,000.00 102,000.00
58,000.00 58,000.00
2,000.00 2,000.00
9,000.00 9,000.00
12,000.00 12,000.00
4,000.00
6,000.00
26,000.00
7,000.00

132,000.00 132,000.00 1,472,840.00 1,761,020.00 5,738,000.00

(288,180.00)
1,184,660.00 1,761,020.00
Balance Sheet
Credit

359,000.00
-
642,000.00
517,000.00
51,000.00
2,600,000.00
1,569,000.00

5,738,000.00
-
 CASH
Date Explanation PR Debit Credit

Feb 1 113,000.00
2 62,080.00
7 6,000.00
250,000.00
8 164,900.00
9 4,000.00
12 196,000.00
14 26,000.00
15 51,000.00
18 4,000.00
19 21,000.00
22 7,000.00
23 384,160.00
24 9,000.00
28 400,000.00

ACCOUNTS RECEIVABLE
Date Explanation PR Debit Credit

Feb 1 113,000.00
5 270,000.00
10 70,000.00
12 200,000.00
16 392,000.00
23 392,000.00
25 420,000.00
26 71,000.00

MERCHANDISE INVENTORY
Date Explanation PR Debit Credit

SUPPLIES
Date Explanation PR Debit Credit

Feb 19 21,000.00
 PREPAID INSURANCE
Date Explanation PR Debit Credit

LAND
Date Explanation PR Debit Credit

BUILDING
Date Explanation PR Debit Credit

ACCUMULATED DEPRECIATION - BUILDING

Date Explanation PR Debit Credit

EQUIPMENT
Date Explanation PR Debit Credit
 ACCUMULATED DEPRECIATION - EQUIPMENT
Date Explanation PR Debit Credit

Feb

ACCOUNTS PAYABLE
Date Explanation PR Debit Credit

Feb 2 64,000.00
4 170,000.00
8 170,000.00
20 125,000.00
24 373,000.00
28 25,000.00

SALARIES PAYABLE
Date Explanation PR Debit Credit

MORTGAGE PAYABLE
Date Explanation PR Debit Credit

BUENAFLOR CAPITAL
Date Explanation PR Debit Credit
 BUENAFLOR WITHDRAWALS
Date Explanation PR Debit Credit
Feb 28 400,000.00

INCOME SUMMARY
Date Explanation PR Debit Credit

SALES
Date Explanation PR Debit Credit

feb 5 270,000.00
7 250,000.00
16 392,000.00
25 420,000.00

SALES RETURNS AND ALLOWANCES

Date Explanation PR Debit Credit

feb 10 70,000.00
26 71,000.00

SALES DISCOUNTS
Date Explanation PR Debit Credit

Feb 12 4,000.00
23 7,840.00

PURCHASES
Date Explanation PR Debit Credit

Feb 4 170,000.00
20 125,000.00
 24 373,000.00

PURCHASE RETURNS AND ALLOWANCES

Date Explanation PR Debit Credit

Feb 28 25,000.00

PURCHASE DISCOUNTS
Date Explanation PR Debit Credit

Feb 2 1,920.00
8 5,100.00

TRANSPORTATION IN
Date Explanation PR Debit Credit

Feb 9 4,000.00
24 9,000.00

SALARIES EXPENSE
Date Explanation PR Debit Credit

Feb 15 51,000.00

SUPPLIES EXPENSE
Date Explanation PR Debit Credit

INSURANCE EXPENSE
Date Explanation PR Debit Credit
 DEPRECIATION EXPENSE - BUILDING
Date Explanation PR Debit Credit

DEPRECIATION EXPENSE - EQUIPMENT

Date Explanation PR Debit Credit

TRANSPORTATION OUT
Date Explanation PR Debit Credit

Feb 18 4,000.00

ADVERTISING EXPENSE
Date Explanation PR Debit Credit

feb 7 6,000.00

INTEREST EXPENSE
Date Explanation PR Debit Credit

Feb 14 26,000.00

MISCELLANEOUS EXPENSE
Date Explanation PR Debit Credit

Feb 22 7,000.00
Balance
33,000.00
146,000.00
83,920.00
77,920.00
327,920.00
163,020.00
159,020.00
355,020.00
329,020.00
278,020.00
274,020.00
253,020.00
246,020.00
630,180.00
621,180.00
221,180.00

Balance
192,000.00
79,000.00
349,000.00
279,000.00
79,000.00
471,000.00
79,000.00
499,000.00
428,000.00

Balance
413,000.00

Balance
51,000.00
72,000.00
Balance
48,000.00

Balance
460,000.00

Balance
1,750,000.00

Balance
350,000.00

Balance
2,310,000.00
Balance
630,000.00

Balance
108,000.00
(44,000.00)
(214,000.00)
(44,000.00)
(169,000.00)
(542,000.00)
(517,000.00)

Balance

Balance
2,600,000.00

Balance
1,569,000.00
Balance
400,000.00

Balance

Balance

(270,000.00)
(520,000.00) `
(912,000.00)
(1,332,000.00)

Balance

70,000.00
141,000.00

Balance

4,000.00
11,840.00

Balance

170,000.00
295,000.00
 668,000.00

Balance

(25,000.00)

Balance

(1,920.00)
(7,020.00)

Balance

4,000.00
13,000.00

Balance

51,000.00

Balance

Balance
Balance

Balance

Balance

4,000.00

Balance

6,000.00

Balance

26,000.00
Balance

7,000.00
Feb. 1 Cash 113,000.00
Accounts Receivable 113,000.00

2 Accounts Payable 64,000.00

Cash 62,080.00
Purchase discounts 1,920.00

4 Purchases 170,000.00
Accounts Payable 170,000.00

5 Accounts Receivable 270,000.00

Sales 270,000.00

7 Advertising Expense 6,000.00

Cash 6,000.00

Cash 250,000.00
Sales 250,000.00

8 Accounts Payable 170,000.00

Cash 164,900.00
Purchase Discounts 5,100.00

9 Transportation In 4,000.00
Cash 4,000.00

10 Sales Returns and Allowances 70,000.00

Accounts Receivable 70,000.00

12 Cash 196,000.00
Sales Discounts 4,000.00
Accounts Receivable 200,000.00

14 Interest Expense 26,000.00

Cash 26,000.00

15 Salaries Expense 51,000.00

Cash 51,000.00

16 Accounts Receivable 392,000.00

Sales 392,000.00

18 Transaportation Out 4,000.00

Cash 4,000.00
19 Supplies 21,000.00
Cash 21,000.00

20 Purchases 125,000.00
Accounts Payable 125,000.00

22 Miscellaneous Expenses 7,000.00

Cash 7,000.00

23 Cash 384,160.00
Sales Discounts 7,840.00
Accounts Receivable 392,000.00

24 Purchases 373,000.00
Accounts Payable 373,000.00

Transportation In 9,000.00
Cash 9,000.00

25 Accounts Receivable 420,000.00

Sales 420,000.00

26 Sales Returns and Allowances 71,000.00

Accounts Receivable 71,000.00

28 Buenaflor, Withdrawal 400,000.00

Cash 400,000.00

Accounts Payable 25,000.00

Purchase Returns and Allowances 25,000.00
 TERESITA BUENAFLOR SHOES
Income Statement
For the Year Ended February 28, 2019
Net Sales
Gross Sales
Less: Sales Returns and Allowances 141000
Sales Discounts 11840
Net Sales
Cost of Sales
Merchandise Inventory, 02/01/2019 413000
Purchases 668000
Less: Purchases Returns and Allowances 25000
Purchase Discounts 7020 32020
Net Purchases 635980
Transportation-in 13000
Net Cost of Purchases 648980
Goods Available For Sale 1061980
Less: Merchandise Inventory, 02/28/2019 397000
Cost of Sales
Gross Profit
Operating Expenses
Selling Expenses
Transportation-out 4000
Administrative Expenses
Salaries Expense 102000
Supplies Expense 58000
Insurance Expense 2000
Depreciation Expense - Building 9000
Depreciation Expense - Equipment 12000
Advertising Expense 6000
Interest Expense 26000
Miscellaneous Expense 7000
Total Administrative Expense 222000
Total Operating Expense
Operating Profit

Finance Cost

Profit
1332000

152840
1179160

664980
514180

226000
288180
 TERESITA BUENAFLOR SHOES
Changes in Owner's Equity
For the Year Ended February 28, 2019

T. Buenaflor, Owner's Equity, 02/01/2019 1569000

Add: Profit 288180
Total 1857180
Less: Withdrawals 400000
T. Buenaflor, Owner's Equity, 02/28/2019 1457180
 TERESITA BUENAFLOR SHOES
Balance Sheet
February 28, 2019

Assets
Current Assets
Cash 221,180.00
Accounts Receivable 428,000.00
Merchandise Inventory 397000
Supplies 14000
Prepaid Insurance 46000
Total Current Assets 1,106,180.00
Non-Current Assets
Land 460,000.00
Building 1,750,000.00
Less: Accumulated Depreciation 359,000.00 1,391,000.00
Equipment 2,310,000.00
Less: Accumulated Depreciation 642,000.00 1,668,000.00 3,519,000.00
Total Asserts 4,625,180.00

Liabilities
Current Liabilities
Accounts Payable 517000
Salaries Payable 51000
Total Current Liabilities 568000
Non-Current Liabilities
Mortgage Payable 2600000
Total Liabilities 3168000

Owner's Equity
T. Buenaflor, Capital, Feb. 28 1457180
Total Liabilities and Owner's Equity 4625180