CBM COMPANY

PRELIMINARY TRIAL BALANCE

APRIL 30, 2021
ACCOUNT TITLES
10
Cash
11
Accounts Receivable
12
Merchandise Inventory
13
Supplies
20
Equipment
30
Accounts Payable
31
Notes Payable
40
Dangayo, Capital
41
Dangayo, Drawings
50
Sales
51
Sales Returns and Allowances
52
Sales Discounts
60
Cost of Goods Sold
64
Rent Expense
65
Utilities Expense
66
Advertising Expense
67
Supplies Expense
68
Salaries Expense
69
Freight Out
 CBM COMPANY
STATEMENT OF PERFORMANCE
FOR THE PERIOD ENDED APRIL 30, 2021

Net Sales (188,500 – 8,000 – 179,600

900)

Less: Cost of Goods 127,000

Sold
Gross Income 52,600

Less: Expenses

Rent Expense 5,000

Utilities 10,500

Advertising Expense 7,500

Supplies Expense 9,000

Salaries 36,000

Freight Out 2,500 70,500

Net Loss 17,900

 CBM COMPANY
STATEMENT OF EQUITY
FOR THE PERIOD ENDED APRIL 30, 2021
500,000
Dangayo, Capital - Beginning
17,900
Less: Net Loss
482,100
Total Capital
28,000
Less: Dangayo, Drawings
454,100
Dangayo, Capital - Ending

CBM COMPANY
STATEMENT OF FINANCIAL POSITION
AS OF APRIL 30, 2021

ASSETS
Current Assets:
423,400
Cash and Cash Equivalents
28,500
Receivables
29,200
Inventories
3,000 484,100
Prepaid Expenses
Non-current Assets:
 60,000
Property, Plant and
Equipment
544,100
Total Assets
LIABILITIES AND CAPITAL
Current Liabilities:
10,000
Accounts Payable
80,000
Notes Payable
90,000
Total Liabilities
454,100
Add: Dangayo, Capital –
Ending
544,100
Total Liabilities and Capital
CBM COMPANY
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED APRIL 30, 2021

Cash Flows from Operating

Activities:
130,000
Cash sales
29,100
Collection of receivables
3,000
Refund from supplier
 (12,000)
Purchase of supplies
(2,500)
Freight Out
(147,700)
Purchases (20,000 + 10,000 + 112,700 +
5,000)
(59,000)
Payment of various expenses
(16,000 + 43,000)
(1,500)
Freight In
(8,000) (68,600)
Refund to customers
Cash Flows from Financing
Activities
500,000
Owner’s investment
80,000
Loan from bank
(28,000) 552,000
Owner’s withdrawal
Cash Flows from Investing
Activities:
(60,000)
Purchase of equipment
423,400
INCREASE IN CASH AND CASH
EQUIVALENTS
0
ADD: CASH & CASH EQUIVALENTS,
 CLOSING JOURNAL
PAGE NUMBER 3
WITH EXPLANATIONS
CLOSING JOURNAL ENTRIES

DAT DESCRIPTION REF DEBIT CREDIT

BEG
E
423,400
CASH
April 30AND
SalesCASH EQUIVALENTS,
50 188,500
April 30
Sales Discounts 52 900

Sales Returns and 51 8,000

Allowances
Income Summary 70 179,600

To close sales accounts

income summary.

30 Income Summary 70 127,000

Cost of Goods Sold 60 127,000

To close cost of goods

sold to income
summary.

30 Income Summary 70 70,500

Rent Expense 64 5,000

Utilities Expense 65 10,500

Advertising Expense 66 7,500

Supplies Expense 67 9,000

Salaries Expense 68 36,000

Freight Out 69 2,500

To close expenses to
income summary.
 CBM COMPANY
POST-CLOSING TRIAL BALANCE
APRIL 30, 2020
(IN PESOS)

DR CR

Cash 423,400

Accounts Receivable 28,500

Merchandise Inventory 29,200

Supplies 3,000

Equipment 60,000

Accounts Payable 10,000

Notes Payable 80,000

Dangayo, Capital 454,100

TOTALS 544,100 544,100