FAR3 TRUCKING CORPORATION

ADJUSTED TRIAL BALANCE

DECEMBER 31, 2018

+ Debit / - Credit

DR (CR)
Account
CASH ON HAND 16,093.49
CASH IN BANK-MBTC 395,321.48
ACCOUNTS RECEIVABLE 220,993.92
PREPAID INSURANCE 40,591.22
OTHER NONCURRENT ASSETS 783,339.26
TOOLS & EQUIPMENT 412,302.70
OFFICE EQUIPMENT 314,897.72
DELIVERY EQUIPMENT 28,889,427.85
COMMUNICATION SYSTEM 140,197.27
ACCUMULATED DEPRECIATION DELIVERY EQUIPMENT (20,968,328.74)
ACCUMULATED DEPRECIATION OFFICE EQUIPMENT (181,032.72)
ACCUMULATED DEPRECIATION TOOLS & EQUIPMENT (412,292.72)
ACCUMULATED DEPRECIATION COMMUNICATION SYSTEM (140,194.26)
CURRENT TAX ASSET 3,037,562.11
OTHER NONCURRENT ASSET - RENTAL DEPOSIT 168,600.00
OTHER NONCURRENT ASSET - RECOVERABLE DEPOSIT 110,802.39
DEFERRED TAX ASSETS 1,619,147.00
DEFERRED TAX ASSETS 178,866.00
OTHER ACCOUNTS PAYABLE (101,424.64)
ACCOUNTS PAYABLE (229,065.26)
ACCRUED EXPENSE (1,354,450.00)
DUE TO STOCKHOLDERS (15,500,000.00)
UNEARNED INCOME (200,154.15)
PHILHEALTH EMPLOYEES PAYABLE (11,575.00)
WITHHOLDING TAX PAYABLE - EXPANDED (12,698.84)
LOANS PAYABLE (2,500,000.00)
SSS PREMIUM PAYABLE (49,455.00)
SSS EMPLOYEES LOAN PAYABLE (28,120.90)
HDMF EMPLOYEES PREMIUM PAYABLE (10,347.20)
HDMF EMPLOYEES LOAN PAYABLE (31,874.04)
WITHHOLDING TAX PAYABLE - COMP (28,802.68)
CAPITAL STOCK (8,000,000.00)
RETAINED EARNINGS 10,347,320.00
INTEREST INCOME (1,635.00)
TRUCKING INCOME (28,739,041.11)
BANK CHARGES 4,190.00
MISCELLANEOUS EXPENSE 92,362.43
PROFESSIONAL FEES 30,000.00
OFFICE SUPPLIES 77,125.86
TAXES & LICENSES 697,402.53
TELEPHONE & TELEGRAM 6,187.50
UTILITIES, LIGHT AND POWER 212,737.45
SEPARATION PAY 230,594.00
SECURITY SERVICES 379,086.60
AGENCY SERVICE FEE 158,673.08
RETIREMENT PAY 177,684.00
INCOME TAX EXPENSE (1,321,867.00)
SSS CONTRIBUTION 444,639.40
TIRES & BATTERIES 487,899.11
SALARIES & WAGES 7,365,624.72
RENT EXPENSE 609,840.00
REPAIRS & MAINTENANCE 3,900,956.35
PHILHEALTH CONTRIBUTION 75,037.50
MISCELLANEOUS -VEHICLE 4,700.50
INSURANCE EXPENSE 171,394.25
HDMF DUES 61,396.44
FUEL, OIL & LUBRICANT 9,751,176.76
DEPRECIATION EXPENSE 3,354,104.13
SALARY BONUS 585,321.45
EMPLOYEE BENEFITS - TAXABLE 352,368.24
13TH MONTH PAY 778,995.88
INTEREST EXPENSE 52,572.92
OTHER EXPENSE 2,976,032.82
EMPLOYEE COMMISSIONS 2,026.00
REPAIRS & MAINTENANCE 106,766.93
prepaid for 6 months

payable in 10 years
to be earned in 6 months

payable in 5 years

INCOME AND EXPENSE PORTION

 Open the tab "WTB". This is a raw data from an entity. From the trial balance provided,
incorporating the required format for the financial statement. Assume net loss amounting
may use the suggested account titles below. Don't forget the lesson we have discussed re
of the financial statements. Your work must be in excel format. Title of the file must be you
HW1). Kindly submit your work in the google classroom on or before 11:59pm on Satur
submit. If you have any clarifications, don't hesitate to email me directly through

Dr Cr
Cash 411,414.97
Receivables 220,993.92
Other current assets 40,591.22
Property and Equipment - net 8,054,977.10
Deferred tax asset 3,037,562.11
Other noncurrent assets 1,062,741.65
Accounts payable and accrued expenses 1,857,813.56
Due to stockholders 15,500,000.00
Loans payable 2,500,000.00
Unearned Income 200,154.15
Deferred tax liability 1,798,013.00
Capital 8,000,000.00
Deficit 13,431,673.74

28,057,967.71 28,057,967.71

-
 the trial balance provided, prepare a STATEMENT OF FINANCIAL POSITION
Assume net loss amounting to P3,084,353.74 (closed to retained earnings). You
son we have discussed regarding materiality and aggregation & the identication
Title of the file must be your last name, initial of first name - HW1 (i.e. RUAZAK-
or before 11:59pm on Saturday, July 6, 2019. Just upload your work and click
email me directly through my gmail account: karenmdlrc@gmail.com.

411,414.97
220,993.92
40,591.22
8,054,977.10
3,037,562.11
1,062,741.65
(1,857,813.56)
(15,500,000.00)
(2,500,000.00)
(200,154.15)
1,798,013.00
(8,000,000.00)
13,431,673.74

-
(3,084,353.74)
Accounts
CASH ON HAND Cash
CASH IN BANK-MBTC Cash
ACCOUNTS RECEIVABLE Receivables
PREPAID INSURANCE Other current assets
OTHER NONCURRENT ASSETS Other noncurrent assets
TOOLS & EQUIPMENT Property and Equipment - net
OFFICE EQUIPMENT Property and Equipment - net
DELIVERY EQUIPMENT Property and Equipment - net
COMMUNICATION SYSTEM Property and Equipment - net
ACCUMULATED DEPRECIATION DELIVERY EQUIPMENT Property and Equipment - net
ACCUMULATED DEPRECIATION OFFICE EQUIPMENT Property and Equipment - net
ACCUMULATED DEPRECIATION TOOLS & EQUIPMENT Property and Equipment - net
ACCUMULATED DEPRECIATION COMMUNICATION SYSTEM Property and Equipment - net
CURRENT TAX ASSET Deferred tax asset
OTHER NONCURRENT ASSET - RENTAL DEPOSIT Other noncurrent assets
OTHER NONCURRENT ASSET - RECOVERABLE DEPOSIT Other noncurrent assets
DEFERRED TAX ASSETS Deferred tax liability
DEFERRED TAX ASSETS Deferred tax liability
OTHER ACCOUNTS PAYABLE Accounts payable and accrued expenses
ACCOUNTS PAYABLE Accounts payable and accrued expenses
ACCRUED EXPENSE Accounts payable and accrued expenses
DUE TO STOCKHOLDERS Due to stockholders
UNEARNED INCOME Unearned Income
PHILHEALTH EMPLOYEES PAYABLE Accounts payable and accrued expenses
WITHHOLDING TAX PAYABLE - EXPANDED Accounts payable and accrued expenses
LOANS PAYABLE Loans payable
SSS PREMIUM PAYABLE Accounts payable and accrued expenses
SSS EMPLOYEES LOAN PAYABLE Accounts payable and accrued expenses
HDMF EMPLOYEES PREMIUM PAYABLE Accounts payable and accrued expenses
HDMF EMPLOYEES LOAN PAYABLE Accounts payable and accrued expenses
WITHHOLDING TAX PAYABLE - COMP Accounts payable and accrued expenses
CAPITAL STOCK Capital
RETAINED EARNINGS Deficit
INTEREST INCOME Deficit
TRUCKING INCOME Deficit
BANK CHARGES Deficit
MISCELLANEOUS EXPENSE Deficit
PROFESSIONAL FEES Deficit
OFFICE SUPPLIES Deficit
TAXES & LICENSES Deficit
TELEPHONE & TELEGRAM Deficit
UTILITIES, LIGHT AND POWER Deficit
SEPARATION PAY Deficit
SECURITY SERVICES Deficit
AGENCY SERVICE FEE Deficit
RETIREMENT PAY Deficit
INCOME TAX EXPENSE Deficit
SSS CONTRIBUTION Deficit
TIRES & BATTERIES Deficit
SALARIES & WAGES Deficit
RENT EXPENSE Deficit
REPAIRS & MAINTENANCE Deficit
PHILHEALTH CONTRIBUTION Deficit
MISCELLANEOUS -VEHICLE Deficit
INSURANCE EXPENSE Deficit
HDMF DUES Deficit
FUEL, OIL & LUBRICANT Deficit
DEPRECIATION EXPENSE Deficit
SALARY BONUS Deficit
EMPLOYEE BENEFITS - TAXABLE Deficit
13TH MONTH PAY Deficit
INTEREST EXPENSE Deficit
OTHER EXPENSE Deficit
EMPLOYEE COMMISSIONS Deficit
REPAIRS & MAINTENANCE Deficit

Total
Cash
Receivables
Other current assets
Property and Equipment - net
Deferred tax asset
Other noncurrent assets
Accounts payable and accrued ex
Due to stockholders
Loans payable
Unearned Income
Deferred tax liability
Capital
Deficit
 Dr Cr Unadjusted Adjustment Adjusted
16,093.49 16,093.49 16,093.49
395,321.48 395,321.48 395,321.48
220,993.92 220,993.92 220,993.92
40,591.22 40,591.22 40,591.22
783,339.26 783,339.26 783,339.26
412,302.70 412,302.70 412,302.70
314,897.72 314,897.72 314,897.72
28,889,427.85 28,889,427.85 28,889,427.85
140,197.27 140,197.27 140,197.27
20,968,328.74 (20,968,328.74) (20,968,328.74)
181,032.72 (181,032.72) (181,032.72)
412,292.72 (412,292.72) (412,292.72)
140,194.26 (140,194.26) (140,194.26)
3,037,562.11 3,037,562.11 3,037,562.11
168,600.00 168,600.00 168,600.00
110,802.39 110,802.39 110,802.39
1,619,147.00 1,619,147.00 1,619,147.00
178,866.00 178,866.00 178,866.00
accrued expenses 101,424.64 (101,424.64) (101,424.64)
accrued expenses 229,065.26 (229,065.26) (229,065.26)
accrued expenses 1,354,450.00 (1,354,450.00) (1,354,450.00)
15,500,000.00 (15,500,000.00) (15,500,000.00)
200,154.15 (200,154.15) (200,154.15)
accrued expenses 11,575.00 (11,575.00) (11,575.00)
accrued expenses 12,698.84 (12,698.84) (12,698.84)
2,500,000.00 (2,500,000.00) (2,500,000.00)
accrued expenses 49,455.00 (49,455.00) (49,455.00)
accrued expenses 28,120.90 (28,120.90) (28,120.90)
accrued expenses 10,347.20 (10,347.20) (10,347.20)
accrued expenses 31,874.04 (31,874.04) (31,874.04)
accrued expenses 28,802.68 (28,802.68) (28,802.68)
8,000,000.00 (8,000,000.00) (8,000,000.00)
10,347,320.00 10,347,320.00 3,084,353.74 13,431,673.74
1,635.00 (1,635.00) 1,635.00 -
28,739,041.11 (28,739,041.11) 28,739,041.11 -
4,190.00 4,190.00 (4,190.00) -
92,362.43 92,362.43 (92,362.43) -
30,000.00 30,000.00 (30,000.00) -
77,125.86 77,125.86 (77,125.86) -
697,402.53 697,402.53 (697,402.53) -
6,187.50 6,187.50 (6,187.50) -
212,737.45 212,737.45 (212,737.45) -
230,594.00 230,594.00 (230,594.00) -
379,086.60 379,086.60 (379,086.60) -
 158,673.08 158,673.08 (158,673.08) -
177,684.00 177,684.00 (177,684.00) -
1,321,867.00 (1,321,867.00) 1,321,867.00 -
444,639.40 444,639.40 (444,639.40) -
487,899.11 487,899.11 (487,899.11) -
7,365,624.72 7,365,624.72 (7,365,624.72) -
609,840.00 609,840.00 (609,840.00) -
3,900,956.35 3,900,956.35 (3,900,956.35) -
75,037.50 75,037.50 (75,037.50) -
4,700.50 4,700.50 (4,700.50) -
171,394.25 171,394.25 (171,394.25) -
61,396.44 61,396.44 (61,396.44) -
9,751,176.76 9,751,176.76 (9,751,176.76) -
3,354,104.13 3,354,104.13 (3,354,104.13) -
585,321.45 585,321.45 (585,321.45) -
352,368.24 352,368.24 (352,368.24) -
778,995.88 778,995.88 (778,995.88) -
52,572.92 52,572.92 (52,572.92) -
2,976,032.82 2,976,032.82 (2,976,032.82) -
2,026.00 2,026.00 (2,026.00) -
106,766.93 106,766.93 (106,766.93) -

79,822,359.26 79,822,359.26 0.00 - (0.00)

 411,414.97 - 411,414.97 - 411,414.97
220,993.92 - 220,993.92 - 220,993.92
40,591.22 - 40,591.22 - 40,591.22
29,756,825.54 21,701,848.44 8,054,977.10 - 8,054,977.10
3,037,562.11 - 3,037,562.11 - 3,037,562.11
1,062,741.65 - 1,062,741.65 - 1,062,741.65
- 1,857,813.56 (1,857,813.56) - (1,857,813.56)
- 15,500,000.00 (15,500,000.00) - (15,500,000.00)
- 2,500,000.00 (2,500,000.00) - (2,500,000.00)
- 200,154.15 (200,154.15) - (200,154.15)
1,798,013.00 - 1,798,013.00 - 1,798,013.00
- 8,000,000.00 (8,000,000.00) - (8,000,000.00)
43,494,216.85 30,062,543.11 13,431,673.74 - 13,431,673.74
-
 INTEREST INCOME 1,635.00
Add: TRUCKING INCOME 28,739,041.11
Add: INCOME TAX EXPENSE 1,321,867.00
30,062,543.11
less: BANK CHARGES 4,190.00
MISCELLANEOUS EXPENSE 92,362.43
PROFESSIONAL FEES 30,000.00
OFFICE SUPPLIES 77,125.86
TELEPHONE & TELEGRAM 6,187.50
UTILITIES, LIGHT AND POWER 212,737.45
TAXES & LICENSES 697,402.53
SEPARATION PAY 230,594.00
SECURITY SERVICES 379,086.60
AGENCY SERVICE FEE 158,673.08
RETIREMENT PAY 177,684.00
SSS CONTRIBUTION 444,639.40
TIRES & BATTERIES 487,899.11
SALARIES & WAGES 7,365,624.72
RENT EXPENSE 609,840.00
REPAIRS & MAINTENANCE 3,900,956.35
PHILHEALTH CONTRIBUTION 75,037.50
MISCELLANEOUS -VEHICLE 4,700.50
INSURANCE EXPENSE 171,394.25
HDMF DUES 61,396.44
FUEL, OIL & LUBRICANT 9,751,176.76
DEPRECIATION EXPENSE 3,354,104.13
SALARY BONUS 585,321.45
EMPLOYEE BENEFITS - TAXABLE 352,368.24
13TH MONTH PAY 778,995.88
INTEREST EXPENSE 52,572.92
OTHER EXPENSE 2,976,032.82
EMPLOYEE COMMISSIONS 2,026.00
REPAIRS & MAINTENANCE 106,766.93 (33,146,896.85)

Net Income (Loss) (3,084,353.74)

Accounts Dr Cr
CASH ON HAND 16,093.49
CASH IN BANK-MBTC 395,321.48
ACCOUNTS RECEIVABLE 220,993.92
PREPAID INSURANCE 40,591.22
OTHER NONCURRENT ASSETS 783,339.26
TOOLS & EQUIPMENT 412,302.70
OFFICE EQUIPMENT 314,897.72
DELIVERY EQUIPMENT 28,889,427.85
COMMUNICATION SYSTEM 140,197.27
ACCUMULATED DEPRECIATION DELIVERY EQUIPMENT 20,968,328.74
ACCUMULATED DEPRECIATION OFFICE EQUIPMENT 181,032.72
ACCUMULATED DEPRECIATION TOOLS & EQUIPMENT 412,292.72
ACCUMULATED DEPRECIATION COMMUNICATION SYSTEM 140,194.26
CURRENT TAX ASSET 3,037,562.11
OTHER NONCURRENT ASSET - RENTAL DEPOSIT 168,600.00
OTHER NONCURRENT ASSET - RECOVERABLE DEPOSIT 110,802.39
DEFERRED TAX ASSETS 1,619,147.00
DEFERRED TAX ASSETS 178,866.00
OTHER ACCOUNTS PAYABLE 101,424.64
ACCOUNTS PAYABLE 229,065.26
ACCRUED EXPENSE 1,354,450.00
DUE TO STOCKHOLDERS 15,500,000.00
UNEARNED INCOME 200,154.15
PHILHEALTH EMPLOYEES PAYABLE 11,575.00
WITHHOLDING TAX PAYABLE - EXPANDED 12,698.84
LOANS PAYABLE 2,500,000.00
SSS PREMIUM PAYABLE 49,455.00
SSS EMPLOYEES LOAN PAYABLE 28,120.90
HDMF EMPLOYEES PREMIUM PAYABLE 10,347.20
HDMF EMPLOYEES LOAN PAYABLE 31,874.04
WITHHOLDING TAX PAYABLE - COMP 28,802.68
CAPITAL STOCK 8,000,000.00
RETAINED EARNINGS 13,431,673.74

Total Amount 49,759,816.15 49,759,816.15

 Account Dr Cr
Cash 411,414.97
A/R 441,987.84
Other current assets 783,339.26
Property and Equipment - net 8,054,977.10
Deferred tax asset
29,756,825.54 Other noncurrent assets 279,402.39
21,701,848.44 Accounts payable and accrued expenses 1,684,939.90
Due to stockholders 15,500,000.00
8,054,977.10 Loans payable 2,500,000.00
Unearned Income 200,154.15
Deferred tax liability
Capital 8,000,000.00
Deficit 13,431,673.74

Total 23,402,795.30 27,885,094.05

-
Cash
Receivables
Other current assets
Property and Equipment - net
Deferred tax asset
Other noncurrent assets
Accounts payable and accrued expenses
Due to stockholders
Loans payable
Unearned Income
Deferred tax liability
Capital
Deficit

4,482,298.75