Fundamentals of Accountancy, Business, and Management 1

Name: Score:

Extra work: Prepare the income statement and balance sheet using the Adjusted Trial Balance information.

The financial statements should be presented properly and in the right major account group classification.

Account Name Debit

Cash and Cash Equivalents 3,288,598.58
Receivables form Employees 84,845.21

Prepaid Rent 20,000.00

Car Supplies Inventory 120
Repair Supplies Inventory 2,140.00

Office Supplies Inventory 1,320.00

PPE - Taxi Cab 4,320,000.00
PPE - Company Car 680,000.00
PPE - Office Equipment 32,000.00
PPE - Radio Communication System 12,500.00
AccDepreciation - PPE - Taxicab
AccDepreciation - PPE - Company Car
AccDepreciation - PPE - Office Equipment
AccDepreciation - PPE - Radio Communication System
Interest Payable

Utilities Payable
Income and Other Percentage Taxes Payable
Loans Payable
Josehp, Capital
Salaries, Wages, and Bonuses Expense 166,716.58
Depreciation Expense 182,558.33
Interest Expense 8,216.67
Office Supplies Expense 8,996.50
Maintenance and Repairs Expense 15,320.00
Organization Expense 23,254.75
Utilities Expense 33,453.10
 Rent Expense 60,000.00
Fuel Expense 273,422.68
Income and Other Percentage Taxes Expense 16,827.26
Service Revenue
Totals 9,230,289.66

Problem from page 233-234 of textbook

 Matalino Dormitory
/8 Income Statement
For the Year Ended December 31, 2015
e information.

lassification. Service Revenue

Salaries, Wages, and Bonuses Expense ###

Credit Depreciation Expense ###
Interest Expense ###
Office Supplies Expense ###

Maintenance and Repairs Expense ###

Organization Expense ###
Utilities Expense ###

Rent Expense ###

Fuel Expense ###
Income and Other Percentage Taxes Expense ###

Net Income
166,000.00
14,333.33
1,600.00
625
8,216.67

8,355.90
16,827.26
680,000.00
7,500,000.00
 834,331.50
9,230,289.66
Dormitory
tatement
December 31, 2015

834,331.50

-166,716.58
-182,558.33
-8,216.67
-8,996.50

-15,320.00
-23,254.75
-33,453.10

-60,000.00
-273,422.68
-16,827.26

45,565.63
 Matalino Dormitory
Balance Sheet
As of December 31, 2015

Assets
Cash and Cash Equivalents 3,228,598.58

Receivables from Employees 84,845.21

Prepaid Rent 20,000.00

Car Supplies Inventory 120

Repair Supplies Inventory 2,140.00
Office Supplies Inventory 1,320.00
Total Current Assets P3,397,023.79

PPE - Taxi Cab 4,320,000.00

AccDepreciation - PPE - Taxicab -166,000.00
PPE - Company Car 680,000.00
AccDepreciation - PPE - Company Car -14,333.33
PPE - Office Equipment 32,000.00
AccDepreciation - PPE - Office Equipment -1,600.00
PPE - Radio Communication System 12,500.00
AccDepreciation - PPE - Radio Communication System -625
Total Non Current Assets P4,861,491.67

Total Assets P8,258,965.46

5

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Liabilities
Interest Payable 8,216.67
Utilities Payable 8,355.90
Income and Other Percentage Taxe 16,827.26
Loans Payable 680,000.00
Total Liabilities P713,399.83

Owner's equity
Joseph, Capital 7,500,000.00
Net Income 45,565.63
Total Owner's Equity P7,545,565.63
Total Liabilities and Owner's EquityP8,258,965.46

Total Liabilities and Owner's Capita 8,258,965.46