Name: Haries Vi T.

Micolob BSBA-HRM 1st year college (Opted Offline)

GIOVAN SUBALLDE CO,

Statement of Changes in Owner’s
For the 6-month period 20 June 20B
G. Subalde Capital Feb 1,20A 406,300
Add: Additional Profit
Profit 349,500 349,500
Total 755,800
Less G. Subalde, Withdrawals 25,000
G. Subalde, Owner’s Equity Feb2,20A 730,800

Giovanni Subalde Co
Balance Sheet
As of Feb 28, 20A

ASSETS
Current Assets
Cash in Bank 352,300
Accounts Receivable 81,000
Estimated Uncollectible Accounts 2,500 78,500
Petty Cash Fund. 2,000
Merchandise Inventory 175,000
Total Current Assets 607,800

Non-Current Assets
Furniture & Fixtures net. 250,00
Accumulated Depreciation 75,000 175,000
Total Assets. 782,800
 LIABILITIES
Current Liabilities
Accounts Payable 52,000
Total Current Liabilities 52,000
OWNER’S EQUITY
Subalde, Owner’s Equity 730,800
Total Liabilities and Owner’s Equity 782,800

Giovanni Subalde Co.

Income Statement
For the year ended 28 Feb 20A
Sales 935,000
Less: Sales Discount 5,000
Sales Returns & Allowances 4,000 9,000
Net Sales 926,000
Cost Sales
Merchandise Inventory, Beg. 105,000
Purchase 610,000
Freight In 8,000
Gross Purchases 618,000
Less: Purchase Discount 6,000
Purchase Returns & Allowances 3,500 9,500
Net Purchases 608,500
Total Goods Available for Sale 713,500
Less: Merchandise Inventory End. 175,000
Cost of Sales 538,500
Gross Profit 387,500
Operating Expense
Selling Expense
Freight Out 3,000 3,000
General Administrative
Salaries Expense 35,000 35,000 38,000
Profit 349,500

1. Sales 935,000
Sales Discount 5,000
Sales Returns and Allowances 4,000
To close the sales entries
2. Merchandise Inventory, end. 175,000
Purchase Discounts 6,000
Purchase Returns and Allowance. 3,500
Merchandise Inventory, Beg. 105,000
Purchases 610,000
Freight In 8,000
To close all the sales and set up merchandise inventory

3. Income and Expenses Summary 38,000

Salaries Expense 35,000
Freight Out 3,000
To close all the expense account

4. Income Expense and Summary 349,500

G Subalde Capital 349,500
To close the profit

5. G Subalde Capital 25,000

G Subalde Drawing
To finally close the drawing to capital 25,000

G Subalde Co
Post Closing Trial Balance
Cash in Bank 352,300
Accounts Receivable 81,000
Est. Uncollectible Accounts 2,500
Merchandise Inventory 175,000
Pretty Cash Fund 2,000
Furniture and Fixtures 250,000
Accumulated Depreciation 75,000
Accounts Payable 52,000
G. Subalde Capital 730,800
860,300 860,300