Batangoso_EarlJohn_ACCOUNTING (Worksheet & Financial Statement)

EJ's Coffee and Tea House

Worksheet
For the month ended, Dec. 31 ,2019

Account Titles Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash in Bank 310,000 310,000 310,000
Accounts Receivable 85,000 85,000 85,000
Est. Uncollectible Accounts 3,000 3,000 3,000
Supplies Inventory 15,000 12,000 3,000 3,000
Prepaid Rent 8,500 3,000 5,500 5,500
Prepaid Advertising 10,000 4,000 6,000 6,000
Machine 720,000 720,000 720,000
Accu. Depreciation-Machine 105,000 85,000 190,000 190,000
Accounts Payable 35,000 35,000 35,000
Notes Payable 100,000 100,000 100,000
F. Niza, Capital 783,500 783,500 783,500
F. Niza, Drawing 18,000 18,000 18,000
Shop Revenues 235,000 235,000 235,000
Taxes and Licenses 3,000 5,000 8,000 8,000
Salaries and Wages 72,000 10,000 82,000 82,000
Utilities Expense 20,000 20,000 20,000
Supplies Expense 12,000 12,000 12,000
Depreciation Expense 85,000 85,000 85,000
Advertising Expense 4,000 4,000 4,000
Rent Expense 3,000 3,000 3,000
Accrued Taxes & Licenses 5,000 5,000 5,000
Accrued Salaries & Wages 10,000 10,000 10,000
Total 1,261,500 1,261,500 119,000 119,000 1,361,500 1,361,500 214,000 235,000 1,147,500 1,126,500
PROFIT (LOSS) 21,000 21,000
235,000 235,000 1,147,500 1,147,500

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Batangoso_EarlJohn_ACCOUNTING (Worksheet & Financial Statement)

EJ's Coffee and Tea House

Income Statement
For the year ended, Dec. 31 ,2019

Revenue
Shop Revenues P 235,000

Operating Expenses
Taxes and Licenses P 8,000
Salaries and Wages 82,000
Utilities Expense 20,000
Supplies Expense 12,000
Depreciation Expense 85,000
Advertising Expense 4,000
Rent Expense 3,000 214,000
Profit (Loss) P 21,000

EJ's Coffee and Tea House

Statement of Changes in Owner's Equity
For the year-ended, Dec. 31 ,2019

F. Niza, Owner's Equity - Jan 1, 2019 P 783,500

Add: Additional Investment
Profit 21,000

Total 804,500
Less: Withdrawals 18,000

F. Niza, Owner's Equity - Dec.31, 2019 P 786,500

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Batangoso_EarlJohn_ACCOUNTING (Worksheet & Financial Statement)

EJ's Coffee and Tea House

Balance Sheet
As of Dec. 31 ,2019

ASSETS
Current Assets:
Cash in Bank P 310,000
Accounts Receivable P 85000
Less: Est. Uncollectible Accounts 3,000 82,000
Supplies Inventory 3,000
Prepaid Rent 5,500
Prepaid Advertising 6,000
Total Current Assets P 406,500

Non-Current Assets:
Machine 720,000
Less: Accu. Depreciation-Machine 190,000
Total Non-Current Assets P 530,000
TOTAL ASSETS P 936,500

LIABILITIES
Current Liabilities:
Accounts Payable 35,000
Notes Payable 100,000
Accrued Taxes & Licenses 5,000
Accrued Salaries & Wages 10,000
Total Current Liabilities 150,000

OWNER'S EQUITY
F. Niza, Capital 786,500
Total Liabilities and Owner's Equity P 936,500