KAYA KO PA COMPANY TRIAL BALANCE DECEMBER 31, 2021 Account Title Debit Credit Petty Cash Fund 10,000.00 Cash in bank 4,474,000.00 Accounts Receivable 4,500,000.00 Allowance for doubtful accounts 10,000.00 Inventory Store Equipment 2,000,000.00 Accumulated Depreciation - SE 200,000.00 Delivery Equipment 3,000,000.00 Accumualted Depreicaiton - DE 300,000.00 Office Equipment 1,000,000.00 Accumulated Depreciation - OE 100,000.00 Deposits 50,000.00 Deferred tax asset Accounts payable 1,960,000.00 Unearned income 50,000.00 Income Tax Payable Notes Payable Capital Stock Additional Paid in capital 1,600,000.00 10,000,000.00 200,000.00 Retained Earnings Sales 25,000,000.00 Purchases 20,000,000.00 Salaries Expense - Store 1,000,000.00 Salaries Expense - Admin 2,000,000.00 Supplies-Store 50,000.00 Supplies- Admin 60,000.00 Commission 30,000.00 Depreciation - SE 200,000.00 Depreciation - DE 300,000.00 Depreciation OE 100,000.00 Store Rental 500,000.00 Doubtful accounts expense 10,000.00 Communication- Store 15,000.00 Ligth and Water - Store 6,000.00 Insurance expense 20,000.00 Interest Income 1,000.00 Interest Expense 96,000.00 Income Tax Expense Note: 39,421,000.00 39,421,000.00 a. Initial year of operation of the company b. Purchased of store equipment was thru issuance of Note payable amounting to P2M payable in 5 years P 400,000 annual payment starting December 31. 2021. c. Gross Profit is 25% of Sales d. Income tax rate is 20% e. Income tax reconciling items: Permanent differences 1. Interest income subject to final tax 2. The company is the beneficiary of the insurance Temporary differences 1. Doutful account expense is not allowed for tax unless account is written off 2. Unearned income though will be earned in 2022, but already subject to income tax in 2021. Requirements A. Prepare the following in proper format: 1. Statement of Financial Position 2. Statement of Income (Function) with proper income tax computation. 3. Statement of Changes in Equity 4. Statement of Cash Flows (Indirect) B. Answer the Questions in Google Form (20 items)