ViTag Appliance Store

Unadjusted Trial Balance

As of December 31,20CY

(in Philippine Pesos)

Cash 2,247,030.00

Notes Receivable 60,000.00

Accounts Receivable 1,275,000.00

Inventory 1,650,620.00

Prepaid Insurance 12,000.00

Office Supplies 6,250.00

Delivery Equipment 1,000,000.00

Accumulated Depreciation - Delivery Equipment 50,000.00

Store Equipment 300,000.00

Accumulated Depreciation - Store Equipment 15,000.00

Office Equipment 50,000.00

Accumulated Depreciation - Office Equipment 10,000.00

Accounts Payable 2,009,930.00

Notes Payable 100,000.00

VITAG, Capital 1,500,000.00

Retained Earnings 755,945.00

VITAG, Drawing 100,000.00

Sales 5,667,320.00

Sales Returns and Allowances 67,500.00

Sales Discounts 50,650.00

Sales Salary Expense 215,675.00

Cost of Goods Sold 2,546,720.00

Advertsiing Expense 33,000.00

Commission Expense 75,250.00

Delivery Expense 112,500.00

Misc. Selling Expense 12,450.00

Office Salary Expense 125,900.00

Rent Expense 110,000.00

Insurance Expense 12,000.00

Office Supplie Expense 16,000.00

Tax Expense 10,250.00

Misc. General Expense 6,200.00

Interest Expense 13,200.00

TOTALS 10,108,195.00 10,108,195.00 -

Below are the data needed for adjustments at December 31:

1. Interest at 12% per annum on the Php60,000 Notes Receivable dated October 1, was due but not yet paid.

2. The four-month Php12,000.00 prepaid insurance was paid on Nov. 2 of the current year

3. Supplies Inventory at the end of December 31 amounted to Php4,850.00

4. Delivery and Store Equipment has an estimated useful life of twenty years.

5. Office Equipment has an estimated useful life of five years.

6. Accrued Sundry Payables as of December 31 were as follows:

Unpaid Sales Salaries 10,000.00

Accrued Store Rental 10,000.00

Unpaid Office Salaries 5,000.00

Accrued advertising Expense 3,000.00

7. It is estimated that 1% of Accounts Receivable will be uncollectible

Other Information

a. The beginning capital of ViTag Consumer Goods amounted to Php950,000.00

b. Sales for ViTag are all on credit

c. Total purchases for the year amounted to Php2,625,250.00 and are on credit.

d. During the year the total amount of Purchase returns amounted to Php26,250.00 while purchase discounts amounted to Php40,560.00e. Post-Closing Trial Balance for December 31,20CX (previous year) is as follows:

ViTag Appliance Store

Unadjusted Trial Balance

As of December 31,20CY

(in Philippine Pesos)

Dr Cr

Cash 29,045.00

Notes Receivable 60,000.00

Accounts Receivable 500,000.00

Inventory 1,578,650.00

Prepaid Insurance 12,000.00

Office Supplies 1,250.00

Delivery Equipment 1,000,000.00

Accumulated Depreciation - Delivery Equipment 50,000.00

Store Equipment 300,000.00

Accumulated Depreciation - Store Equipment 15,000.00

Office Equipment 50,000.00

Accumulated Depreciation - Office Equipment 10,000.00

Accounts Payable 1,650,000.00

Notes Payable 100,000.00

MM, Capital 950,000.00

Retained Earnings 755,945.00

Total Libitility and Equity 3,530,945.00 3,530,945.00

Required:

a. Adjusting Entries 17 points

b. Statement of Comprehensive Income (Function of Expense Method: Distribution, Administration and Interest) 13 points c. Statement of Changes in Equity 20 points

d. Statement of Financial Position 20 points

e. Statement of Cash Flows (Direct Method) 40 point

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