Walmart Department Store, owned by M. Claude is located in the city centre of Manila. During the past several years, profit has been declining because of nearby shopping centres. At the end of the business reporting period on 30 November 2015, the following accounts appeared in two of its trial balances:

Analysis reveals the following additional data.

Salaries expense is 75% selling and 25% administrative

Insurance expense is 50% selling and 50% administrative

Rent expense and utilities expense are administrative expense

Notes payable are due in 2019.

Tax expense is deducted from profit to derive profit after tax.

Required: Prepare, using the templates below

Income Statement by function

Statement of changes in equity

Statement of Financial Position

Unadjusted Adjusted Debit cred t De bit credit Php 473.100 Php 473,100 Accounts Payable 117,700 117,700 Accounts Receivable Accumulated Depreciation-Delivery Equipment 156,800 188,160 323,000 Accumulated Depreciation-Store Equipment 418,000 Cash 80,000 80,000 M. Claude, Capital 842,000 842,000 6,332,200 Cost of Sales 6,332,200 82,000 82,000 Delivery Expense 570,000 570,000 Delivery Equipment Depreciation Expense-Delivery Equipment 360 Depreciation Expense-Store Dquipment 95,000 120,000 120,000 M. Claude, Drawings Insurance Expense 105,000 Interest Expense 80,000 80,000 Interest Revenue 50,000 50,000 Inventory 362,000 362,000 Notes Payable 460,000 460,000 135,000 Prepaid Insurance 30,000 Tax Expense 35,000 35,000 Taxes Payable 190,000 190,000 Rent Expense 1.200,000 1,200,000 Salaries Expense Sales 8,500,000 8,500,000 80,000 105,000 Sales Commission Expense 25,000 Sales Commission Payable 100,000 100,000 Sales Returns and Allowances 1.250.000 1,250,000 Store Equipment 106 000 106,000 Utilities Expense Php 10,804,900 Php 10,804,900 Php 10,991,260 Php 10,991,260