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Cortez Practice Set January

Ivan Film and Portraits Services provides photography services and supplies. The documents show the company's trial balance, income statement, statement of changes in equity, and balance sheet as of January 2019, which indicate the company had a net profit of ₱198,920 for the month and total equity of ₱548,920 as of January 31, 2019.

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Christian Lapid
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891 views

Cortez Practice Set January

Ivan Film and Portraits Services provides photography services and supplies. The documents show the company's trial balance, income statement, statement of changes in equity, and balance sheet as of January 2019, which indicate the company had a net profit of ₱198,920 for the month and total equity of ₱548,920 as of January 31, 2019.

Uploaded by

Christian Lapid
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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IVAN FILM AND PORTRAITS SERVICES

Trial Balance
As of January 2019

Cash ₱208,810
Accounts Receivable 66000
Photography Supplies 8225
Rental Deposit 20000
Photography Equipment 100000
Accumulated Depreciation- Photography Equipment ₱1,667
Furniture and Equipment 39200
Accumulated Depreciation- F and F 1089
Automobiles 250000
Accounts Payable 102681
Withholding Tax Payable 6700
SSS Premium Payable 13400
Philhealth Premium Payable 6700
Pag-ibig Premium Payable 400
Percentage Payable 10678
Ivan Abadier, Capital 350000
Sales 352110
Sales Discount 5413
Sales Allowance 1455
Supply Expense 1000
Salary Expense 67000
Photography Supply Expense 24675
Rent Expense 10000
Depreciation Expense 2756
SSS Premium Expense 8040
Philhealth Premium Expense 4020
Pag-ibig Premium Expense 200
Utilities Expense 6881
Taxes and Licenses 20750
Bank Charges 1000
Total ₱845,425 ₱845,425
Cortez, Ron Albert M. BSA 1-1
IVAN FILM AND PORTRAITS SERVICES IVAN FILM AND PORTRAITS SERV
Income Statement Statement of Changes in Equity
As of the Month Ended, January 2019 As of the Month Ended, January 20

Fees Earned
Sales ₱352,110
Sales Discount -5413
Sales Allowance -1455

Less Expense
Supply Expense ₱1,000
Salary Expense 67000
Photography Supply Expense 24675
Rent Expense 10000
Depreciation Expense 2756
SSS Premium Expense 8040
Philhealth Premium Expense 4020
Pag-ibig Premium Expense 200 Cortez, Ron Albert M.
Utilities Expense 6881
Taxes and Licenses 20750
Bank Charges 1000 146322
Net Profit ₱198,920
IVAN FILM AND PORTRAITS SERVICES IVAN FILM AND PORTRAITS
Statement of Changes in Equity Balance Sheet
As of the Month Ended, January 2019 As of the Month Ended, Febr

Beginning Capital ₱100,000 ASSETS


Add:Additonal Investment 250,000
Add: Net Profit 198920
Ending Capital ₱548,920

ortez, Ron Albert M. BSA 1-1


Total Asset

LIABILITIES AND EQUITY

TOTAL LIABILITIES AND EQUITY


IVAN FILM AND PORTRAITS SERVICES
Balance Sheet
As of the Month Ended, February 2015

Current Assets
Cash ₱208,810
Accounts Receivable 66000
Photography Supplies 8225
Rental Deposit 20000
Total Current Asset 303,035

Non Current Asset


Photography Equipment 100000
Accumulated Depreciation- Photography Equipment -1,667
Furniture and Equipment 39200
Accumulated Depreciation- F and F -1089
Automobiles 250000
Total Non Current Asset 386,444

Total Asset ₱689,479

LIABILITIES AND EQUITY


Liabilities
Accounts Payable ₱102,681
Withholding Tax Payable 6700
SSS Premium Payable 13400
Philhealth Premium Payable 6700
Pag-ibig Premium Payable 400
Percentage Payable 10678
Total Liabililties 140,559

Equity
Gabriel's Capital 548,920
Total Equity 548,920

TOTAL LIABILITIES AND EQUITY ₱689,479

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