EXECUTIVE MODERN FURNISHER

Trial Balance
March 31, 1997
No.
102
103
104
104.1
107
108
109
110
201
202
202.1
203
203.1
204
204.1
205
205.1
206
206.1
401
403
404
405
407
408
413
413.1
413.2
501
601
603
701
801
901
905
906
907
1001
1002
1302
1303
1401

Account Title
Cash In Bank - UCPB (C/A)
Petty Cash Fund
Accounts Receivable
Allowance for Doubtful Accounts
Finished Goods Inventory, February 28
Goods In Process Inventory, February 28
Materials Inventory, February 28
Prepaid Insurance
Land
Building
Accumulated Depreciation - Building
Machinery and Equipment
Accumulated Depreciation - Machinery and Equipment
Furniture and Fixtures
Accumulated Depreciation - Furnitures and Fixtures
Delivery Equipment
Accumulated Depreciation - Delivery Equipment
Office Equipment
Accumulated Depreciation -Office Equipment
Vouchers Payable
Deposits from Customers
SS Premiums Payable
Medicare Premiums Payable
HDMF Premiums Payable
Withholding Taxes Payable
Value Added Taxes Payable
Input Tax
Output Tax
Mortgage Payable
Capital Stock
Retained Earnings
Sales
Cost of Goods Sold
Factory Overhead
Applied Factory Overhead - Cutting Department
Applied Factory Overhead - Assembling Department
Applied Factory Overhead - Finishing Department
Marketing Expense Control
Administrative Expense Control
Income from Scrap Sales
Purchase Discount
Interest Expense
TOTALS

Debit
113,791.31
5,000.00
9,262.50
95,658.52
7,628.00
32,832.00
2,500.00
75,000.00
500,000.00
138,000.00
68,000.00
145,000.00
16,000.00

2,352.00

188,655.98
73,366.24

47,795.13
125,650.85

3,450.00
1,649,942.53

ER

Credit

300.00

5,625.00
2,354.17
1,500.00
3,500.00
933.33
14,066.25
6,875.00
3,033.40
587.50
900.00
9,903.28
11,325.09
18,050.00
335,000.00
650,000.00
103,289.50
396,339.30

26,174.83
30,315.24
29,700.64

100.00
70.00
1,649,942.53

Executive Modern Furnishing

WORKSHEET
For the Quarter Ended March 31, 1997
Unadjusted Trial Balance
No.
102
103
104
104.1
107
108
109
110
201
202
202.1
203
203.1
204
204.1
205
205.1
206
206.1
401
403
404
405
407
408
413
413.1
413.2
501
601
603
701
801
901
905
906
907
1001
1002
1302
1303
1401

Account Title
Cash In Bank - UCPB (C/A)
Petty Cash Fund
Accounts Receivable
Allowance for Doubtful Accounts
Finished Goods Inventory, February 28
Goods In Process Inventory, February 28
Materials Inventory, February 28
Prepaid Insurance
Land
Building
Accumulated Depreciation - Building
Machinery and Equipment
Accumulated Depreciation - Machinery and Equipment
Furniture and Fixtures
Accumulated Depreciation - Furnitures and Fixtures
Delivery Equipment
Accumulated Depreciation - Delivery Equipment
Office Equipment
Accumulated Depreciation - Office Equipment
Vouchers Payable
Deposits from Customers
SS Premiums Payable
Medicare Premiums Payable
HDMF Premiums Payable
Withholding Taxes Payable
Value Added Taxes Payable
Input Tax
Output Tax
Mortgage Payable
Capital Stock
Retained Earnings
Sales
Cost of Goods Sold
Factory Overhead
Applied Factory Overhead - Cutting Department
Applied Factory Overhead - Assembling Department
Applied Factory Overhead - Finishing Department
Marketing Expense Control
Administrative Expense Control
Income from Scrap Sales
Purchase Discount
Interest Expense
TOTALS
Accrued Payroll
EC Premiums Payable
Interest Payable
Factory Overhead - Cutting Department
Factory Overhead - Assembling Department
Factory Overhead - Finishing Department
OverApplied Factory Overhead
Income Tax Expense
Income Tax Payable
TOTALS

Debit
113,791.31
5,000.00
9,262.50

Adjustments

Credit

Debit

Adjusted Trial Balance

Credit
P

300.00

95,658.52
7,628.00
32,832.00
2,500.00
75,000.00
500,000.00

Debit
113,791.31
5,000.00
9,262.50

5,689.57
P

6,840.84
750.00

5,625.00
2,354.17

11,250.00
138,000.00

5,179.17

1,500.00

5,179.17
68,000.00

3,000.00

3,000.00

145,000.00
3,500.00

3,500.00

16,000.00

145,000.00
7,000.00

7,000.00

16,000.00
933.33
14,066.25
6,875.00
3,033.40
587.50
900.00
9,903.28
11,325.09

700.00

4,610.80
587.50
900.00
15,698.00
2,352.00

2,352.00
18,050.00
335,000.00
650,000.00
103,289.50
396,339.30

16,000.00
1,633.33
14,066.25
6,875.00
7,644.20
1,175.00
1,800.00
9,903.28
27,023.09

1,633.33
14,066.25
6,875.00
7,644.20
1,175.00
1,800.00
9,903.28
27,023.09

335,000.00
650,000.00
103,289.50
396,339.30

335,000.00
650,000.00
103,289.50

18,050.00

188,655.98
73,366.24

12,190.70
2,588.26
1,633.92
1,963.66

47,795.13
125,650.85

396,339.30

188,655.98
85,556.94

26,174.83
30,315.24
29,700.64
4,403.00
10,679.17

188,655.98
85,556.94
28,763.09
31,949.16
31,664.30
52,198.13
136,330.02

28,763.09
31,949.16
31,664.30
52,198.13
136,330.02

100.00
70.00
3,450.00
P 1,649,942.53

5,989.57

68,000.00
1,500.00

Credit

95,658.52
14,468.84
32,832.00
1,750.00
75,000.00
500,000.00
11,250.00

2,825.00

145,000.00

Debit
113,791.31
5,000.00
9,262.50

5,989.57

138,000.00

68,000.00

Statement of Financial Position

P

95,658.52
14,468.84
32,832.00
1,750.00
75,000.00
500,000.00

5,625.00

138,000.00

Credit

Statement of Recognized Income

and Expense
Debit
Credit

85,556.94
28,763.09
31,949.16
31,664.30

100.00
70.00
3,450.00

100.00
70.00

6,900.00

6,900.00

P 1,649,942.53
1,080.00
160.00
3,450.00

1,080.00
160.00
3,450.00

1,080.00
160.00
3,450.00
37,645.54
24,073.06
23,838.34

6,735.67
P

55,613.71

6,735.67
P

6,735.67
55,613.71

P 1,684,404.24

37,645.54
24,073.06
23,838.34
6,819.61

6,735.67
6,735.67
P 1,684,404.24

654,310.23

666,819.34

P 1,214,763.17

6,735.67
P 1,202,254.06

Net Income
P

12,509.11
666,819.34

666,819.34

P 1,214,763.17

12,509.11
P 1,214,763.17

EXECUTIVE MODERN FURNISHER

Worksheet for Departmentalization of Applied Overhead Rates
March 31, 1997
Factory Overhead Accounts
Depreciation - Building
Depreciation - Machine & Equipment
Factory Supplies & Indirect Materials
Light, Power and Water
Insurance Expense
Supervision
Indirect Labor
Repairs and Maintenance - Building
SS, Medicare and EC Premiums
SS. Medicare, EC and HDMF - Others
COLA - Workers
COLA - Others
Repairs and Maintenance - Machinery
Miscellaneous
TOTAL

Basis
Floor Area
Machine Cost
Direct Charge
KW-Hours
Floor Area
No. of Workers
No. of Workers
Floor Area
Direct Charge
No. of Workers
Direct Charge
No. of Workers
Machine Cost
Labor Hours

TOTAL

CUTTING

ASSEMBLING

FINISHING

5,625.00
2,825.00
2,619.00
2,970.00
750.00
37,500.00
16,825.00
1,639.64
4,410.30
3,393.00
4,200.00
1,300.00
1,500.00

2,109.38
2,330.23
420.00
1,485.00
281.25
16,071.43
7,210.71
614.87
2,074.10
1,454.14
1,800.00
557.14
1,237.29

2,109.37
175.56
814.00
594.00
281.25
10,714.29
4,807.15
614.86
1,328.50
969.43
1,200.00
371.43
93.22

1,406.25
319.21
1,385.00
891.00
187.50
10,714.28
4,807.14
409.91
1,007.70
969.43
1,200.00
371.43
169.49

85,556.94

37,645.54

24,073.06

23,838.34

TOTAL
5,625.00
2,825.00
2,619.00
2,970.00
750.00
37,500.00
16,825.00
1,639.64
4,410.30
3,393.00
4,200.00
1,300.00
1,500.00

85,556.94

EXECUTIVE MODERN FURNISHER

Statement of Cost of Goods Manufactured
For the quarter ended March 31, 1997
Notes
Direct Materials
Materials Inventory, January 1
Add: Net Purchases
Materials Available For Use
Less: Indirect Materials Used
Materials Inventory, March 31

P 31,804.00
51,424.40

(1)

83,228.40
(2)

P 2,619.00
32,832.00

35,451.00

Direct Materials Consumed

Direct Labor
Applied Factory Overhead
Cutting Department
Assembling Department
Finishing Department

P 47,777.40
(3)

39,032.32
P 28,763.09
31,949.16
31,664.30

92,376.55

Total Manufacturing Cost

P 179,186.27

Add: Good In Process Inventory, January 1

Cost of Goods In Process for First Quarter
Less: Goods In Process Inventory, March 31

24,888.36
P 204,074.63
14,468.84

COST OF GOODS MANUFACTURED

P 189,605.79

Note 1: Net Purchases

Purchases (January to February)
Purchases (March)
Total Purchases

P 27,834.40
23,590.00
P 51,424.40

Note 2: Indirect Materials Used

Indirect Materials (January to February)
Indirect Materials (March)
Total Indirect Materials Used

P 2,429.00
190.00
P 2,619.00

Note 3: Direct Labor

Direct Labor (January to February)
Direct Labor (March)
Total Direct Labor

P 20,937.32
18,095.00
P 39,032.32

EXECUTIVE MODERN FURNISHER

Statement of Recognized Income and Expense
For the quarter ended March 31, 1997
Notes
Net Sales
Less: Cost of Goods Sold

P 396,339.30
181,836.37

(4)

Gross Profit

P 214,502.93

Less: Expenses
Administrative Expenses
Marketing Expenses
Income from Operations
Add: Other Income
Less: Interest Expense

P 136,330.02
52,198.13

P 25,974.78
170.00
6,900.00

(5)

Net Income Before Income Tax

Less: Income Tax Expense

P 19,244.78
(6)

6,735.67

NET INCOME AFTER INCOME TAX

Note 4: Cost of Goods Sold

Finished Goods Inventory, January 1
Add: Cost of Goods Manufactured
Cost of Goods Available for Sale
Less: Finished Goods Inventory, March 31
Overapplied Factory Overhead
Cost of Goods Sold
Note 5: Other Income
Income from Scrap Sales
Purchase Discount
Other Income
Note 6: Income Tax Expense
Net Income Before Income Tax
Multiply by Income Tax Rate
Income Tax Expense

188,528.15

P 12,509.11

P 94,708.71
189,605.79
P 284,314.50
P 95,658.52
6,819.61

102,478.13
P 181,836.37

P
P

100.00
70.00
170.00

P 19,244.78
35%
P 6,735.67

EXECUTIVE MODERN FURNISHER

Statement of Changes in Shareholders' Equity
For the quarter ended March 31, 1997

Balance, January 1
Profir for the Quarter

Capital Stock
650,000.00

Balance, March 31

650,000.00

Retained Earnings
P
103,289.50
12,509.11
P

115,798.61

EXECUTIVE MODERN FURNISHER

Statement of Financial Position
March 31, 1997
ASSETS
Current Assets:
Cash In Bank - UCPB (C/A)
Petty Cash Fund
Accounts Receivable
Less: Allowance for Doubtful Accounts
Finished Goods Inventory, March 31
Goods In Process Inventory, March 31
Materials Inventory, March 31
Prepaid Insurance
Non-Current Assets
Land
Building
Less: Accumulated Depreciation - Building
Machinery and Equipment
Less: Accumulated Depreciation - Machinery and Equipment
Furnitures and Fixtures
Less: Accumulated Depreciation - Furnitures and Fixtures
Delivery Equipment
Less: Accumulated Depreciation - Delivery Equipment
Office Equipment
Less: Accumulated Depreciation - Office Equipment
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Vouchers Payable
Deposits from Customers
SS Premiums Payable
Medicare Premiums Payable
EC Premiums Payable
HDMF Premiums Payable
Withholding Taxes Payable
Interest Payable
Accrued Payroll
Income Taxes Payable
VAT Payable

P
P

9,262.50
5,989.57

113,791.31
5,000.00
3,272.93
95,658.52
14,468.84
32,832.00
1,750.00

75,000.00
P
P
P
P
P

500,000.00
11,250.00
138,000.00
5,179.17
68,000.00
3,000.00
145,000.00
7,000.00
16,000.00
1,633.33

488,750.00
132,820.83
65,000.00
138,000.00
14,366.67
P 1,180,711.10

14,066.25
6,875.00
7,644.20
1,175.00
160.00
1,800.00
9,903.28
3,450.00
1,080.00
6,735.67
27,023.09

Non Current Liabilities

Mortgage Payable

335,000.00

Shareholders' Equity
Capital Stock
Retained Earnings

650,000.00
115,798.61

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

P 1,180,711.10