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TAXPAYER'S NAME:
TRADE NAME:
REGISTERED ADDRESS:
JOURNAL ENTRIES
DATE ACCT NO. ACCT NAME Dr
Cash 35,000.00
Accounts Receivable
to record collection of accounts receivable
Inventory 40,000.00
Cash
Accounts Payable
to record purchase of inventory
Cash 126,000.00
Accounts Receivable 54,000.00
Sales
to record sales of inventory
Cash 20,000.00
Accounts Receivable
to record collection of accounts receivable
Cash 6,000.00
Common Stock
to record issuance of common stocks
Land 50,000.00
Cash
Mortgage Paayble
to record purchase of land
12,000.00
35,000.00
10,000.00
30,000.00
180,000.00
5,000.00
25,000.00
20,000.00
28,000.00
10,000.00
6,000.00
2,000.00
3,600.00
21,600.00
10,000.00
40,000.00
Cr
57,000.00
10,000.00
2,500.00
5,000.00
Woo, Incorporated
STATEMENTS OF FINANCIAL POSITION
As of December 31, 2015
(amounts in Philippine Peso)
2015
ASSETS
ASSETS
Cash 109,800.00
Accounts Receivable 34,000.00
Inventory 28,000.00
Prepaid Rent 28,000.00
Prepaid Insurance 2,500.00
Security Deposits 1,000.00
Furnitures and Fixtures 110,000.00
Accumulated Depreciation (25,000.00)
Land 50,000.00
TOTAL ASSETS 338,300.00
EQUITY
Common Stock 36,000.00
Retained Earnings 145,130.00
TOTAL EQUITY 181,130.00
Woo, Incorporated
STATEMENTS OF COMPREHENSIVE INCOME
For the years ended December 31, 2015
(amounts in Philippine Peso)
2015
Sales 180,000.00
Cost of Goods Sold (57,000.00)
Gross Profit 123,000.00
Other Expenses:
Wages Expense 28,000.00
Insurance Expense 2,500.00
Depreciation Expenses 5,000.00
Interest Expense 1,600.00
Advertising Expense 2,000.00 (39,100.00)
Profit Before Tax 83,900.00
Income Tax Expense (25,170.00)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 58,730.00
Woo, Incorporated
STATEMENTS OF CHANGES IN EQUITY
For the years ended December 31, 2015
(amounts in Philippine Peso)
2015
CAPITAL ACCOUNTS
Balance at the beginning of the year 30,000.00
Additional Investment 6,000.00
Withdrawal -
Balance, Dec. 31, 2015 36,000.00
RETAINED EARNINGS
Balance, Dec. 31, 2014 90,000.00
Income Summary 58,730.00
Dividends Paid (3,600.00)
Balance, Dec. 31, 2015 145,130.00
Woo, Incorporated
STATEMENTS OF CASH FLOWS
For the year ended December 31, 2015
(amounts in Philippine Peso)
Sales
Cost of Goods Sold
Wages Expense 18,000.00
Insurance Expense
Depreciation Expenses 1,600.00
Interest Expense 2,000.00
Advertising Expense
Taxes Expense
Income Summary
TOTAL 235,000.00
Woo, Incorporated
Working Paper
December 31, 2015
8,000.00 20,000.00
10,000.00
25,170.00
2,000.00
60,000.00
40,000.00 40,000.00
36,000.00
6,000.00 86,400.00
180,000.00 180,000.00
57,000.00 57,000.00
18,000.00 10,000.00 28,000.00
2,500.00 2,500.00
5,000.00 5,000.00
1,600.00 1,600.00
2,000.00 2,000.00
25,170.00 25,170.00
235,000.00 444,400.00 444,400.00 74,500.00 74,500.00 484,570.00
ADJUSTED BALANCE CLOSING ENTRIES
December 31, 2015 December 31, 2015
CREDIT DEBIT CREDIT
25,000.00
20,000.00
10,000.00
25,170.00
2,000.00
60,000.00
40,000.00
36,000.00
86,400.00 58,730.00
180,000.00 180,000.00
57,000.00
28,000.00
2,500.00
5,000.00
1,600.00
2,000.00
25,170.00
58,730.00 58,730.00
484,750.00
Gross Sales
Cost of Goods Sold
Gross Income from Operation
Other Income
Dividends from resident foreign corporation
Total Gross Income
Deductions
Wages Expense
Insurance Expense
Depreciation Expenses
Interest Expense
Advertising Expense
Taxable Income
Tax Due
Cumulative quarterly income tax paid
Cumulative creditable withholding tax
TAX PAYABLE
VAT
Sales
Purchases
Machinery
Payment
Vat Payable
180,000.00
(57,000.00)
123,000.00
25,000.00
148,000.00
28,000.00
2,500.00
5,000.00
1,600.00
2,000.00 (39,100.00)
108,900.00
32,670.00
75,155.00
77,750.00
(120,235.00)
360,000.00
144,000.00
25,000.00
191,000.00
22,000.00
169,000.00