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TIN:

TAXPAYER'S NAME:
TRADE NAME:
REGISTERED ADDRESS:

JOURNAL ENTRIES
DATE ACCT NO. ACCT NAME Dr

Acounts Payable 12,000.00


Cash
to record payment of accounts payable

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

Tax Payable 5,000.00


Cash
to record payment of tax payable

Wages Payable 7,000.00


Wages Expense 18,000.00
Cash
to record payment of wages

Cash 20,000.00
Accounts Receivable
to record collection of accounts receivable

Prepaid Rent 28,000.00


Cash
to record payment of prepaid rent
Accounts Payable 10,000.00
Cash
to record payment of accounts payable

Cash 6,000.00
Common Stock
to record issuance of common stocks

Advertising Expense 2,000.00


Cash
to record advertising expense

Retained Earnings 3,600.00


Cash
to record payments of dividents to shareholders

Notes Payable 20,000.00


Interest Expense 1,600.00
Cash
to record payment of Notes Payable and Interest

Land 50,000.00
Cash
Mortgage Paayble
to record purchase of land

ADJUSTING JOURNAL ENTRIES

DATE ACCT NO. ACCT NAME Dr

Cost of Goods Sold 57,000.00


Inventory

Wages Expense 10,000.00


Wages Payable

Insurance Expense 2,500.00


Prepaid Insurance

Depreciation Expense 5,000.00


Accumulated Expense
Cr

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

LIABILITIES AND EQUITY


LIABILITIES
Accounts Payable 20,000.00
Wages Payable 10,000.00
Taxes Payable 25,170.00
Rent Payable 2,000.00
Notes Payable 60,000.00
Mortgage Payable 40,000.00
TOTAL LIABILITIES 157,170.00

EQUITY
Common Stock 36,000.00
Retained Earnings 145,130.00
TOTAL EQUITY 181,130.00

TOTAL LIABILITIES AND EQUITY 338,300.00

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)

CASH BEGINNING BALANCE 50,000.00


Cash flows from operating
Payment of Accounts Payable (22,000.00)
Collection of Accounts Receivable 55,000.00
Purchase of Inventory (10,000.00)
Sale of Inventory 126,000
Payment of Taxes (5,000.00)
Payment of Wages (25,000.00)
Payment of Prepaid Rent (28,000.00)
Payment of Advertising Expense (2,000.00)
TOTAL CASH FLOWS FROM OPERATING 89,000.00

Cash flows from investing


Purchase of Land (10,000.00)

TOTAL CASH FLOWS FROM INVESTING (10,000.00)

Cash flows from financing


Issuance of Share Capital 6,000.00
Payment of Dividents (3,600.00)
Payment of Notes Payable and Interest (21,600.00)
TOTAL CASH FLOWS FROM FINANCING (19,200.00)

CASH ENDING BALANCE 109,800.00


Woo
W
Dec

December 31, 2014 2015 Transactions


ACCOUNT TITLE DEBIT CREDIT DEBIT
Cash 50,000.00 59,800.00
Accounts Receivable 35,000.00
Inventory 45,000.00 40,000.00
Prepaid Rent 28,000.00
Prepaid Insurance 5,000.00
Security Deposits 1,000.00
Furnitures and Fixtures 110,000.00
Accumulated Depreciation 20,000.00
Land 50,000.00
TOTAL ASSETS 226,000.00

Accounts Payable 12,000.00


Wages Payable 7,000.00 7,000.00
Taxes Payable 5,000.00 5,000.00
Rent Payable 2,000.00
Notes Payable 80,000.00 20,000.00
Mortgage Payable
TOTAL LIABILITIES 106,000.00

Common Stock 30,000.00


Retained Earnings 90,000.00 3,600.00
TOTAL EQUITY 120,000.00

TOTAL LIABILITIES AND EQUITY 226,000.00

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

UNADJUSTED TRIAL BALANCE ADJUSTING ENTRIES ADJUSTED BALANCE


2015 Transactions December 31, 2015 December 31, 2015 December 31, 2015
CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
109,800.00 109,800.00
1,000.00 34,000.00 34,000.00
85,000.00 57,000.00 28,000.00
28,000.00 28,000.00
5,000.00 2,500.00 28,000.00
1,000.00 2,500.00
110,000.00 1,000.00
20,000.00 5,000.00 110,000.00
50,000.00
50,000.00

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