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    Midterm Task Performance

    Uploaded by

    Sol Luna
    This document is a trial balance for Falsetto Company for the year ended December 31, 20CY. It provides account balances for the company's assets, liabilities, capital, revenues and expenses. It also includes instructions to prepare an income statement using the multi-step format and to classify assets and liabilities as current or non-current for the balance sheet.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Midterm Task Performance

    Uploaded by

    Sol Luna
    680 views7 pages
    This document is a trial balance for Falsetto Company for the year ended December 31, 20CY. It provides account balances for the company's assets, liabilities, capital, revenues and expenses. It also includes instructions to prepare an income statement using the multi-step format and to classify assets and liabilities as current or non-current for the balance sheet.

    Original Title

    MIDTERM TASK PERFORMANCE

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    © © All Rights Reserved

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    This document is a trial balance for Falsetto Company for the year ended December 31, 20CY. It provides account balances for the company's assets, liabilities, capital, revenues and expenses. It also includes instructions to prepare an income statement using the multi-step format and to classify assets and liabilities as current or non-current for the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    680 views7 pages

    Midterm Task Performance

    Uploaded by

    Sol Luna
    This document is a trial balance for Falsetto Company for the year ended December 31, 20CY. It provides account balances for the company's assets, liabilities, capital, revenues and expenses. It also includes instructions to prepare an income statement using the multi-step format and to classify assets and liabilities as current or non-current for the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    Falsetto Company Adjusted Trial Ba

    For the Year Ended December 31,


    Accounts Debit Credit
    Cash ₱ 14,500.00
    Accounts Receivable ₱ 11,100.00
    Inventory ₱ 29,000.00
    Prepaid Insurance ₱ 2,500.00
    Equipment ₱ 95,000.00
    Accumulated Depreciation-Equipment ₱ 18,000.00
    Notes Payable ₱ 25,000.00
    Accounts Payable ₱ 10,600.00
    Owner's Capital ₱ 81,000.00
    Owner's Drawing ₱ 12,000.00
    Sales Revenue ₱ 536,800.00
    Interest Revenue ₱ 2,500.00
    Sales Returns and Allowances ₱ 6,700.00
    Sales Discount ₱ 5,000.00
    Cost of Goods Sold ₱ 363,400.00
    Freight out ₱ 7,600.00
    Advertising expense ₱ 12,000.00
    Salaries Expnse ₱ 56,000.00
    Utilities ₱ 18,000.00
    Rent Expense ₱ 24,000.00
    Depreciation Expense ₱ 9,000.00
    Insurance expense ₱ 4,500.00
    Interest Expense ₱ 3,600.00

    Total ₱ 673,900.00 ₱ 673,900.00

    Instructions
    1. Use the Multi-Step Income Statement when Preparing the Income Statement,
    2. Classify if the Asset or Liability is Current or Non-Current when preparing the Balance Sheet.
    setto Company Adjusted Trial Balance
    or the Year Ended December 31,20CY
    FALCETTO COMPANY
    INCOME STATEMENT
    For the year ended December 31,20CY
    Sales Revenues
    Sales revenue ₱ 536,800.00
    Less: Sales Returns and Allowances ₱ 6,700.00
    Sales Discounts ₱ 5,000.00 ₱ 11,700.00
    Net Sales ₱ 525,100.00
    Cost of goods sold ₱ 363,400.00
    Gross Profit ₱ 161,700.00
    Operating Expenses
    Salaries Expense ₱ 56,000.00
    Rent Expense ₱ 24,000.00
    Utilities Expense ₱ 18,000.00
    Advertising Expense ₱ 12,000.00
    Depreciation Expense ₱ 9,000.00
    Freight-out ₱ 7,600.00
    Insurance Expense ₱ 4,500.00
    Total operating expense ₱ 131,100.00
    Income From Operations ₱ 30,600.00
    Other Revenue and gains
    Interest Revenue ₱ 2,500.00
    Other Expense and losses
    Interest Expense ₱ 3,600.00 ₱ 1,100.00

    Net Income ₱ 29,500.00


    Falsetto Company
    Balance Sheet
    For the Year Ended December 31,20CY
    Assets
    Current Assets ₱ 14,500.00
    Cash ₱ 11,100.00
    Accounts Receivable ₱ 29,000.00
    Notes Payable ₱ 2,500.00
    Non-Current Assets ₱ 57,100.00
    Equipment ₱ 95,000.00
    Less:Accumulated Depreciation-equipment ₱ 18,000.00 ₱ 77,000.00

    Total Assets ₱ 134,100.00

    Liabilities and Owner's Equity


    Current Liabilities
    Notes Payable ₱ 25,000.00
    Accounts Payable ₱ 10,600.00 ₱ 35,600.00
    Toral Liabilities ₱ 35,600.00
    Owner's Equity
    Owner's Capital ₱ 81,000.00
    Net Income ₱ 29,500.00
    Less: Owner's Drawing ₱ 12,000.00 ₱ 98,500.00
    Total Liabilities and Owner's Equity ₱ 134,100.00
    0CY

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