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Seatwork 5

This document summarizes the trial balance, adjustments, adjusted trial balance, income statement, and balance sheet for Remedios Palagnas Gourmet Food for the month ended December 31, 2017. It shows revenues of $2,256,000, expenses of $1,912,000, and a net income of $344,000. Assets include cash, accounts receivable, supplies, land, buildings, and equipment totaling $4,280,000. Liabilities include notes payable, accounts payable, and salaries payable totaling $1,280,000. Equity includes capital and withdrawals of $3,000,000.

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Jasmine Maningo
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90 views2 pages

Seatwork 5

This document summarizes the trial balance, adjustments, adjusted trial balance, income statement, and balance sheet for Remedios Palagnas Gourmet Food for the month ended December 31, 2017. It shows revenues of $2,256,000, expenses of $1,912,000, and a net income of $344,000. Assets include cash, accounts receivable, supplies, land, buildings, and equipment totaling $4,280,000. Liabilities include notes payable, accounts payable, and salaries payable totaling $1,280,000. Equity includes capital and withdrawals of $3,000,000.

Uploaded by

Jasmine Maningo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Remedios Palagnas Gourmet Food

Worksheet
for the month ended Dec. 31, 2017
Trial balance Adjustments
Account Title Debit Credit Debit Credit
Cash P504,000
Accounts Recievable 789,000
Prepaid Rent 144,000 72,000
Cooking Supllies 357,000 332,000
Land 530,000
Building 1,250,000
Accumulated Depreciation- Building P413,000 28,000
Cooking equipment 870,000
Accum. Depreciatiion- Cooking Equipment 212,00 52,000
Notes Payable 1,400,00
Account Payable 117,000
Salaries Payable 27,000
Interest Payable 252,000
Palagnas, Capital 1,435,000
Palagnas, Withdrawals 240,000

Gourmet Cooking Revenue 2,256,000


Salaries Expense 619,000 27,000
Travel Expense 127,000
Advertising Expense 215,000
Insurance Expense 40,000
Utilities Expense 102,000
Misilleneous Expense 46,000
Rent Expense 72,000
Cooking Supplies Expense 332,000
Depreciation Expense- Building 28,000
Depreciation Expense- Cooking Equipment 52,000
Interest Expense 252,000
TOTAL P5,833,000 P5,833,000 P763,000 P763,000
profit
as Gourmet Food
sheet
ded Dec. 31, 2017
Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit
504,000 504,000
789,000 789,000
72,000 72,000
25,000 25,000
530,000 530,000
1,250,000 1,250,000
441,000 441,000
870,000 870,000
264,000 264,000
1,400,000 1,400,000
117,000 117,000
27,000 27,000
252,000 252,000
1,435,000 1,435,000
240,000 240,000

2,256,000 2,256,000
646,000 646,000
127,000 127,000
215,000 215,000
40,000 40,000
102,000 102,000
46,000 46,000
72,000 72,000
332,000 332,000
28,000 28,000
52,000 52,000
252,000 252,000
P6,192,000 P6,192,000 1,912,000 3,936,000
344,000 344,000
P225,6000 P225,6000 P4,280,000 P4,280,000

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