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KASHATO SHIRTS

WORKSHEET
October 31, 2008
UNADJUSTED ADJUSTED INCOME BALANCE SHEET
TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE STATEMENT
NO. ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT
100 Cash 854,253.66 22,400.00 876,653.66 876,653.66
101 Petty Cash 16,000.00 16,000.00 16,000.00
110 Notes Receivable 33,600.00 33,600.00 33,600.00
111 Interest Receivable 0.00 134.40 134.40 134.40
112 Accounts Receivable 188,160.00 22,400.00 165,760.00 165,760.00
113 Allowance for Uncollectible Accounts 2,688.00 4,771.20 7,459.20
120 Merchandise Inventory 871,200.00 871,200.00 871,200.00 700,360.00 700,360.00
130 Supplies 32,272.00 22,772.00 9,500.00 9,500.00
140 Prepaid Insurance 12,750.00 2,750.00 10,000.00 10,000.00
141 Prepaid Rent 150,000.00 50,000.00 100,000.00 100,000.00
150 Furniture and Fixtures 676,000.00 676,000.00 676,000.00
151 Accum. Dep. - Furniture & Fixture 74,250.00 7,056.00 81,306.00
152 Equipment 735,000.00 735,000.00 735,000.00
153 Accum. Dep. - Equipment 134,500.00 12,250.00 146,750.00
154 Service Vehicle 410,000.00 410,000.00 410,000.00
155 Accum. Dep. - Service Vehicle 33,000.00 5,500.00 38,500.00
160 Rent Deposit 150,000.00 150,000.00 150,000.00
161 Utilities Deposit 18,500.00 18,500.00 18,500.00
200 Notes Payable 0.00
201 Interest Payable 0.00
202 Accounts Payable 482,049.00 482,049.00
210 Salaries Payable
211 SSS and EC Contribution Payable 0.00 15,400.00 15,400.00
212 Philhealth Contribution Payable 0.00 5,175.00 5,175.00
213 PAG-IBIG Contribution Payable 0.00 1,800.00 1,800.00
214 Withholding Tax Payable 0.00 34,721.02 34,721.02
220 Rent Payable
221 Utilities Payable
230 Value Added Tax Payable 123,050.40 123,050.40
230-1 Input Vat 0.00
230-2 Output Vat 14,052.00 14,052.00
240 Voucher's Payable 662,195.42 662,195.42
300 Therese Ballada , Capital 2,501,008.67 2,501,008.67
301 Therese Ballada, Withdrawals 205,000.00 205,000.00 205,000.00
400 Sales 1,896,200.00 1,896,200.00 1,896,200.00
401 Sales Discounts 5,640.00 5,640.00 5,640.00
402 Sales Returns and Allowances 4,000.00 4,000.00 4,000.00
410 Interest Income 1,600.00 134.40 1,734.40 1,734.40
500 Purchases 684,400.00 684,400.00 684,400.00
501 Transportation IN 4,000.00 4,000.00 4,000.00
502 Purchases Discounts 10,400.00 10,400.00 10,400.00
503 Purchases Returns and Allowances 10,000.00 10,000.00 10,000.00
600 Advertising Expense 8,000.00 8,000.00 8,000.00
601 Supplies Expense 22,772.00 22,772.00 22,772.00
602 Insurance Expense 2,750.00 2,750.00 2,750.00
603 Rent Expense 50,000.00 50,000.00 50,000.00
604 Utilities Expense 22,300.00 22,300.00 22,300.00
605 Repairs and maintenance Expense 7,400.00 7,400.00 7,400.00
610 Salaries Expense 233,000.00 233,000.00 233,000.00
611 SSS and EC Contribution Expense 10,563.60 10,563.60 10,563.60
612 Philhealth Contribution Expense 2,587.50 2,587.50 2,587.50
613 PaG-IBIG Contribution Expense 900.00 900.00 900.00
620 Uncollectible Accounts Expense 4,771.20 4,771.20 4,771.20
630 Dep. Exp. - Furniture and Fixture 7,056.00 7,056.00 7,056.00
631 Dep. Exp. - Equipment 12,250.00 12,250.00 12,250.00
632 Dep. Exp - Service vehicle 5,500.00 5,500.00 5,500.00
640 Miscellaneous Expense 784.00 784.00 784.00
650 Interest Expense 3,833.33 3,833.33 3,833.33
TOTALS 5,340,144.09 5,339,894.09 789,829.02 789,829.02 5,369,855.69 5,369,605.69 1,963,707.63 2,618,694.40 4,106,508.06
NET INCOME 654,986.77
250.00 2,618,694.40 2,618,694.40 4,106,508.06
BALANCE SHEET

CREDIT

7,459.20

81,306.00

146,750.00

38,500.00

482,049.00

15,400.00
5,175.00
1,800.00
34,721.02

123,050.40

14,052.00

2,501,008.67
3,451,271.29
655,236.77
4,106,508.06
Kashato Shirt Company
Income Statement
For the Month Ended Oct. 31, 2010

Net Sales
Gross Sales 1,896,200.00
Sales Discounts 5,640.00
Sales Returns and Allowances 4,000.00
Less: 9,640.00
Net Sales 1,886,560.00
Cost of Goods Sold
Merchandise Iinventory 10/1/10 871,200.00
Add:Purchases 684,400.00
Purchases Discounts 10,400.00
Purchases Returns and Allowances 10,000.00
Less: 20,400.00
Add:Transportation IN 4,000.00
Available for Sale 1,539,200.00
Less:Merchandise Iinventory 10/31/10 700,360.00
Cost of Sales 838,840.00
Gross Profit
Operating Expenses
Selling Expenses
Advertising Expense 8,000.00
Supplies Expense 22,772.00
Insurance Expense 2,750.00
Total:Selling Expenses 33,522.00
Rent Expense 50,000.00
Utilities Expense 22,300.00
Repairs and maintenance Expense 7,400.00
Salaries Expense 233,000.00
SSS and EC Contribution Expense 10,313.60
Philhealth Contribution Expense 2,587.50
PaG-IBIG Contribution Expense 900.00
Uncollectible Accounts Expense 4,771.20
Dep. Exp. - Furniture and Fixture 7,056.00
Dep. Exp. - Equipment 12,250.00
Dep. Exp - Service vehicle 5,500.00
Miscellaneous Expense 784.00
Interest Expense 3,833.33
Total:Admistrative Expenses 360,695.63
Total:Operating Expense 394,217.63

Add: Interest Income 1,734.40


Profit 655,236.77
Kashato Shirt Company
Statement of Changes in Equity
For the Month Ended Oct. 31, 2010

Therese Ballada , Owners Equity 10/1/13 2,501,008.67


Add:Profit 655236.77
Total 3,156,245.44
Less:Withdrawal 205,000.00
Therese Ballada , Owners Equity 10/31/13 2,951,245.44
Kashato Shirt Company
Balance Sheet
Oct. 31, 2010

ASSETS
Current Assets
Cash 876,653.66
Petty Cash 16,000.00
Notes Receivable 33,600.00
Interest Receivable 134.40
Accounts Receivable 165,760.00
Allowance for Uncollectible Accounts 7,459.20
Merchandise Inventory 700,360.00
Supplies 9,500.00
Prepaid Insurance 10,000.00
Prepaid Rent 100,000.00
Total Current Assets 1,904,548.86
Non-current Assets
Furniture and Fixtures 676,000.00
Accum. Dep. - Furniture & Fixture 81,306.00
Equipment 735,000.00
Accum. Dep. - Equipment 146,750.00
Service Vehicle 410,000.00
Accum. Dep. - Service Vehicle 38,500.00
Rent Deposit 150,000.00
Utilities Deposit 18,500.00
Total Non-current Assets 1,722,944.00
Total Assets 3,627,492.86

LIABILITIES
Current Liabilities
Accounts Payable 482,049.00
SSS and EC Contribution Payable 15,400.00
Philhealth Contribution Payable 5,175.00
PAG-IBIG Contribution Payable 1,800.00
Withholding Tax Payable 34,721.02
14,052.00
Value Added Tax Payable 123,050.40
Total Liabilities 676,247.42
OWNERS EQUITY
Therese Ballada , Owners Equity 10/31/13 2951245.44
Total Liabilities and Owners Equity 3,627,492.86
0.00
Kashato Shirts
Bank Reconciliation
31-Oct-10

Balance per book 876,653.66


Add: Note collected by bank 22,400.00
Adjusted book balance

Balance per Bank ₱865,588.66


Add: Deposit in Transit 45,000.00
Total
Less: Outstanding Checks
Check No. 81213 16,800.00
Check No. 81214 8,176.00
Check No. 81215 8,960.00 33,963.00
Adjusted bank balance
854,253.66

₱876,625.66 (₱22,372.00)
Kashato Shirt Company
Post closing Trial Balance
31-Oct-10

Cash 876,653.66
Petty Cash 16,000.00
Notes Receivable 33,600.00
Interest Receivable 134.40
Accounts Receivable 165,760.00
Allowance for Uncollectible Accounts 7,459.20
Merchandise Inventory 700,360.00
Supplies 9,500.00
Prepaid Insurance 10,000.00
Prepaid Rent 100,000.00
Furniture and Fixtures 676,000.00
Accum. Dep. - Furniture & Fixture 81,306.00
Equipment 735,000.00
Accum. Dep. - Equipment 146,750.00
Service Vehicle 410,000.00
Accum. Dep. - Service Vehicle 38,500.00
Rent Deposit 150,000.00
Utilities Deposit 18,500.00
Accounts Payable 482,049.00
SSS and EC Contribution Payable 15,400.00
Philhealth Contribution Payable 5,175.00
PAG-IBIG Contribution Payable 1,800.00
Withholding Tax Payable 34,721.02
14,052.00
Value Added Tax Payable 123,050.40
Therese Ballada , Owners Equity 10/31/13 2951245.44
Total 3,901,508.06 3,901,508.06
KASHATO SHIRTS
STATEMENT OF CASH FLOWS
For the month ended October 31, 2010

CASH FLOWS FROM OPERATING ACTIVITIES


Cash received from clients 87808
Payments to suppliers 26880
Payments to employess
Payments to office rent
Payments for maintenance 2688
Payments to office rent
Payments for merchandise inventory 1120
Net cash provided by (used in ) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire service vehicle
Payments to acquire equipment
Payments to acquire equipment
Payments to acquire equipment
Net cash provided by (used in ) financing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received as investments by owner
Payments for withdrawals by owner
Net Increase in Cash
Cash balance 3/01/10
Cash balance 3/31/10