F

Account Title Trial Balance Adjustments

DR. CR. DR
Cash P 15, 846
Account Receivable 22, 431 P
Allowance for Bad debts P 1, 000
Merchandise Inventory 60, 869
Store Supplies 835
Office equipment 18, 512
Accumulated Depreciation - Office Equipment 7, 200
Store Furniture and Fixtures 4, 800
Accumulated Depreciation - Store Furniture and Fixtures 960
Accounts Payable 4, 000
Notes Payable 12, 000
SSS Premium Payable 411
Withholding Taxes Payable 350
Philhealth Premium Payable 650
Luz, Capital 68, 326
Luz, Drawing 3, 750
Sales 325, 250
Sales Returns and Allowances 4, 792
Purchases 259, 237
Purchases returns and allowances 6, 670
Purchases Discounts 3, 867
Freight In 12, 312
Rent Income 1, 500
Salaries Expense 27, 650
Insuranse Expense 764
Interest Expense 386
Total P 432, 184 P 432, 184
Store Supplies Expense
Prepaid Insurance
Salaries Payable
Depreciation Expense ( Office Equipment)
Depreciation Expense ( Store Furnitures and Fixtures)
Unearned Rent
Commision
P
Profit
 Excel Merchandising Company
Worksheet
For the Year Ended December 31, 2017
Adjustments Adjusted Trial Balance Income Statement Balance Sheet
DR CR DR CR DR CR DR
P 15, 846 P 15, 846
200 P 1, 800 20, 831 20, 831
1, 800 800 800
60, 869 P 60, 869 P 51, 337 51, 337
668 167 167
18, 512 18, 512
3, 600 P 10, 800
4, 800 4, 800
480 1, 440
4, 000
8, 960 3, 040
411
350
650
68, 326
3, 750
325, 250 325, 250 325, 250
4, 792 4, 792
259, 237 259, 237
6, 670 6, 670
3, 867 3, 867
12, 312 12, 312
500 1, 000 1, 000
628 28, 278 28, 278
191 573 573
8, 960 8, 574 8, 574

668 668 668

191 191 191
628 628
3, 600 3, 600 3, 600
480 480 480
500 200 500
200 200 200
17, 027 P 17, 027 P 435, 706 P 435, 706 P 370, 809 P 396, 898 P 116, 234
26, 089
396, 898
Balance Sheet
CR

P 10, 800

1, 440
4, 000
3, 040
411
350
650
68, 326

628

500

P 90, 145
26, 089
116, 043
 Excel Merchandising Company
Worksheet
As of December 31, 2017
Assets
Current Assets
Cash P P 15, 846
Account Receivable 20, 831
Less: Allowance for Bad debts 800
Net Accounts Receivable 21, 631
Merchandise Inventory 51, 337
Store Supplies 167
Prepaid Insurance 191
Total Current Assets P 89, 172

Property and Equipment

Office Equipment P 18, 512
Less : Accumulated Depreciation 10, 800 P 7, 712
Store Furnitures and Fixture 4, 800
Less : Accumulated Depreciation 1, 440 P 3, 360 P 11, 072
Total Assets P 100, 244

Liabilities
Current Liabilities
Account Payable 4,000
Salaries Payable 628
SSS Premium Payable 411
Withholding Payable 350
Philhealth Payable 650
Unearned Rent 500
Total Current Liabilities P 6, 539
Non-Current Liabilities
Notes Payable 3, 040
Total Non- Current Liabilities P 3, 040
Total Liabilities P 9, 579

Owner's Equity
Luz Capital- 12/31/2017 P 90, 665
P 100, 244
 Excel Merchandising Company
Worksheet
For the Year Ended December 31, 2017
Net Sales
Gross Sales
Less : Sales Returns and Allowances
Net Sales

Cost of Sales
Merchandise Inventory, 1/1/ 2017
Purchases P 259, 237
Less : Purchases returns and allowances P 6, 670
Purchases Discounts 3, 867 10, 537
Net Purchases 248, 700
Freight In 12, 312
Net Cost of Purchases
Goods Available for Sale
Less : Merchandising Inventory, 12/31/2017
Cost of Sales

Gross Profit
Operating Expenses
Selling Expense
Salaries Expense 28, 278
Store Supplies Expense 668
Total Operating Expense
Administrative Expenses
Insuranse Expense 573
Less : Interest Expense 8, 754
Depreciation Expense ( Office Equipment) 3, 600
Depreciation Expense ( Store Furnitures and Fixtures) 480
Total Administative Expense
Total Operating Expense
Operating Profit
Rent Income
Commission
Financial Costs
Profit
 P 325, 250
4, 792
320, 458

P 60, 869

261, 012
321, 881
51, 337
P 270, 544
P 49, 914

P 28, 946

(4, 101)
24, 845
25, 069
1,000
200
180
P 26, 089
 Excel Merchandising Company
Worksheet
For the Year Ended December 31, 2017
Luz, Capital, 1/1/2017 P 68, 326
Add : Profit 26, 089
Total 94, 415
Less: Luz, Withdrawal 3, 750
Luz, Capital, 12/31/2017 P 90, 665