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Financial Statement Worksheet Detoya

- The document is a worksheet and set of financial statements for Edgar Detoya Tax Consultant for the year ended December 31, 2019 presented in Philippine peso. - It includes an adjusted trial balance, statement of financial performance, statement of changes in owner's equity, statement of financial position, and closing entries. - The business earned P78,000 in consulting revenues and P52,900 in net income for the year. Total assets were P230,700, including P93,800 in cash and P74,200 in net office equipment. Total owner's equity was P190,900.

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2K views8 pages

Financial Statement Worksheet Detoya

- The document is a worksheet and set of financial statements for Edgar Detoya Tax Consultant for the year ended December 31, 2019 presented in Philippine peso. - It includes an adjusted trial balance, statement of financial performance, statement of changes in owner's equity, statement of financial position, and closing entries. - The business earned P78,000 in consulting revenues and P52,900 in net income for the year. Total assets were P230,700, including P93,800 in cash and P74,200 in net office equipment. Total owner's equity was P190,900.

Uploaded by

sharon email
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
  • Unadjusted Trial Balance: Lists all account titles along with their unadjusted trial balance amounts including cash, accounts receivable, and expenses.
  • Adjusted Trial Balance and Financial Statements: Presents adjusted trial balance followed by the statement of financial performance and financial position.
  • Statement of Financial Performance: Details the financial performance including revenues, expenses, and resultant profit for the year ending.
  • Statement of Changes in Owner's Equity: Shows changes in owner's equity with beginning capital, additional investments, net income, and ending capital.
  • Statement of Financial Position: Details the statement of financial position covering assets, liabilities, and owner's equity as of a specific date.
  • Closing Entries: Lists closing entries necessary to prepare the accounts for the next accounting period.
  • Reversing Entries: Details reversing entries which are made to simplify recording transactions in the next accounting period.

Edgar Detoya Tax Co

Worksheet
December 31, 2019
(in Philippine peso)

Unadjusted Trial Balance Adjustments


No. Account Title Dr Cr Dr
110 Cash 93,800.00
120 Accounts Receivable 48,000.00
140 Supplies 7,200.00
150 Office Equipment 75,000.00
210 Accounts Payable 38,000.00
310 Detoya, Capital 150, 000.00
320 Detoya, Withdrawals 12,000.00
410 Consulting Revenues 68,000.00
510 Salaries Expense 12,000.00 b 1,800.00
530 Rent Expense 8,000.00 -
Total 256, 000 .00 256, 000. 00
520 Supplies Expense a 2,500.00
220 Salaries Payable
540 Depreciation Expense c 800.00
155 Accumulated Depreciation
130 Fees Receivable d 10,000.00
15,100.00
Profit
Edgar Detoya Tax Consultant
Worksheet
December 31, 2019
(in Philippine peso)
Statement of Financial Statement of Financial
Adjustments Adjusted Trial Balance Performance Position
Cr Dr Cr Dr Cr Dr Cr
93,800.00 93,800.00
48,000.00 48,000.00
a 2,500.00 4,700.00 4,700.00
75,000.00 75,000.00
38,000.00 38,000.00
150, 000.00 150, 000.00
12,000.00 12,000.00
d 10,000.00 78,000.00 78,000.00
13,800.00 13,800.00
8,000.00 8,000.00

2,500.00 2,500.00
b 1,800.00 1,800.00 1,800.00
800.00 800.00
c 800.00 800.00 800.00
10,000.00 - 10,000.00
15,100.00 268, 000. 00 268, 000. 00 25,100.00 78,000.00 243, 500.00 190, 600.00
52,900.00 52,900.00
78,000.00 78,000.00 243,500. 00 243, 500. 00
Edgar Detoya Tax Consultant
Statement of Financial Performance
For the Year ended December 31, 2019
(In Philippine Peso)

Consulting Revenues 78,000.00


Add: Other Income -
Total Income 78,000.00

Less: Expense
Salaries Expense 13,800.00
Rent Expense 8,000.00
Supplies Expense 2,500.00
Depreciation Expense 800.00
Total Expense 25,100.00

Profit 52,900.00
Edgar Detoya Tax Consultant
Statement of Changes in Owner's Equity
As of December 31, 2019
(In Philippine Peso)

Detoya, Capital - Beginning 150, 000.00


Add: Additional Investment -
Net Income 52,900.00 52,900.00

Total 202,900.00
Less: Withdrawals 12,000.00
Net Loss - 12,000.00

Detoya, Capital - Ending 190,900.00


Edgar Detoya Tax Consultant
Statement of Financial Position
As of December 31, 2019
(In Philippine Peso)

Assets
Current assets
Cash 93,800.00
Accounts Receivable 48,000.00
Fees Receivable 10,000.00
Supplies 4,700.00
Total Current assets 156,500.00

Non-current assets
Office Equipment 75,000.00
Less: Accumulated Depreciation 800.00
Office Equipment, net 74,200.00

Total assets 230,700.00

Liabilities & Capital

Accounts payable 38,000.00


Salaries payable 1,800.00
Total Liabilities 39,800.00

Detoya, Capital - end 190,900.00

Total liabilities & capital 230,700.00


Closing Entries

a. Consulting Revenue 78,000.00


Income Summary 78,000.00

b. Income Summary 25,100.00


Salaries Expense 13, 800.00
Rent Expense 8,000.00
Supplies Expense 2,500.00
Depreciation Expense 800

c. 25,100.00 78,000.00 52,900.00

Income Summary 52,900.00


Detoya, Capital 52,900.00

d. Detoya, Capital 12,000.00


Detoya, Withdrawal 12,000.00
Reversing Entries

a. Salaries Expense

Salaries Payable 1,800.00


Salaries Expense 1,800.00

Fees Receivable

Consulting Revenues 10,000.00


Fees Receivable 10,000.00

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