Group 6 Drill WS & FS

Saul Autocare
For the Year Ended December
Unadjusted Trial Balance Adjustments

Account Title Dr Cr Dr
Cash in Bank 25,000
Supplies Inventory 10,600 d)
Prepaid Rent 5,000 e)
Accounts Receivable 20,000
Shop Equipment 30,000
Accounts Payable 5,000
Unearned Repairs Income 8,000 c) 2,000
Allowance for Bad Debts 600 b)
Repairs Income 40,000 c)
Saul, Capital 48,000
Saul, Drawing 2,000
Utilities Expense 3,000
Salaries and Wages 5,000
Taxes and Licenses 1,000
Total 101,600 101,600
Adjustments
Depreciation Expense a) 2,850
Accumulated Depreciation-Shop Equipment a)
Bad Debts Expense b) 600
Supplies Expense d) 2,200
Rent Expense e) 1,000
Total 8, 650
Profit or (Loss)
Saul Autocare
WorkSheet
or the Year Ended December 31, 2020
Adjustments Adjusted Trial Balance Comprehensive Income Financial Position

Cr Dr Cr Dr Cr Dr Cr
25,000 25,000
2,200 8,400 8,400
1,000 4,000 4,000
20,000 20,000
30,000 30,000
5,000 5,000
6,000 6,000
600 1,200 1,200
2,000 42,000 42,000
48,000 48,000
2,000 2,000
3,000 3,000
5,000 5,000
1,000 1,000
2,850 2,850
2,850 2,850 2,850
600 600
2,200 2,200
1,000 1,000
8, 650 105,050 105,050 15,650 42,000 89,400 63,050
26,350 26,350
42,000 42,000 89,400 89,400
REPORT FORM:
Saula Autocare
Statement of Financial Position
As of December 31, 2020
ASSETS
Current assets
Cash in Bank P 25, 000
Accounts Receivable P 20, 000
Less: Allowance for Bad Debts 1, 200 18, 800
Supplies Inventory 8, 400
Prepaid Rent 4, 000
Total Current Assets P 56, 200
Non-Current Assets
Property and Equipment
Shop Equipment P 30, 000
Less: Accumulated Depreciation 2, 850
Total Non-Current Assets P 27, 150
Total Assets P 83, 350
LIABILITIES
Current Liabilities
Accounts Payable P 5, 000
Unearned Repairs Income 6, 000
Total Current Liabilities P 11, 000
OWNER'S EQUITY
Saul, Capital P 72, 350
Total Liabilities and Owner's Equity P 83, 350

Saul Autocare
Statement of Comprehensive Income
For the Year Ended December 31, 2020
Revenue:
Repairs Revenue P 42, 000
Operating Expenses:
Utilities Expense P 3, 000
Salaries and Wages 5, 000
Taxes and Licenses 1, 000
Depreciation expense 2, 850
Bad Debts Expense 600
Supplies Expense 2, 200
Rent Expense 1, 000 15, 650
Operating Income: P 26, 350
Profit for the Year P 26, 350
Saul Autocare
Statement of Changes in Owner's Equity
For the Year Ended December 31, 2020
Saul, Owner's Equity - Beginning P 48, 000
Add: Additional Investment P -

Profit 26, 350 26, 350
Total P 74, 350
Less: Withdrawal 2, 000
Saul, Owner's Equity - December 31, 2020 P 72, 350

REPORT FORM:
Dr. Marasigan Clinic

Statement of Financial Position
As of October 31, 2015
ASSETS
Current assets
Cash P 114, 000
Accounts Receivable P 204, 000
Medical Supplies Inventory 21, 000
Prepaid Insurance 18, 333.33
Total Current Assets P 357, 333.33
Non-Current Assets
Property and Equipment
Medical Equipment P 465, 000
Medical Building 1, 000, 000
Land 250, 000
Total Non-Current Assets P1, 701, 000
Total Assets P2, 058, 333.33
LIABILITIES
Current Liabilities
Accounts Payable P 49, 000
Salaries Payable 51, 000
Unearned Research Revenue 60, 000
Interest Payable (20%) 20, 000
Total Current Liabilities P 188, 000
NonCurrent Liabilities
Notes Payable (20%) P 1, 200, 000
Notes Payable (24%) 400, 000
Total NonCurrent Liabilities 1, 600, 000
Total Liabilities P1, 788, 000
OWNER'S EQUITY
Saul, Capital P 270, 333.33
Total Liabilities and Owner's Equity P2, 058, 333.33

Dr Marasigan Clinic
Statement of Comprehensive Income
For the Month Ended October 31, 2015
Revenue:
Medical Revenue P 434, 000
Research Revenue 30, 000
Operating Expenses:
Telephone Expense P 3, 000
Salaries Expense 124, 000
Depreciation Expense-Bldg 5, 000
Depreciation Expense-Equipmnt 9, 000
Repairs Expense 23, 000
Association Due Expense 15, 000
Insurance Expense 1, 666.67
Interest Expense (20%) 20, 000
Interest Expense (24%) 8, 000 242, 666.67
Operating Income: P 220, 333.33
Profit for the Month P 220, 333.33
Dr. Marasigan
Statement of Changes in Owner's Equity
Saul, Owner's Equity - Beginning P250, 000
Add: Additional Investment P -

Profit 220, 333.33 220, 333.33
Total P470, 333.33
Less: Withdrawal 200, 000
Saul, Owner's Equity - December 31, 2020 P 270, 333.33

Step 1: Medical Revenues 434, 000
Research Revenues 30, 000
Income and Expense Summary 464, 000
Step 2: Income and Expense Summary 243, 666.67

Salaries Expense 124, 000
Telephone Expense 3, 000
Repairs Expense 23, 000
Association Due Expense 15, 000
Insurance Expense 1, 666.67
Depreciation Expense - Bldg 5, 000
Depreciation Expense - Equip 9, 000
Step 3: Income and Expense Summary 220, 333.33

Dr. Marasigan, Capital 220, 333.33
Step 4 Dr. Marasigan, Withdrawals 200, 000

Dr. Marasigan, Capital 200, 000
0
Dr Marasigan Clinic
Post-Closing Trial Balance
Account Titles Debit Credit

Cash 114, 000
Accounts Receivable 204, 000
Prepaid Insurance 18, 333.33
Medical Supplies 21, 000
Medical Equipment 465, 000
Medical Building 1, 000, 000
Land 250, 000
Accounts Payable 49, 000
Unearned Research Revenues 60, 000
Notes Payable (20%) 1, 200, 000 1180000
Notes Payable (24%) 400, 000 392000
Salaries Payable 124, 000
Accumulated Depreciation - Bldg 5, 000
Accumulated Depreciation - Equip 9, 000
Dr, Marasigan, Capital 270, 333.33
2, 072, 333.33 2, 145, 333.33

Group 6 Drill WS & FS

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Group 6 Drill WS & FS

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Saul Autocare

For the Year Ended December

Unadjusted Trial Balance Adjustments

Adjustments Adjusted Trial Balance Comprehensive Income Financial Position

Total Assets P 83, 350

Total Liabilities and Owner's Equity P 83, 350

Saul, Owner's Equity - Beginning P 48, 000

Add: Additional Investment P -

Less: Withdrawal 2, 000

Saul, Owner's Equity - December 31, 2020 P 72, 350

Dr. Marasigan Clinic

Total Assets P2, 058, 333.33

Total Liabilities P1, 788, 000

Total Liabilities and Owner's Equity P2, 058, 333.33

Saul, Owner's Equity - Beginning P250, 000

Add: Additional Investment P -

Less: Withdrawal 200, 000

Saul, Owner's Equity - December 31, 2020 P 270, 333.33

Step 2: Income and Expense Summary 243, 666.67

Step 3: Income and Expense Summary 220, 333.33

Step 4 Dr. Marasigan, Withdrawals 200, 000

Account Titles Debit Credit

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