Based on the given information below, prepare the following: |
|
3. Statement of Financial Position |
4. Statement of Cash Flows - Direct Method |
5. Statement of Cash Flows - Indirect Method |
Happy Valley |
Worksheet (Unadjusted to Adjusted TB omitted) |
For the month ended March 31, 2021 |
|
Statement of Income |
Statement of Financial Position |
|
Dr |
Cr |
Dr |
Cr |
Cash on Hand |
|
|
87,904.00 |
|
Cash in Bank |
|
|
2,114,640.00 |
|
Accounts Receivable |
|
|
35,000.00 |
|
Allowance for Bad Debts |
|
|
|
1,750.00 |
Notes Receivable |
|
|
4,000.00 |
|
Interest Receivable |
|
|
40.00 |
|
Amusement Rides |
|
|
2,400,000.00 |
|
Accumulated Depreciation - Amusement Rides |
|
|
|
18,000.00 |
Electronic Equipment |
|
|
80,896.00 |
|
Accumulated Depreciation - Electronic Equipment |
|
|
|
2,136.00 |
Furniture and Fixtures |
|
|
24,000.00 |
|
Accumulated Depreciation - Furniture and Fixtures |
|
|
|
360.00 |
Accounts Payable |
|
|
|
15,400.00 |
Notes Payable |
|
|
|
80,000.00 |
Interest Payable |
|
|
|
1,600.00 |
SS Premiums Payable |
|
|
|
2,880.00 |
EC Premiums Payable |
|
|
|
64.00 |
Philhealth Premiums Payable |
|
|
|
1,280.00 |
Pag-Ibig Premiums Payable |
|
|
|
960.00 |
Withholding Taxes Payable |
|
|
|
3,760.00 |
Utilities Payable |
|
|
|
2,400.00 |
Mortgage Payable |
|
|
|
400,000.00 |
Masaya, Capital |
|
|
|
4,200,000.00 |
Masaya, Drawing |
|
|
7,500.00 |
|
Ticket Sales |
|
44,960.00 |
|
|
Rental Income |
|
89,600.00 |
|
|
Interest Income |
|
40.00 |
|
|
Advertising Expense |
16,000.00 |
|
|
|
Salaries Expense |
48,000.00 |
|
|
|
EC Premium Expense |
64.00 |
|
|
|
Pag-Ibig Premium Expense |
480.00 |
|
|
|
Philhealth Premium Expense |
640.00 |
|
|
|
SS Premium Expense |
1,920.00 |
|
|
|
Rent Expense |
8,000.00 |
|
|
|
Taxes and Licenses Expense |
1,460.00 |
|
|
|
Utility Expense |
10,800.00 |
|
|
|
Interest Expense |
1,600.00 |
|
|
|
Bad Debts Expense |
1,750.00 |
|
|
|
Depreciation Expense |
20,496.00 |
|
|
|
Total |
111,210.00 |
134,600.00 |
4,753,980.00 |
4,730,590.00 |
Net Income |
23,390.00 |
|
|
23,390.00 |
Total |
134,600.00 |
134,600.00 |
4,753,980.00 |
4,753,980.00 |
Additional Information: |
This is the company's 1st month of operations. |
The Notes Receivable is a 90-day note. |
The Notes Payable is a 1-year note maturing March 18, 2021. It was issued to acquire the Electronic Equipment. |
The Mortgage Payable matures on March 3, 2026. |
The Furniture and Fixtures was acquired by paying cash of P8,600 and the balance on the account (Accounts Payable of P15,400) |
Extracted text: MASAYA, CAPITAL 501 Date Dr Date f Cr Mar 1 GJ1 4,000,000 3 200,000 4,200,000
Extracted text: General Ledger CASH ON HAND 101 Date Dr Date f Cr Payment for freight on Mar 1 GJ1 50,000.00 Mar 3 GJ1 Equipment 896.00 Investment Collection of account: 12 Wesleyan University 10,000.00 10 Payment for billboard ads 16,000.00 Collection of account: 13 GJ2 International School 10,000.00 15 GJ2 Transfer to Cash in Bank 39,300.00 Cash receipts from 14 customers 2,560.00 24 GJ3 Taxes and Licenses 1,460.00 Cash receipts from 17 customers 20,000.00 Collection of account: St. 18 Michael College 7,000.00 Collection of account: 20 International School 3,000.00 Collection of account: St. 26 Michael College 10,000.00 Collection of account: 27 Wesleyan University 6,000.00 Cash receipts from 30 27,000.00 customers 145,560.00 57,656.00 87,904.00 CASH IN BANK 102 Date f Dr Date f Cr Purchase of Amusement Mar 1 GJ1 3,950,000.00 Mar 1 investment GJ1 rides 2,000,000.00 Purchase of Furniture and 3 investment 200,000.00 10 Fixtures 8,600.00 Transfer from Cash on 15 GJ2 Hand 39,300.00 16 GJ2 Payment for Salaries 21,920.00 25 GJ3 Payment for Utilities 8,400.00 28 Payment for Rent 8,000.00 31 Payment for Salaries 20,240.00 31 Withdrawal 7,500.00 4,189,300.00 2,074,660.00 2,114,640.00