J. P. JACINTO ENTERPRISE Furt & Fixture #VALUE!

Working Trial Balance (TIN # 202-975-232-000) Office Equipt 14,507.20

As Of December 31, 2014 Transport Equipt -
#VALUE!
Beginning Balance Transaction
Account Title Dr. Cr.
Cash on Hand and in Bank 58,794 a)
d)

Account Receivable 145,581 c)

Supplies Inventory 170,445

Office Equipment - b)
Acc. Dep.- Office Equipment
Furniture & Fixtures 72,536
Acc. Dep.- Furniture & Fixtures 12,150
Transportation Equipment - b)
Acc. Dep.- Transportation Equipment
Trade & Other Payable 10,000 g)
Accrued Expenses 8,500
Income Tax Payable 1,671 1)
Jose P. Jacinto Capital 415,035
Drawings - h)
Net Income (Loss) -
Total 447,356 447,356
-
Service Income

Direct Cost 413,364

Labor Cost f)
Other cost
Supplies Purchases e)
Communication, Light & Water f)
Fuel, Oil & Lubricant f)
Miscellaneous f)
Office Supplies f)
Rental f)
Taxes & Licenses f)
Travel and Transportation f)
Depreciation
Total
-
142,160.00 50,927.40 14,216.00
142,340.00 50,991.88 14,234.00 2,000.00
684,250.00 245,125.72 68,425.00
968,750.00 347,045.00 96,875.00
Transaction Adjustment
Dr. Cr. Dr. Cr.
960,650 b) 135,000
150,000 e) 398,450
f) 492,205
g) 4,500
h) 100,000
i) 1,671
216,970 d) 150,000

c 398,450 d) 568,350
15,000
a) 1,500

a) 12,077
120,000
a) 12,000
4,500
b) 8,500
1,671

100,000

a) 1,177,620

e) 730,830
162,480 d 162,480

398,450 c 398,450
50,076
123,475 b) 8,500
22,398
30,456
60,000
14,870
28,450
a) 25,577
2,459,446 2,459,446 1,163,357 1,163,357
-
24,000.00

Adjusted Trial Balance Profit & Loss Balance Sheet

Dr. Cr. Dr. Cr. Dr.
37,618 37,618

212,551 212,551

545 545
15,000 15,000
1,500
72,536 72,536
24,227
120,000 120,000
12,000
5,500
-
-
415,035
100,000 100,000
-

1,177,620 1,177,620
-
730,830 730,830
- -
- -
- -
50,076 50,076
114,975 114,975
22,398 22,398
30,456 30,456
60,000 60,000
14,870 14,870
28,450 28,450
25,577 25,577
1,635,882 1,635,882 1,077,632 1,177,620 558,250
99,988
- 1,177,620 1,177,620 558,250
-

99,988
75,000

24,988

10,000 500

14,988 1,499

1,999
Balance Sheet
Cr.

1,500

24,227

12,000
5,500

-
415,035

458,262
99,988
558,250

97,989
QIERS TRADING
Working Trial Balance (TIN # 245-213-642-000)
As Of December 31, 2015

Beginning Balance Transaction

Account Title Dr. Cr.
Cash on Hand and in Bank 545,890 a)

Inventory 851,350 d)
Computer Office Equipment 157,760
Acc. Dep.- Computer / Office Equipment - -
Vehicle 780,000
Acc. Dep.- Vehicle -
Sewing Machines 165,000 -
Acc. Dep.- Sewing Machines
Querubine A. Castillo Capital 2,500,000
Drawings -
Net Income (Loss) -
Total 2,500,000 2,500,000

Revenue

Cost Of Sales 0.62 b)

Purchses c)
Communication, Light & Water d)
Fuel, Oil & Lubricant d)
Miscellaneous d)
Office Supplies d)
Travel and Transportation d)
Depreciation
Total
-
 545,890
185,739.00 #VALUE!

Transaction Adjustment
Dr. Cr. Dr. Cr.
1,857,390 c) 845,150 b) 500,000
d) 159,515

845,150 b) 1,143,043

a) 31,552

a) 156,000

a) 33,000

b) 500,000

a) 1,857,390

1,143,043

845,150 d) 845,150
49,068
55,280
15,680
18,790
20,697
a) 220,552
4,850,248 4,850,248 720,552 720,552
-
 #VALUE!
3,000,000.00

Adjusted Trial Balance Profit & Loss Balance Sheet

Dr. Cr. Dr. Cr. Dr.
898,615 898,615

553,457 553,457
157,760 157,760
31,552
780,000 780,000
156,000
165,000 - 165,000
33,000
2,500,000
500,000 500,000
-

1,857,390 1,857,390
-
1,143,043 1,143,043

- -
49,068 49,068
55,280 55,280
15,680 15,680
18,790 18,790
20,697 20,697
220,552 220,552
4,577,942 4,577,942 1,523,110 1,857,390 3,054,832
334,280
- 1,857,390 1,857,390 3,054,832
-

334,280
125,000
209,280 209,280
140,000 22,500
69,280 17,320
209,280 39,820
Balance Sheet
Cr.

31,552

156,000
-
33,000
2,500,000

2,720,552
334,280
3,054,832
 QIERS TRADING
STATEMENT OF INCOME
For The Year Ended December 31, 2015

Notes 2015
Revenues:

Revenue P 1,857,390

Cost Of Sales 3 1,143,043

Gross Profit 714,347

Operating Expenses 1 380,067

Net Income (Loss) Before Tax 334,280

Provision for Income Tax 39,820

Net Income (Loss) After Tax P 294,460

See accompanying Notes to Financial Statements
 QIERS TRADING
Statements of Financial Position
As Of December 31, 2015

Assets
Notes
2015
Currrent Assets:
Cash on Hand & Cash Equivalent P 898,615
Inventories 3 553,457
Total 1,452,072

Noncurrent assets
Property and Equipment 2 882,208
Total 882,208

Total Assets P 2,334,280

Liabilities and Capital

Current Liabilities :
Income Tax Payable 39,820
Total 39,820

Capital :
Querubine A. Castillo Capital 2,500,000
Net Income for The Year 294,460
Less : Drawings 500,000
Total 2,294,460

Total Liabilities and Capital P 2,334,280

See accompanying Notes to Financial Statements
QIERS TRADING
Notes To Financial Statement

1 Operating Expenses
2015
This account consist of :
Communication, Light & Water P 49,068
Fuel, Oil & Lubricant 55,280
Miscellaneous 15,680
Office Supplies 18,790
Travel and Transportation 20,697
Depreciation 220,552
Total P 380,067

2 Property and Equipment

This account consist of :

Computer Office Equipment P 157,760
Sewing Machines 165,000
Vehicle 780,000
Total 1,102,760
Accumulated Depreciation-Beg -
Depreciation for the year 220,552
Accumulated Depreciation- End 220,552

Net Book Value P 882,208

3 Cost Of Sales
This account consist of :
Inventories Beginning P 851,350
Add: Purchases 845,150
Goods Available For Sale 1,696,500
Deduct :Inventories End 553,457
Cost Of Sales P 1,143,043
QIERS TRADING
Notes To Financial Statement

2 Property and Equipment

2015
This account consist of :

Computer Office Equipment P 157,760

Sewing Machines 165,000
Vehicle 780,000
Total 1,102,760

Accumulated Depreciation-Beg -
Depreciation for the year 220,552
Accumulated Depreciation- End 220,552

Net Book Value P 882,208

J.P. JACINTO ENTERPRISE
Notes To Financial Statement

3 Direct Cost 2015 2014

This account consist of :

Beginning Supplies Inventories P 545 170,445

Add: Purchases 864,570 398,450

Supplies Available For Use 865,115 568,895

Deduct : Supplies Inventories End 218,011 545

Add : Direct Labor 130,125 162,480

Direct Cost P 777,229 730,830

647,104
 INCOME TAX TABLE

If Taxable Income is Tax Due

1 Not Over P 10.000 5%

2 Over P 10,000 P 500 + 10% of the

but not over P 30,000 excess over P 10,000

3 Over P 30,000 P 2,500 + 15% of the

but not over P 70,000 excess over P 30,000 112,975
75,000 30,000
4 Over P 70,000 P 8,500 + 20% of the 37,975 7,975
but not over P 140,000 excess over P 70,000 37,975

5 Over P 140,000 P 22,500 + 25% of the

but not over P 250,000 excess over P 140,000

6 Over P 250,000 P 50,000 + 30% of the

but not over P 500,000 excess over P 250,000

7 Over P 500,000 P 125,000 + 32% of the

excess over P 500,000
2,500
1,196
3,696