Vanilla Fo

W
For the Year E

Unadjusted Trial Balance Adjustments

Account Title Debit Credit Debit
Cash in Bank ₱ 375,000.00
Petty Cash Fund ₱ 10,000.00
Accounts Receivable ₱ 65,000.00
Finished Goods, Jan. 1 ₱ 150,000.00
Goods in Process, Jan. 1 ₱ 75,000.00
Raw Materials, Jan. 1 ₱ 185,000.00
Machinery and Equipment ₱ 380,000.00
Accumulated Depreciation ₱ 76,000.00
Office Equipment ₱ 120,000.00
Accumulated Depreciation ₱ 24,000.00
Franchise ₱ 315,000.00
Vouchers Payable ₱ 67,000.00
E. Detoya, Capital ₱ 1,692,000.00
Sales ₱ 1,350,000.00
Purchases - Raw Materials ₱ 295,000.00
Direct Labor ₱ 350,000.00
Indirect Labor ₱ 285,000.00
Taxes and Licenses ₱ 84,000.00
Repair and Maintenance ₱ 120,000.00
Light and Water ₱ 160,000.00
Office Salaries ₱ 240,000.00
₱ 3,209,000.00 ₱ 3,209,000.00
Depreciation Expense ₱ 110,000.00
Amortization Expense ₱ 35,000.00
₱ 145,000.00
Net Loss
Total
 Vanilla Food Processing Co.
Worksheet
For the Year Ended December 31, 2019

Adjustments Adjusted Trial Balance Income Statement

Credit Debit Credit Debit Credit
₱ 375,000.00
₱ 10,000.00
₱ 65,000.00
₱ 150,000.00 ₱ 150,000.00 ₱ 350,000.00
₱ 75,000.00 ₱ 75,000.00 ₱ 286,000.00
₱ 185,000.00 ₱ 185,000.00 ₱ 90,000.00
₱ 380,000.00
₱ 76,000.00 ₱ 152,000.00
₱ 120,000.00
₱ 34,000.00 ₱ 58,000.00
₱ 35,000.00 ₱ 280,000.00
₱ 67,000.00
₱ 1,692,000.00
₱ 1,350,000.00 ₱ 1,350,000.00
₱ 295,000.00 ₱ 295,000.00
₱ 350,000.00 ₱ 350,000.00
₱ 285,000.00 ₱ 285,000.00
₱ 84,000.00 ₱ 84,000.00
₱ 120,000.00 ₱ 120,000.00
₱ 160,000.00 ₱ 160,000.00
₱ 240,000.00 ₱ 240,000.00

₱ 110,000.00 ₱ 110,000.00
₱ 35,000.00 ₱ 35,000.00
₱ 145,000.00 ₱ 3,319,000.00 ₱ 3,319,000.00 ₱ 2,089,000.00 ₱ 2,076,000.00
₱ 13,000.00
₱ 2,089,000.00 ₱ 2,089,000.00
 Balance Sheet
Debit Credit
₱ 375,000.00
₱ 10,000.00
₱ 65,000.00
₱ 350,000.00
₱ 286,000.00
₱ 90,000.00
₱ 380,000.00
₱ 152,000.00
₱ 120,000.00
₱ 58,000.00
₱ 280,000.00
₱ 67,000.00
₱ 1,692,000.00

₱ 1,956,000.00 ₱ 1,969,000.00
₱ 13,000.00
₱ 1,969,000.00 ₱ 1,969,000.00
 Vanilla Food Processing Co.
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2019

Raw Materials, Jan. 1 ₱ 185,000.00

Add: Purchases ₱ 295,000.00
Total Raw Materials Available for Use ₱ 480,000.00
Less: Raw Materials, Dec. 31 ₱ 90,000.00
Total Raw Materials Used
Direct Labor
Manufacturing Overhead
Indirect Labor ₱ 285,000.00
Taxes and Licenses ₱ 67,200.00
Repair and Maintenance ₱ 90,000.00
Light and Water ₱ 136,000.00
Total Manufacturing Cost
Add: Goods in Process, Jan. 1
Total Goods in Process
Less: Goods in Porcess, Dec. 31
Total Cost of Goods Manufactured
₱ 390,000.00
₱ 350,000.00

₱ 578,200.00
₱ 1,318,200.00
₱ 75,000.00
₱ 1,393,200.00
₱ 286,000.00
₱ 1,107,200.00
 Vanilla Food Processing Co.
Statement of Comprehensive Income
For the Year Ended December 31, 2019

Sales
Less: Cost of Goods Sold
Cost of Goods Manufactured ₱ 1,107,200.00
Add: Finished Goods, Jan. 1 ₱ 150,000.00
Total Goods Available for Sale ₱ 1,257,200.00
Less: Finished Goods, Dec. 31 ₱ 350,000.00

Gross Income
Less: Operating Expenses
Taxes and Licenses ₱ 16,800.00
Repair and Maintenance ₱ 30,000.00
Light and Water ₱ 24,000.00
Office Salaries ₱ 240,000.00
Depreciation Expense ₱ 110,000.00
Amortization Expense ₱ 35,000.00
Net Loss
₱ 1,350,000.00

₱ 907,200.00
₱ 442,800.00

₱ 455,800.00
-₱ 13,000.00
 Vanilla Food Processing Co.
Statement of Financial Position
As of December 31, 2019

ASSETS
Current Assets
Cash in Bank ₱ 375,000.00
Petty Cash Fund ₱ 10,000.00
Accounts Receivable ₱ 65,000.00
Finished Goods, Dec. 31 ₱ 350,000.00
Goods in Process, Dec. 31 ₱ 286,000.00
Raw Materials, Dec. 31 ₱ 90,000.00
Total Current Assets
Noncurrent Assets
Machinery and Equipment ₱ 380,000.00
Less: Accumulated Depreciation ₱ 152,000.00
Net ₱ 228,000.00
Office Equipment ₱ 120,000.00
Less: Accumulated Depreciation ₱ 58,000.00
Net ₱ 62,000.00
Franchise ₱ 280,000.00
Total Noncurrent Assets
Total Assets

LIABILITIES & OWNER'S EQUITY

Current Liabilities
Vouchers Payable ₱ 67,000.00
Total Liabilities
Owner's Equity
E. Detoya, Capital, Dec. 31 ₱ 1,679,000.00
Total Owner's Equity
Total Liabilities and Owner's Equity
o.
ion

₱ 1,176,000.00

₱ 570,000.00
₱ 1,746,000.00

₱ 67,000.00

₱ 1,679,000.00
₱ 1,746,000.00
Adjusting Entries

12/31/19 Depreciation Expense

Accumulated Depreciation - Mach. And Equp.
Accumulated Depreciation - Office Equip.
To record the year-end depreciation

Amortization Expense
Franchise
To record the year-end amortization

Closing Entries

12/31/19 Income Summary

Finished Goods, Jan. 1
Goods in Process, Jan. 1
Raw Materials, Jan. 1
Purchases - Raw Materials
Direct Labor
Indirect Labor
Taxes and Licenses
Repair and Maintenance
Light and Water
Office Salaries
Depreciation Expense
Amortization Expense
To close the nominal debit balances

Sales
Finished Goods, Dec. 31
Goods in Process, Dec. 31
Raw Materials, Dec. 31
Income Summary
To close the nominal credit balances

E. Detoya, Capital
Income Summary
To close the income summary in the capital account
₱ 110,000.00
₱ 76,000.00
₱ 34,000.00

₱ 35,000.00
₱ 35,000.00

₱ 2,089,000.00
₱ 150,000.00
₱ 75,000.00
₱ 185,000.00
₱ 295,000.00
₱ 350,000.00
₱ 285,000.00
₱ 84,000.00
₱ 120,000.00
₱ 160,000.00
₱ 240,000.00
₱ 110,000.00
₱ 35,000.00

₱ 1,350,000.00
₱ 350,000.00
₱ 286,000.00
₱ 90,000.00
₱ 2,076,000.00

₱ 13,000.00
₱ 13,000.00