VITTER SUGAR WHOLESALE AND RETAIL

Chat of Accounts

Account Account Title/Name Account

No. No.

ASSETS REVENUES
101 Cash 401
102 Accounts Receivable 402
103 Inventory
104 Prepaid Insurance COST OF GOODS SOLD
105 Store Supplies 501
110 Store Equipment 502
111 Accum. Depreciation- Store Equipment
112 Delivery Truck EXPENSES
113 Accum. Depreciation- Delivery Truck 601
602
LIABILITIES 603
201 Accounts Payable 604
202 Accrued Expenses 605
203 Income Tax Payable 606
205 Short-term Borrowings 607
608
OWNER'S EQUITY 609
301 Jean Lapiz, Capital 610
302 Jean Lapiz, Drawing 611
304 Income Summary
OLESALE AND RETAIL

Accounts

Account Title/Name

REVENUES
Sales
Sales Discount

COST OF GOODS SOLD

Purchases
Purchase Discount

EXPENSES
Rent Expense
Salary Expense
Utilities Expense
Miscellaneous Expense
Taxes and Licenses
Gas and Oil Expense
Interest Expense
Income Tax Expense
Insurance Expense
Store Supplies Expense
Depreciation Expense
 Date

2014 Particulars

January 1 Initial capital investment

7 Acquired store equipment in cash
7 Purchased 130 sacks of sugar in cash
8 Paid rent for the month
10 Paid business permits
12 Paid one-year fire insurance
14 Purchased store supplies
22 Payment of salaries to employees
31 Sold 100 sacks of sugar to customers in cash
31 Paid cash for utilities

February 6 Payment of salaries to employees

9 Purchased 120 sacks of sugar in cash
14 Paid rent for the month
18 Sold 110 sacks of sugar to customers in cash
21 Payment of miscellaneous expenses
25 Purchased 70 sacks of sugar in cash
26 Payment of salaries to employees
31 Paid cash for utilities

March 1 Purchased 120 sacks of sugar in cash

12 Payment of salaries to employees
15 Sold 100 sacks of sugar to customers in cash
16 Paid rent for the month
26 Payment of salaries to employees
28 Paid cash for utilities
30 Withdrawal
31 Sold 110 sacks of sugar to customers in cash

April 2 Paid rent on storage space for the month

4 Purchased 150 sacks of sugar on account
9 Sold 70 sacks of sugar to customers in cash
11 Payment of salaries to employees
14 Paid Suga Sweet Corp. in full, less 2% discount
 15 Paid rent for the month
18 Sold 80 sacks of sugar to customers on account
20 Additional investment
24 Payment of salaries to employees
25 Purchased store supplies
28 Received collections in full, less 2% discount
29 Paid cash for utilities
31 Purchased truck;15,000 cash and balance be on account

May 1 Purchased 90 sacks of sugar for cash

6 Sold 85 sacks of sugar to customers for cash
7 Paid rent on storage space for the month
11 Payment of salaries to store employees
12 Purchased 100 sacks of sugar on account
14 Paid gas & oil for truck
15 Paid rent for the month
17 Sold 90 sacks of sugar to customers on account
22 Paid Suga Sweet Corp. in full, less 2% discount
25 Payment of salaries to store employees
27 Collected 50% of customers billed on May 17
28 Payment of monthly installment on truck
29 Paid cash for utilities
31 Purchased 100 sacks of sugar for cash

June 3 Sold 105 sacks of sugar for cash

7 Paid rent on storage space for the month
12 Collected remaining 50% from billed customers
14 Payment of salaries to store employees
15 Paid store rent for the month
17 Payment of miscellaneous expense
19 Purchased 120 sacks of sugar on account
25 Sold 70 sacks of sugar for cash
27 Sold 60 sacks of sugar on account
28 Payment of monthly installment on truck
29 Payment of salaries to store employees
30 Paid cash for utilities
30 Paid gas & oil for truck

July 2 Paid Suga Sweet Corp less 1% discount

 3 Purchased 90 sacks of sugar on account
9 Paid rent on storage space for the month
10 Sold 185 sacks of sugar for cash
12 Paid Suga Sweet Corp. in full, less 2% discount
13 Payment of salaries to store employees
17 Paid store rent for the month
18 Received collections from customers billed on June 27
23 Paid gas & oil for truck
25 Sold 45 sacks of sugar for cash
28 Payment of monthly installment on truck
29 Payment of salaries to store employees
31 Paid cash for utilities

August 4 Purchased 110 sacks of sugar for cash

5 Purchased store supplies
8 Paid rent on storage space for the month
10 Purchased 100 sacks of sugar on account
11 Paid store rent for the month
14 Payment of salaries to store employees
16 Sold 125 sacks of sugar for cash
19 Paid Suga Sweet Corp. in full, less discount
28 Payment of monthly installment on truck
30 Payment of salaries to store employees
31 Paid cash for utilities

September 1 Sold 80 sacks of sugar on account

4 Paid gas & oil for truck
5 Additional investment
7 Purchased 110 sacks of sugar on account
9 Paid rent on storage space for the month
10 Collected 70% from customers billed on Sept. 1
12 Paid store rent for the month
14 Payment of salaries to employees
20 Collected the remaining from customers billed on Sept. 1
23 Paid Suga Sweet Corp. in full
29 Payment of salaries to employees
31 Paid cash for utilities
31 Payment of miscellaneous expense
 October 2 Sold 105 sacks of sugar for cash
7 Purchased 120 sacks of sugar for cash
8 Paid rent on storage space for the month
11 Paid store rent for the month
14 Payment of salaries to store employees
20 Sold 70 sacks of sugar for cash
24 Paid gas & oil for truck
29 Payment of salaries to store employees
31 Paid cash for utilities

November 2 Purchased 100 sacks of sugar on account

6 Paid rent on storage space for the month
9 Sold 130 sacks of sugar for cash
10 Paid store rent for the month
10 Purchased store supplies
12 Paid Suga Sweet Corp. in full, les 2% discount
15 Payment of salaries to store employees
28 Payment of salaries to store employees
29 Paid cash for utilities

December 1 Purchased 100 sacks of sugar for cash

4 Purchased 100 sacks of sugar on account
8 Sold 105 sacks of sugar for cash
9 Paid rent on storage space for the month
14 Paid Suga Swet Corp. In full, less 2% discount
15 Payment of salaries to store employees
18 Paid store rent for the month
20 Sold 45 sacks of sugar for cash
23 Paid gas & oil for truck
29 Paid cash for utilities
30 Payment of salaries to store employees

Unadjusted balance

Adjustments
31 Cost of supplies used
31 Provision for depreciation
31 Record expired insurance
 31 Unpaid utility expense
31 Record ending inventory
31 Accrued income tax

TOTALS

Closing Entries
31 Close accounts with credit balances
31 Close temporary accounts with debit balances
31 Transfer Income Summary to Capital
31 Close Drawings to Capital

BALANCES

2015 Particulars
January 1 Beginning balances
1 Received loan from bank
3 Purchased store supplies
5 Purchased 250 sacks of sugar; 120 in cash and 130 on account
7 Paid one-year fire insurance
9 Paid business permits
12 Payment of salaries to store employees
15 Paid rent on storage space
17 Paid store rent
20 Sold 200 sacks of sugar for cash
23 Paid Suga Sweet Corp. In full
27 Payment of salaries to store employees
28 Paid gas & oil for truck
30 Payment of interest
30 Paid utilities for cash

February 9 Purchased 120 sacks of sugar

13 Payment of salaries to store employees
16 Paid rent on storage space
18 Paid store rent
20 Sold 150 sacks of sugar
 24 Payment of miscellaneous expense
27 Payment of salaries to store employees
28 Payment of interest
28 Paid utilities for cash

March 2 Purchased 120 sacks of sugar

6 Sold 120 sacks of sugar
9 Paid gas & oil for truck
15 Payment of salaries to store employees
17 Paid rent on storage space
18 Paid store rent
20 Purchased 140 sacks of sugar on account
29 Payment of interest
30 Payment of salaries to store employees
31 Paid utilities for cash

April 4 Sold 125 sacks of sugar

7 Paid Suga Sweet Corp. In full
9 Paid rent on storage space
10 Paid store rent
12 Purchased 120 sacks of sugar on account
14 Payment of salaries to store employees
15 Payment of income tax
16 Sold 115 sacks of sugar
22 Paid Suga Sweet Corp. In full, less 2% discount
29 Paid cash for utilities
29 Payment of salaries to store employees
30 Payment of interest

May 2 Paid gas & oil for truck

5 Purchased 90 sacks for cash and 90 on account
8 Withdrawal
10 Paid rent on storage space
14 Payment of salaries to store employees
15 Paid store rent
16 Sold 150 sacks for cash and 60 sacks on account
22 Paid Suga Sweet Corp. in full
29 Payment of salaries to store employees
30 Payment of interest
31 Paid utilities for cash

June 3 Received collections in full billed on May 16

6 Purchased 110 sacks of sugar
7 Purchased supplies
9 Paid rent on storage space
 13 Payment of salaries to store employees
15 Paid store rent
19 Sold 105 sacks of sugar
28 Payment of salaries to store employees
29 Payment of interest
30 Paid cash for utilities

July 3 Purchased 150 sacks of sugar

9 Paid rent on storage space
14 Paid store rent
15 Payment of salaries to store employees
19 Sold 130 sacks of sugar
21 Additional Investment
23 Paid gas & oil for truck
30 Payment of interest
31 Paid utilities for cash
31 Payment of salaries to store employees

August 4 Payment of miscellaneous expense

7 Purchased 130 sacks of sugar on account
9 Sold 90 sacks of sugar on account
12 Paid rent on storage space
14 Payment of salaries to store employees
15 Paid store rent
19 Collected in full less discount from customers billed on Aug.9
22 Paid Suga Sweet Corp. In full
29 Payment of salaries to store employees
30 Paid utilities for cash
31 Payment of interest

September 1 Payment of accrued utilities

2 Purchased 100 sacks of sugar on account
8 Sold 105 sacks of sugar
10 Paid gas & oil for truck
11 Paid rent on storage space
12 Paid Suga Sweet Corp. In full, less 2% discount
13 Payment of salaries to store employees
16 Paid store rent
21 Sold 50 sacks of sugar on account
28 Payment of salaries to store employees
29 Paid cash for utilities
30 Payment of interest

October 1 Purchased 120 sacks of sugar

6 Received collections from customers on account
 11 Paid gas & oil for truck
12 Sold 100 sacks of sugar
13 Payment of salaries to store employees
15 Paid rent on store and storage space
19 Purchased store supplies
22 Payment of miscellaneous expense
25 Purchased 110 sacks of sugar on account
28 Payment of salaries to store employees
29 Paid cash for utilities
31 Payment of interest

November 5 Sold 90 sacks of sugar

10 Paid rent on storage space
14 Payment of salaries to store employees
16 Paid store rent
18 Additional investment
23 Purchased 120 sacks of sugar
29 Payment of salaries to store employees
30 Payment of interest
30 Paid cash for utilities

December 3 Purchased 50 sacks of sugar

9 Paid rent on storage space
15 Payment of salaries to store employees
17 Paid store rent
20 Paid gas and oil for truck
29 Sold 180 sacks of sugar
30 Payment of salaries to store employees
31 Paid cash for utilities
31 Payment of loan plus interest

Unadjusted Balance

Adjustments
31 Cost of supplies used
31 Provision for depreciation
31 Record expired insurance
31 Accrued income tax
31 Close beginning inventory
31 Record ending inventory

TOTALS
Closing Entries
31 Close accounts with credit balances
31 Close temporary accounts with debit balances
31 Transfer Income Summary to Capital
31 Close Drawings to Capital

BALANCES
 Accounts Prepaid Store
Cash Inventory Store Supplies
Receivable Insurance Equipment
101 102 103 104 105 110

450,000.00
(50,000.00) 50,000.00
(234,000.00)
(8,000.00)
(2,400.00)
(4,000.00) 4,000.00
(2,000.00) 2,000.00
(5,720.00)
216,000.00
(3,000.00)

(5,720.00)
(216,000.00)
(8,000.00)
237,600.00
(500.00)
(126,000.00)
(5,720.00)
(2,800.00)

(216,000.00)
(5,720.00)
216,000.00
(8,000.00)
(5,720.00)
(3,000.00)
(80,000.00)
237,600.00

(6,000.00)

151,200.00
(5,720.00)
(264,600.00)
 (8,000.00)
172,800.00
30,000.00
(5,720.00)
(2,500.00) 2,500.00
169,344.00 (172,800.00)
(3,000.00)
(15,000.00)

(162,000.00)
183,600.00
(6,000.00)
(5,720.00)

(1,500.00)
(8,000.00)
194,400.00
(176,400.00)
(5,720.00)
95,256.00 (97,200.00)
(46,250.00)
(3,200.00)
(180,000.00)

226,800.00
(6,000.00)
97,200.00 (97,200.00)
(5,720.00)
(8,000.00)
(500.00)

151,200.00
129,600.00
(46,250.00)
(5,720.00)
(2,000.00)
(2,000.00)

(213,840.00)
 (6,000.00)
183,600.00
(158,760.00)
(5,720.00)
(8,000.00)
129,600.00 (129,600.00)
(1,500.00)
97,200.00
(46,250.00)
(5,720.00)
(3,000.00)

(198,000.00)
(2,500.00) 2,500.00
(6,000.00)

(8,000.00)
(5,720.00)
270,000.00
(176,400.00)
(46,250.00)
(5,720.00)
(3,000.00)

172,800.00
(1,800.00)
40,000.00

(6,000.00)
118,540.80 (120,960.00)
(8,000.00)
(5,720.00)
51,840.00 (51,840.00)
(198,000.00)
(5,720.00)
(3,000.00)
(500.00)
226,800.00
(216,000.00)
(6,000.00)
(8,000.00)
(5,720.00)
151,200.00
(2,300.00)
(5,720.00)
(3,000.00)

(6,000.00)
280,800.00
(8,000.00)
(3,500.00) 3,500.00
(176,400.00)
(5,720.00)
(5,720.00)
(3,000.00)

(180,000.00)

324,000.00
(6,000.00)
(176,400.00)
(5,720.00)
(8,000.00)
97,200.00
(2,200.00)
(3,500.00)
(5,720.00)

487,020.80 - - 4,000.00 10,500.00 50,000.00

(7,900.00)

(4,000.00)
 63,000.00

487,020.80 - 63,000.00 - 2,600.00 50,000.00

487,020.80 - 63,000.00 - 2,600.00 50,000.00

487,020.80 - 63,000.00 - 2,600.00 50,000.00

250,000.00
(3,000.00) 3,000.00
(216,000.00)
(4,000.00) 4,000.00
(4,000.00)
(5,720.00)
(6,000.00)
(8,000.00)
432,000.00
(234,000.00)
(5,720.00)
(2,500.00)
(2,500.00)
(3,000.00)

(216,000.00)
(5,720.00)
(6,000.00)
(8,000.00)
324,000.00
 (500.00)
(5,720.00)
(2,500.00)
(3,200.00)

(216,000.00)
259,200.00
(3,000.00)
(5,720.00)
(6,000.00)
(8,000.00)

(2,500.00)
(5,720.00)
(2,800.00)

270,000.00
(252,000.00)
(6,000.00)
(8,000.00)

(5,720.00)
(55,936.24)
248,400.00
(211,680.00)
(3,000.00)
(5,720.00)
(2,500.00)

(3,000.00)
(162,000.00)
(120,000.00)
(6,000.00)
(5,720.00)
(8,000.00)
324,000.00 129,600.00
(162,000.00)
(5,720.00)
(2,500.00)
(3,200.00)

129,600.00 (129,600.00)
(198,000.00)
(3,000.00) 3,000.00
(6,000.00)
 (5,720.00)
(8,000.00)
226,800.00
(5,720.00)
(2,500.00)
(3,200.00)

(270,000.00)
(6,000.00)
(8,000.00)
(5,720.00)
280,800.00
40,000.00
(3,000.00)
(2,500.00)
(3,000.00)
(5,720.00)

(500.00)

194,400.00
(6,000.00)
(5,720.00)
(8,000.00)
190,512.00 (194,400.00)
(234,000.00)
(5,720.00)
(3,200.00)
(2,500.00)

(4,500.00)

226,800.00
(3,200.00)
(6,000.00)
(176,400.00)
(5,720.00)
(8,000.00)
108,000.00
(5,720.00)
(3,000.00)
(2,500.00)

(216,000.00)
108,000.00 (108,000.00)
 (2,000.00)
216,000.00
(5,720.00)
(14,000.00)
(3,000.00) 3,000.00
(400.00)

(5,720.00)
(3,000.00)
(2,500.00)

194,400.00
(6,000.00)
(5,720.00)
(8,000.00)
50,000.00
(216,000.00)
(5,720.00)
(2,500.00)
(3,000.00)

(90,000.00)
(6,000.00)
(5,720.00)
(8,000.00)
(3,000.00)
388,800.00
(5,720.00)
(3,000.00)
(127,500.00)

860,836.56 - 63,000.00 4,000.00 11,600.00 50,000.00

(8,700.00)

(4,000.00)

(63,000.00)
90,000.00

860,836.56 - 90,000.00 - 2,900.00 50,000.00

860,836.56 - 90,000.00 - 2,900.00 50,000.00
 General Columnar Journal

Accum. Depreciation- Store Accum. Depreciation-

Delivery Truck Accounts Payable
Equipment Delivery Truck
111 112 113 201

270,000.00

(270,000.00)
200,000.00 185,000.00

180,000.00

(180,000.00)

(46,250.00)

216,000.00

(46,250.00)

(216,000.00)
162,000.00

(162,000.00)

(46,250.00)

180,000.00

(180,000.00)
(46,250.00)

198,000.00

(198,000.00)
 180,000.00

(180,000.00)

180,000.00

(180,000.00)

- 200,000.00 - -

10,000.00 28,333.33
10,000.00 200,000.00 28,333.33 -

10,000.00 200,000.00 28,333.33 -

10,000.00 200,000.00 28,333.33 -

234,000.00

(234,000.00)
252,000.00

(252,000.00)

216,000.00

(216,000.00)

162,000.00

(162,000.00)
234,000.00

(234,000.00)

180,000.00

(180,000.00)
 198,000.00

10,000.00 200,000.00 28,333.33 198,000.00

10,000.00 42,500.00

20,000.00 200,000.00 70,833.33 198,000.00

20,000.00 200,000.00 70,833.33 198,000.00
 Income Tax Short-term Jean Lapiz, Jean Lapiz,
Accrued Expenses Sales
Payable Borrowings Capital Drawing
202 203 205 301 302 401

450,000.00

216,000.00

237,600.00

216,000.00

80,000.00
237,600.00

151,200.00
 172,800.00
30,000.00

183,600.00

194,400.00

226,800.00

151,200.00
129,600.00
 183,600.00

97,200.00

270,000.00

172,800.00

40,000.00
 226,800.00

151,200.00

280,800.00

324,000.00

97,200.00

- - - 520,000.00 80,000.00 3,920,400.00

4,500.00

55,936.24

4,500.00 55,936.24 - 520,000.00 80,000.00 3,920,400.00

(3,920,400.00)

263,851.23
(80,000.00) (80,000.00)

4,500.00 55,936.24 - 703,851.23 - -

4,500.00 55,936.24 - 703,851.23 - -

250,000.00

432,000.00

324,000.00
 259,200.00

270,000.00

(55,936.24)
248,400.00

120,000.00

453,600.00
 226,800.00

280,800.00
40,000.00

194,400.00

(4,500.00)

226,800.00

108,000.00
 216,000.00

194,400.00

50,000.00

388,800.00

(125,000.00)

- - 125,000.00 793,851.23 120,000.00 3,823,200.00

7,907.80

- 7,907.80 125,000.00 793,851.23 120,000.00 3,823,200.00

 (3,823,200.00)

108,144.20
(120,000.00) (120,000.00)

- 7,907.80 125,000.00 781,995.42 - -

 Purchase
Sales Discount Purchases Rent Expense Salary Expense
Discount
402 501 502 601 602

234,000.00
8,000.00

5,720.00

5,720.00
216,000.00
8,000.00

126,000.00
5,720.00

216,000.00
5,720.00

8,000.00
5,720.00

6,000.00
270,000.00

5,720.00
5,400.00
 8,000.00

5,720.00

3,456.00

162,000.00

6,000.00
5,720.00
180,000.00

8,000.00

3,600.00
5,720.00
1,944.00

180,000.00

6,000.00

5,720.00
8,000.00

216,000.00

5,720.00

2,160.00
 162,000.00
6,000.00

3,240.00
5,720.00
8,000.00

5,720.00

198,000.00

6,000.00
180,000.00
8,000.00
5,720.00

3,600.00

5,720.00

198,000.00
6,000.00
2,419.20
8,000.00
5,720.00

5,720.00
 216,000.00
6,000.00
8,000.00
5,720.00

5,720.00

180,000.00
6,000.00

8,000.00

3,600.00
5,720.00
5,720.00

180,000.00
180,000.00

6,000.00
3,600.00
5,720.00
8,000.00

5,720.00

7,819.20 3,294,000.00 25,200.00 150,000.00 131,560.00

 7,819.20 3,294,000.00 25,200.00 150,000.00 131,560.00

(25,200.00)
(7,819.20) (3,294,000.00) (150,000.00) (131,560.00)

- - - - -

- - - - -

450,000.00

5,720.00
6,000.00
8,000.00

5,720.00

216,000.00
5,720.00
6,000.00
8,000.00
 5,720.00

216,000.00

5,720.00
6,000.00
8,000.00
252,000.00

5,720.00

6,000.00
8,000.00
216,000.00
5,720.00

4,320.00

5,720.00

324,000.00

6,000.00
5,720.00
8,000.00

5,720.00

198,000.00

6,000.00
 5,720.00
8,000.00

5,720.00

270,000.00
6,000.00
8,000.00
5,720.00

5,720.00

234,000.00

6,000.00
5,720.00
8,000.00
3,888.00

5,720.00

180,000.00

6,000.00
3,600.00
5,720.00
8,000.00

5,720.00

216,000.00
 5,720.00
14,000.00

198,000.00
5,720.00

6,000.00
5,720.00
8,000.00

216,000.00
5,720.00

90,000.00
6,000.00
5,720.00
8,000.00

5,720.00

3,888.00 3,276,000.00 7,920.00 168,000.00 137,280.00

3,888.00 3,276,000.00 7,920.00 168,000.00 137,280.00

 (7,920.00)
(3,888.00) (3,276,000.00) (168,000.00) (137,280.00)

- - - - -
 Miscellaneous Gas and Oil
Utilities Expense Taxes and Licenses Interest Expense
Expense Expense
603 604 605 606 607

2,400.00

3,000.00

500.00

2,800.00

3,000.00
3,000.00

1,500.00

3,200.00

500.00

2,000.00
2,000.00
 1,500.00

3,000.00

3,000.00

1,800.00

3,000.00
500.00
 2,300.00

3,000.00

3,000.00

2,200.00
3,500.00

35,500.00 1,500.00 2,400.00 11,300.00 -

 4,500.00

40,000.00 1,500.00 2,400.00 11,300.00 -

(40,000.00) (1,500.00) (2,400.00) (11,300.00)

- - - - -

- - - - -

4,000.00

2,500.00
2,500.00
3,000.00
 500.00

2,500.00
3,200.00

3,000.00

2,500.00

2,800.00

3,000.00

2,500.00

3,000.00

2,500.00
3,200.00
 2,500.00
3,200.00

3,000.00
2,500.00
3,000.00

500.00

3,200.00
2,500.00

3,200.00

3,000.00
2,500.00
 2,000.00

400.00

3,000.00
2,500.00

2,500.00
3,000.00

3,000.00

3,000.00
2,500.00

36,600.00 1,400.00 4,000.00 19,700.00 30,000.00

36,600.00 1,400.00 4,000.00 19,700.00 30,000.00

(36,600.00) (1,400.00) (4,000.00) (19,700.00) (30,000.00)

- - - - -
Income Tax Store Supplies Depreciation
Insurance Expense Income Summary
Expense Expense Expense
608 609 610 611 304
- - - - -

7,900.00
38,333.33
4,000.00
 63,000.00
55,936.24

55,936.24 4,000.00 7,900.00 38,333.33 63,000.00

3,945,600.00
(55,936.24) (4,000.00) (7,900.00) (38,333.33) (3,744,748.77)
(263,851.23)

- - - 0.00 -

- - - 0.00 -
 - - - 0.00 -

8,700.00
52,500.00
4,000.00
7,907.80
(63,000.00)
90,000.00

7,907.80 4,000.00 8,700.00 52,500.00 27,000.00

 3,831,120.00
(7,907.80) (4,000.00) (8,700.00) (52,500.00) (3,749,975.80)
(108,144.20)

- - - 0.00 0.00
 Cash Receipts Journal

Cash Sales Discount

Date
Debit Debit
2014
January 1 Initial investment 450,000.00
31 Sold to various customers 216,000.00

February 18 Sold to various customers 237,600.00

March 15 Sold to various customers 216,000.00

31 Sold to various customers 237,600.00

April 9 Sold to various customers 151,200.00

20 Additional investment 30,000.00
28 Received collections in full, less discount 169,344.00 3,456.00

May 6 Sold to various customers 183,600.00

27 Received collections 95,256.00 1,944.00

June 3 Sold to various customers 226,800.00

12 Received remaining collections 97,200.00
25 Sold to various customers 151,200.00

July 10 Sold to various customers 183,600.00

18 Received collections 129,600.00
25 Sold to various customers 97,200.00

August 16 Sold to various customers 270,000.00

September 5 Additional investment 40,000.00

10 Received collections 118,540.80 2,419.20
20 Received remaining collections 51,840.00

October 2 Sold to various customers 226,800.00

20 Sold to various customers 151,200.00

November 9 Sold to various customers 280,800.00

December 8 Sold to various customers 324,000.00

20 Sold to various customers 97,200.00
 TOTAL 4,432,580.80 7,819.20

Cash Receipts Journal

Cash Sales Discount

Date
Debit Debit
2015
January 1 Received loan from bank 250,000.00
20 Sold to various customers 432,000.00

February 20 Sold to various customers 324,000.00

March 6 Sold to various customers 259,200.00

April 4 Sold to various customers 270,000.00

16 Sold to various customers 248,400.00

May 16 Sold to various customers 324,000.00

June 3 Received collection from customers 129,600.00

19 Sold to various customers 226,800.00

July 19 Sold to various customers 280,800.00

21 Additional investment 40,000.00

August 19 Received collection from customers 190,512.00 3,888.00

September 8 Sold to various customers 226,800.00

October 6 Received collection from customers 108,000.00

12 Sold to various customers 216,000.00

November 5 Sold to various customers 194,400.00

18 Additional investment 50,000.00

December 29 Sold to various customers 388,800.00

TOTAL 4,159,312.00 3,888.00

ournal

Accounts Other Accounts

Sales
Receivable Jean Lapiz, Short-term
Credit Credit Capital Borrowings

450,000.00
216,000.00

237,600.00

216,000.00
237,600.00

151,200.00
30,000.00
172,800.00

183,600.00
97,200.00

226,800.00
97,200.00
151,200.00

183,600.00
129,600.00
97,200.00

270,000.00

40,000.00
120,960.00
51,840.00

226,800.00
151,200.00

280,800.00

324,000.00
97,200.00
 669,600.00 3,250,800.00 520,000.00 -

ournal

Accounts Other Accounts

Sales
Receivable Jean Lapiz, Short-term
Credit Credit Capital Borrowings

250,000.00
432,000.00

324,000.00

259,200.00

270,000.00
248,400.00

324,000.00

129,600.00
226,800.00

280,800.00
40,000.00

194,400.00

226,800.00

108,000.00
216,000.00

194,400.00
50,000.00

388,800.00

432,000.00 3,391,200.00 90,000.00 250,000.00

 Purchase
Cash
Date Discount
Credit Credit
2014
January 7 Acquisition of store equipment 50,000.00
7 Bought from Suga Sweet Corp. 234,000.00
8 Payment of rent 8,000.00
10 Paid business permits 2,400.00
12 Paid one-year fire insurance 4,000.00
14 Purchased store supplies 2,000.00
22 Paid salaries 5,720.00
31 Paid utilities 3,000.00

February 6 Paid salaries 5,720.00

9 Bought from Suga Sweet Corp. 216,000.00
14 Payment of rent 8,000.00
21 Paid miscellaneous 500.00
25 Bought from Suga Sweet Corp. 126,000.00
26 Paid salaries 5,720.00
31 Paid utilities 2,800.00

March 1 Bought from Suga Sweet Corp. 216,000.00

12 Paid salaries 5,720.00
16 Payment of rent 8,000.00
26 Paid salaries 5,720.00
28 Paid utilities 3,000.00
30 Withdrawal 80,000.00

April 2 Payment of rent on storage space 6,000.00

11 Paid salaries 5,720.00
14 Paid Suga Sweet Corp. in full, less discount 264,600.00 5,400.00
15 Payment of rent 8,000.00
24 Paid salaries 5,720.00
25 Purchased store supplies 2,500.00
29 Paid utilities 3,000.00
31 Downpayment for truck 15,000.00

May 1 Bought from Suga Sweet Corp. 162,000.00

 7 Payment of rent on storage space 6,000.00
11 Paid salaries 5,720.00
14 Paid gas and oil 1,500.00
15 Payment of rent 8,000.00
22 Paid Suga Sweet Corp. in full, less discount 176,400.00 3,600.00
25 Paid salaries 5,720.00
28 Paid installment on truck 46,250.00
29 Paid utilities 3,200.00
31 Bought from Suga Sweet Corp. 180,000.00

June 7 Payment of rent on storage space 6,000.00

14 Paid salaries 5,720.00
15 Payment of rent on storage space 8,000.00
17 Paid miscellaneous 500.00
28 Paid installment on truck 46,250.00
29 Paid salaries 5,720.00
30 Paid utilities 2,000.00
30 Paid gas and oil 2,000.00

July 2 Paid Suga Sweet Corp. In full, less discount 213,840.00 2,160.00
9 Payment of rent on storage space 6,000.00
12 Paid Suga Sweet Corp. In full, less discount 158,760.00 3,240.00
13 Paid salaries 5,720.00
17 Payment of rent 8,000.00
23 Paid gas and oil 1,500.00
28 Paid installment on truck 46,250.00
29 Paid salaries 5,720.00
31 Paid utilities 3,000.00

August 4 Bought from Suga Sweet Corp. 198,000.00

5 Puurchased store supplies 2,500.00
8 Payment of rent on storage space 6,000.00
11 Payment of rent 8,000.00
14 Paid salaries 5,720.00
19 Paid Suga Sweet Corp. In full, less discount 176,400.00 3,600.00
28 Paid installment on truck 46,250.00
30 Paid salaries 5,720.00
31 Paid utilities 3,000.00
September 4 Paid gas and oil 1,800.00
9 Payment of rent on storage space 6,000.00
12 Payment of rent 8,000.00
14 Paid salaries 5,720.00
23 Paid Suga Sweet Corp. In full 198,000.00
29 Paid salaries 5,720.00
31 Paid utilities 3,000.00
31 Paid miscellaneous 500.00

October 7 Bought from Suga sweet Corp. 216,000.00

8 Payment of rent on storage space 6,000.00
11 Payment of rent 8,000.00
14 Paid salaries 5,720.00
24 Paid gas and oil 2,300.00
29 Paid salaries 5,720.00
31 Paid utilities 3,000.00

November 6 Payment of rent on storage space 6,000.00

10 Payment of rent 8,000.00
10 Purchased store supplies 3,500.00
12 Paid Suga Sweet Corp. In full, less discount 176,400.00 3,600.00
15 Paid salaries 5,720.00
28 Paid salaries 5,720.00
29 Paid utilities 3,000.00

December 1 Bought from Suga Sweet Corp. 180,000.00

9 Payment of rent on storage space 6,000.00
14 Paid Suga Sweet Corp. In full, less discount 176,400.00 3,600.00
15 Paid salaries 5,720.00
18 Payment of rent 8,000.00
23 Paid gas and oil 2,200.00
29 Paid utilities 3,500.00
30 Paid salaries 5,720.00

TOTAL 3,945,560.00 25,200.00

 Purchase
Cash Discount
Date
Credit Credit
2015
January 3 Purchased store supplies 3,000.00
5 Bought from Suga Sweet Corp. 216,000.00
7 Paid one-year fire insurance 4,000.00
9 Paid business permits 4,000.00
12 Paid salaries 5,720.00
15 Payment of rent on storage space 6,000.00
17 Payment of rent 8,000.00
23 Paid Suga Sweet Corp. In full 234,000.00
27 Paid salaries 5,720.00
28 Paid gas and oil 2,500.00
30 Payment of interest 2,500.00
30 Paid utilities 3,000.00

February 9 Bought from Suga Sweet Corp. 216,000.00

13 Paid salaries 5,720.00
16 Payment of rent on storage space 6,000.00
18 Payment of rent 8,000.00
24 Paid miscellaneous 500.00
27 Paid salaries 5,720.00
28 Payment of interest 2,500.00
28 Paid utilities 3,200.00

March 2 Bought from Suga Sweet Corp. 216,000.00

9 Paid gas and oil 3,000.00
15 Paid salaries 5,720.00
17 Payment of rent on storage space 6,000.00
18 Payment of rent 8,000.00
29 Payment of interest 2,500.00
30 Paid salaries 5,720.00
31 Paid utilities 2,800.00

April 7 Paid Suga Sweet Corp. In full 252,000.00

9 Payment of rent on storage space 6,000.00
10 Payment of rent 8,000.00
14 Paid salaries 5,720.00
15 Paid income tax 55,936.24
22 Paid Suga Sweet Corp. In full, less discount 211,680.00 4,320.00
29 Paid utilities 3,000.00
29 Paid salaries 5,720.00
30 Payment of interest 2,500.00
 May 2 Paid gas and oil 3,000.00
5 Bought from Suga Sweet Corp. 162,000.00
8 Withdrawal 120,000.00
10 Payment of rent on storage space 6,000.00
14 Paid salaries 5,720.00
15 Payment of rent 8,000.00
22 Paid Suga Sweet Corp. In full 162,000.00
29 Paid salaries 5,720.00
30 Payment of interest 2,500.00
31 Paid utilities 3,200.00

June 6 Bought from Suga Sweet Corp. 198,000.00

7 Purchased store supplies 3,000.00
9 Payment of rent on storage space 6,000.00
13 Paid salaries 5,720.00
15 Payment of rent 8,000.00
28 Paid salaries 5,720.00
29 Payment of interest 2,500.00
30 Paid utilities 3,200.00

July 3 Bought from Suga Sweet Corp. 270,000.00

9 Payment of rent on storage space 6,000.00
14 Payment of rent 8,000.00
15 Paid salaries 5,720.00
23 Paid gas and oil 3,000.00
30 Payment of interest 2,500.00
31 Paid utilities 3,000.00
31 Paid salaries 5,720.00

August 4 Paid miscellaneous 500.00

12 Payment of rent on storage space 6,000.00
14 Paid salaries 5,720.00
15 Payment of rent 8,000.00
22 Paid Suga Sweet Corp. In full 234,000.00
29 Paid salaries 5,720.00
30 Paid utilities 3,200.00
31 Payment of interest 2,500.00

September 1 Paid accrued expense 4,500.00

10 Paid gas and oil 3,200.00
11 Payment of rent on storage space 6,000.00
12 Paid Suga Sweet Corp. In full, less discount 176,400.00 3,600.00
13 Paid salaries 5,720.00
16 Payment of rent 8,000.00
 28 Paid salaries 5,720.00
29 Paid utilities 3,000.00
30 Payment of interest 2,500.00

October 1 Bought from Suga Sweet Corp. 216,000.00

11 Paid gas and oil 2,000.00
13 Paid salaries 5,720.00
15 Payment of rent 14,000.00
19 Purchased store supplies 3,000.00
22 Paid miscellaneous 400.00
28 Paid salaries 5,720.00
29 Paid utilities 3,000.00
31 Payment of interest 2,500.00

November 10 Payment of rent on storage space 6,000.00

14 Paid salaries 5,720.00
16 Payment of rent 8,000.00
23 Bought from Suga Sweet Corp. 216,000.00
29 Paid salaries 5,720.00
30 Payment of interest 2,500.00
30 Paid utilities 3,000.00

December 3 Bought from Suga Sweet Corp. 90,000.00

9 Payment of rent on storage space 6,000.00
15 Paid salaries 5,720.00
17 Payment of rent 8,000.00
20 Paid gas and oil 3,000.00
30 Paid salaries 5,720.00
31 Paid utilities 3,000.00
31 Payment of loan and interest 127,500.00

TOTAL 3,785,496.24 7,920.00

 Cash Payments Journal

Accounts Payable Purchases

Prepaid Store
Store Supplies
Debit Debit Insurance Equipment Delivery Truck

50,000.00
234,000.00

4,000.00
2,000.00

216,000.00

126,000.00

216,000.00

270,000.00

2,500.00

15,000.00

162,000.00
180,000.00

46,250.00

180,000.00

46,250.00

216,000.00

162,000.00

46,250.00

198,000.00
2,500.00

180,000.00
46,250.00
 198,000.00

216,000.00

3,500.00
180,000.00

180,000.00

180,000.00

1,751,000.00 1,728,000.00 4,000.00 10,500.00 50,000.00 15,000.00

Cash Payments Journal

Accounts Payable Purchases
Prepaid Store
Store Supplies Delivery Truck
Debit Debit Insurance Equipment

3,000.00
216,000.00
4,000.00

234,000.00

216,000.00

216,000.00

252,000.00

216,000.00
 162,000.00

162,000.00

198,000.00
3,000.00

270,000.00

234,000.00

180,000.00
 216,000.00

3,000.00

216,000.00

90,000.00

1,278,000.00 1,800,000.00 4,000.00 9,000.00 - -

-
 Other Accounts
Accrued Income Tax Short-term Jean Lapiz, Utilities
Expenses Payable Borrowings Drawing Salary Expense Expense

5,720.00
3,000.00

5,720.00

5,720.00
2,800.00

5,720.00

5,720.00
3,000.00
80,000.00

5,720.00

5,720.00

3,000.00
5,720.00

5,720.00

3,200.00

5,720.00

5,720.00
2,000.00

5,720.00

5,720.00
3,000.00

5,720.00

5,720.00
3,000.00
 5,720.00

5,720.00
3,000.00

5,720.00

5,720.00
3,000.00

5,720.00
5,720.00
3,000.00

5,720.00

3,500.00
5,720.00

- - - 80,000.00 131,560.00 35,500.00

 Other Accounts
Accrued Income Tax Short-term Jean Lapiz, Utilities
Salary Expense
Expenses Payable Borrowings Drawing Expense

5,720.00

5,720.00

3,000.00

5,720.00

5,720.00

3,200.00

5,720.00

5,720.00
2,800.00

5,720.00
55,936.24

3,000.00
5,720.00
 120,000.00

5,720.00

5,720.00

3,200.00

5,720.00

5,720.00

3,200.00

5,720.00

3,000.00
5,720.00

5,720.00

5,720.00
3,200.00

4,500.00

5,720.00
 5,720.00
3,000.00

5,720.00

5,720.00
3,000.00

5,720.00

5,720.00

3,000.00

5,720.00

5,720.00
3,000.00
125,000.00

4,500.00 55,936.24 125,000.00 120,000.00 137,280.00 36,600.00

Miscellaneous Gas and Oil Taxes and Interest
Rent Expense
Expense Expense Licenses Expense

8,000.00
2,400.00

8,000.00
500.00

8,000.00

6,000.00

8,000.00
 6,000.00

1,500.00
8,000.00

6,000.00

8,000.00
500.00

2,000.00

6,000.00

8,000.00
1,500.00

6,000.00
8,000.00
 1,800.00
6,000.00
8,000.00

500.00

6,000.00
8,000.00

2,300.00

6,000.00
8,000.00

6,000.00

8,000.00
2,200.00

1,500.00 150,000.00 11,300.00 2,400.00 -

Miscellaneous Gas and Oil Taxes and Interest
Rent Expense
Expense Expense Licenses Expense

4,000.00

6,000.00
8,000.00

2,500.00
2,500.00

6,000.00
8,000.00
500.00

2,500.00

3,000.00

6,000.00
8,000.00
2,500.00

6,000.00
8,000.00

2,500.00
 3,000.00

6,000.00

8,000.00

2,500.00

6,000.00

8,000.00

2,500.00

6,000.00
8,000.00

3,000.00
2,500.00

500.00
6,000.00

8,000.00

2,500.00

3,200.00
6,000.00

8,000.00
 2,500.00

2,000.00

14,000.00

400.00

2,500.00

6,000.00

8,000.00

2,500.00

6,000.00

8,000.00
3,000.00

2,500.00

1,400.00 168,000.00 19,700.00 4,000.00 30,000.00

 Sales Jour

Accounts
Terms
Date Receivable
Debit
2014
January ~

February ~

March ~

April 18 Sold to various customers on account 2/10,n/30 172,800.00

May 17 Sold to various customers on account 2/10,n/30 194,400.00

June 27 Sold to various customers on account 2/10,n/30 129,600.00

July ~

August ~

September 1 Sold to various customers on account 2/10,n/30 172,800.00

October ~

November ~

December ~

TOTAL 669,600.00
 Sales Journal

Sales Terms
Date
Credit
2015
January ~

February ~

March ~

172,800.00 April ~

194,400.00 May 16 Sold to various customers on account 2/10,n/30

129,600.00 June ~

July ~

August 9 Sold to various customers on account 2/10,n/30

172,800.00 September 21 Sold to various customers on account 2/10,n/30

October ~

November ~

December

669,600.00 TOTAL
 Accounts Sales
Receivable
Debit Credit

129,600.00 129,600.00

194,400.00 194,400.00

108,000.00 108,000.00

432,000.00 432,000.00
 P

Terms Purchases
Date
Debit
2014
January ~

February ~

March ~

April 4 Bought from Suga Sweet Corp. on account 2/10,n/30 270,000.00

31 Purchased truck: balance on account

May 12 Bought from Suga Sweet Corp. on account 2/10,n/30 180,000.00

June 19 Bought from Suga Sweet Corp. on account 2/10,1/15,n/30 216,000.00

July 3 Bought from Suga Sweet Corp. on account 2/10,n/30 162,000.00

August 10 Bought from Suga Sweet Corp. on account 2//10,n//30 180,000.00

September 7 Bought from Suga Sweet Corp. on account 2/10,n/30 198,000.00

October ~

November 2 Bought from Suga Sweet Corp. on account 2/10,n/30 180,000.00

December 4 Bought from Suga Sweet Corp. on account 2/10,n/30 180,000.00

TOTAL 1,566,000.00
 Purchase Journal

Accounts Other Accounts

Payable Date
Delivery Truck
Credit
2015
January 5 Bought from Suga Sweet Corp. on account

February ~

March 20 Bought from Suga Sweet Corp. on account

270,000.00 April 12 Bought from Suga Sweet Corp. on account

185,000.00 185,000.00
May 5 Bought from Suga Sweet Corp. on account
180,000.00
June ~
216,000.00
July ~
162,000.00
August 7 Bought from Suga Sweet Corp. on account
180,000.00
September 2 Bought from Suga Sweet Corp. on account
198,000.00
October 25 Bought from Suga Sweet Corp. on account

November ~
180,000.00
December ~
180,000.00

1,751,000.00 185,000.00 TOTAL

 Accounts
Terms Purchases Payable
Debit Credit

2/10,n/30 234,000.00 234,000.00

2/10,n/30 252,000.00 252,000.00

2/10,n/30 216,000.00 216,000.00

2/10,n/30 162,000.00 162,000.00

2/10,n/30 234,000.00 234,000.00

2/10,n/30 180,000.00 180,000.00

2/10,n/30 198,000.00 198,000.00

1,476,000.00 1,476,000.00
 VITTER SUGAR WHOLESALE AND RETAIL
Unadjusted Trial Balance

For the Year Ended December

2015
Debit Credit
101 Cash 487,020.80
103 Inventory -
104 Prepaid Insurance 4,000.00
105 Store Supplies 10,500.00
110 Store Equipment 50,000.00
111 Accum. Depreciation- Store Equipment -
112 Delivery Truck 200,000.00
113 Accum. Depreciation- Delivery Truck -
201 Accounts Payable -
205 Short-term Borrowings -
301 Jean Lapiz, Capital 520,000.00
302 Jean Lapiz, Drawing 80,000.00
401 Sales 3,920,400.00
402 Sales Discount 7,819.20
501 Purchases 3,294,000.00
502 Purchase Discount 25,200.00
601 Rent Expense 150,000.00
602 Salary Expense 131,560.00
603 Utilities Expense 35,500.00
604 Miscellaneous Expense 1,500.00
605 Taxes and Licenses 2,400.00
606 Gas and Oil Expense 11,300.00
607 Interest Expense -
4,465,600.00 4,465,600.00
r the Year Ended December 31
2014
Debit Credit
860,836.56
63,000.00
4,000.00
11,600.00
50,000.00
10,000.00
200,000.00
28,333.33
198,000.00
125,000.00
793,851.23
120,000.00
3,823,200.00
3,888.00
3,276,000.00
7,920.00
168,000.00
137,280.00
36,600.00
1,400.00
4,000.00
19,700.00
30,000.00
4,986,304.56 4,986,304.56
 VITTER SUGAR WHOLESALE AND RETAIL
Trial Balance

For the Year Ended Decemb

2015
Debit Credit
101 Cash 860,836.56
103 Inventory 90,000.00
104 Prepaid Insurance -
105 Store Supplies 2,900.00
110 Store Equipment 50,000.00
111 Accum. Depreciation- Store Equipment 20,000.00
112 Delivery Truck 200,000.00
113 Accum. Depreciation- Delivery Truck 70,833.33
201 Accounts Payable 198,000.00
202 Accrued Expenses -
203 Income Tax Payable 7,907.80
205 Short-term Borrowings 125,000.00
301 Jean Lapiz, Capital 793,851.23
302 Jean Lapiz, Drawing 120,000.00
304 Income Summary 27,000.00
401 Sales 3,823,200.00
402 Sales Discount 3,888.00
501 Purchases 3,276,000.00
502 Purchase Discount 7,920.00
601 Rent Expense 168,000.00
602 Salary Expense 137,280.00
603 Utilities Expense 36,600.00
604 Miscellaneous Expense 1,400.00
605 Taxes and Licenses 4,000.00
606 Gas and Oil Expense 19,700.00
607 Interest Expense 30,000.00
608 Income Tax Expense 7,907.80
609 Insurance Expense 4,000.00
610 Store Supplies Expense 8,700.00
611 Depreciation Expense 52,500.00
Total 5,073,712.36 5,073,712.36
r the Year Ended December 31
2014
Debit Credit
487,020.80
63,000.00
-
2,600.00
50,000.00
10,000.00
200,000.00
28,333.33
-
4,500.00
55,936.24

520,000.00
80,000.00
63,000.00
3,920,400.00
7,819.20
3,294,000.00
25,200.00
150,000.00
131,560.00
40,000.00
1,500.00
2,400.00
11,300.00
-
55,936.24
4,000.00
7,900.00
38,333.33
4,627,369.57 4,627,369.57
VITTER SUGAR WHOLESALE AND RETAIL
STATEMENT OF COMPREHENSIVE INCOME

Years Ended December 31

2015 2014

GROSS PROFIT
Net sales (Note 10) 3,819,312.00 3,912,580.80
Cost of sales (Note 11) (3,241,080.00) (3,205,800.00)
578,232.00 706,780.80
Other Income - -
TOTAL INCOME 578,232.00 706,780.80

EXPENSES
Distrribution costs (Note 12) 80,900.00 57,533.33
Administration expenses (Note 13) 351,280.00 329,460.00
Finance cost (Note 14) 30,000.00 -
462,180.00 386,993.33
INCOME BEFORE INCOME TAX 116,052.00 319,787.47
PROVISION FOR INCOME TAX (Note 9) (7,907.80) (55,936.24)
NET INCOME 108,144.20 263,851.23

See accompanying Notes to Financial Statements.

VITTER SUGAR WHOLESALE AND RETAIL
STATEMENT OF FINANCIAL POSITION

December 31, December 31,

2015 2014

ASSETS

Cash (Note 3) 860,836.56 487,020.80

Inventory (Note 4) 90,000.00 63,000.00
Store Supplies (Note 5) 2,900.00 2,600.00
Total Current Assets 953,736.56 552,620.80

Property, Plant and Equipment, net (Note 6) 159,166.67 211,666.67

Total Noncurrent Assets 159,166.67 211,666.67
1,112,903.23 764,287.47

LIABILITIES AND EQUITY

LIABILITIES

Accounts Payable (Note 7) 198,000.00 -

Accrued Expenses - 4,500.00
Short-term Borrowings(Note 8) 125,000.00 -
Income Tax Payable (Note 9) 7,907.80 55,936.24
Total Current Liabilities 330,907.80 60,436.24

Total Noncurrent Liabilities

330,907.80 60,436.24

OWNER'S EQUITY
Jean Lapiz, Capital 781,995.42 703,851.23
1,112,903.22 764,287.47

See accompanying Notes to Financial Statements.

VITTER SUGAR WHOLESALE AND RETAIL
STATEMENT OF CHANGES IN EQUITY

For the Years Ended December 31,

2015 2014
Jean Lapiz, Capital (Beginning) 703,851.23 450,000.00
Additional Investment 90,000.00 70,000.00
Net Income 108,144.20 263,851.23
Total 901,995.42 783,851.23
Jean Lapiz, Drawing (120,000.00) (80,000.00)
Jean Lapiz, Capital (End) 781,995.42 703,851.23

See accompanying Notes to Financial Statements.

VITTER SUGAR WHOLESALE AND RETAIL
STATEMENT OF CASH FLOWS

Years Ended December 31

2015

CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax 116,052.00
Adjustments for:
Depeciation 52,500.00
Decrease (increase) in:
Inventory (27,000.00)
Store Supplies (300.00)
Increase (decrease) in:
Accounts Payable 198,000.00
Accrued Expenses (4,500.00)
Net cash provided by (used in) operations 334,752.00
Income taxes paid (55,936.24)
Net cash provided by operating activities 278,815.76

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of:
Store Equipment -
Delivery Truck -
Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from availment of loan 250,000.00
Payment of loan (125,000.00)
Investment 90,000.00
Withdrawal (120,000.00)
Net cash provided by financing activities 95,000.00
NET INCREASE IN CASH 373,815.76
CASH AT THE BEGINNING OF THE YEAR 487,020.80
CASH AT THE END OF THE YEAR 860,836.56

See accompanying Notes to Financial Statements.

ars Ended December 31
2014

319,787.47

38,333.33

(63,000.00)
(2,600.00)

4,500.00
297,020.80

297,020.80

(50,000.00)
(200,000.00)
(250,000.00)

-
-
520,000.00
(80,000.00)
440,000.00
487,020.80
0
487,020.80
VITTER SUGAR WHOLESALE AND RETAIL
NOTES TO FINANCIAL STATEMENTS

Note 1- Compliance with PFRS

The financialstatements have been prepared in compliance with Philippine Financial Reporting Standard
and rules and regulations of the Philippine Securities and Exchange Commission.

The accounting policies adopted in the preparation of financial statements have been applied on a
consistent basis.

Note 2- Significant Accounting Policies

Measurement Basis- The financial statements have been prepared on basis of historical cost. And except
where stated, do not take into account changing prices and current cost of noncurrent assets.

Inventory-Are accounted for using periodic inventory system and are measured at lower of FIFO cost and
net realizable value.

Property, plant and equipment- Property, plant and equipment are recorded at cost. The straight-line
method is used in recording depreciation on the basis of the estimated useful life of the assets.

Property, plant and equipment Salvage value Useful life

Store Equipment - 5 years
Delivery Truck 30,000 4 years

Total depreciation for one year is Php52, 500. (Php10, 000 for store equipment and Php42, 500 for
delivery truck)

Short-term debt- the loan payable of Php250, 000 from Metro Bank will mature on January 1, 2017, with
an annual interest of 12% payable monthly

Note 3- Cash

2015 2014
Beginning Cash Balance 487,020.80 -
Cash Receipts 4,159,312.00 4,432,580.80
Total cash receipts 4,646,332.80 4,432,580.80
Total cash payments (3,785,496.24) (3,945,560.00)
Cash Balance 860,836.56 487,020.80
Note 4- Inventory

2015 2014
Inventory
Store Merchandise(Note ) 90,000.00 63,000.00

Note 5- Store Supplies

2015 2014
Beginning 11,600.00 10,500.00
Used Suppies (8,700.00) (7,900.00)
Ending 2,900.00 2,600.00

Note 6- Property, Plant and Equipment

2015 2014
Store Equipment 50,000.00 50,000.00
Accum. Depreciation- Store Equipment (20,000.00) (10,000.00)
Book Value 30,000.00 40,000.00

Delivery Truck 200,000.00 200,000.00

Accum. Depreciation- Delivery Truck (70,833.33) (28,333.33)
Book Value 129,166.67 171,666.67

Total 159,166.67 211,666.67

Note 7- Accounts Payable

2015 2014
Purchases on account 1,476,000.00
Payment made (1,278,000.00)
Accounts Payable 198,000.00

Note 8- Short-term Borrowings

2015 2014
Proceeds of loan 250,000.00
Payment (125,000.00)
Loans payable balance 125,000.00

Note 9- Income Tax Payable

2015 2014
Income before personal exemptions 116,052.00 319,787.47
Basic- single (50,000.00) (50,000.00)
Taxable income 66,052.00 269,787.47

Tax on 30,000; 250,000 2,500.00 50,000.00

Tax on Excess 5,407.80 5,936.24
Income tax payable 7,907.80 55,936.24

Note 10 - Net Sales

2015 2014
Sales 3,823,200.00 3,920,400.00
Sales Discount (3,888.00) (7,819.20)
Net Sales 3,819,312.00 3,912,580.80

Note 11- Cost of sales

2015 2014
Inventory, January 1 63,000.00 -
Purchases 3,276,000.00 3,294,000.00
Purchase Discount (7,920.00) 3,268,080.00 (25,200.00) 3,268,800.00
Goods available for sale 3,331,080.00 3,268,800.00
Inventory, December 31 (90,000.00) (63,000.00)
Cost of sales 3,241,080.00 3,205,800.00

Note 12-Distribution costs

2015 2014
Store Supplies Expense 8,700.00 7,900.00
Depreciation Expense 52,500.00 38,333.33
Gas and Oil Expense 19,700.00 11,300.00
Total distribution cost 80,900.00 57,533.33
Note 13 - Administrative expenses

2015 2014
Taxes and Licenses 4,000.00 2,400.00
Utilities Expense 36,600.00 40,000.00
Rent Expense 168,000.00 150,000.00
Salary Expense 137,280.00 131,560.00
Miscellaneous Expense 1,400.00 1,500.00
Insurance Expense 4,000.00 4,000.00
Total administrative expense 351,280.00 329,460.00

Note 14- Finance Cost

2015 2014
Interest Expense 30,000.00
 VITTER SUGAR WHOLESALE AND RETAIL
Post-Closing Trial Balance

For The Year Ended December

2015 2014
Debit Credit Debit
Cash 860,836.56 487,020.80
Inventory 90,000.00 63,000.00
Store Supplies 2,900.00 2,600.00
Store Equipment 50,000.00 50,000.00
Accum. Depreciation- Store Equipment 20,000.00
Delivery Truck 200,000.00 200,000.00
Accum. Depreciation- Delivery Truck 70,833.33
Accounts Payable 198,000.00
Accrued Expenses -
Income Tax Payable 7,907.80
Short-term Borrowings 125,000.00
Jean Lapiz, Capital 781,995.42
1,203,736.56 1,203,736.56 802,620.80
ber
2014
Credit

10,000.00

28,333.33
-
4,500.00
55,936.24
-
703,851.23
802,620.80