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Xyz Hotel

The document is a worksheet for XYZ Hotel for the year ended December 31, 2019. It includes trial balances, adjustments, and requirements to prepare the income statement, balance sheet, and statement of changes in owner's equity. The income statement shows net sales of PHP 246,350, cost of sales of PHP 131,360, gross profit of PHP 107,965, operating expenses of PHP 83,484, and net profit of PHP 24,481. The balance sheet lists total current assets of PHP 186,766, fixed assets of PHP 30,683, total assets of PHP 217,449, total current liabilities of PHP 25,683, and total owner's equity of PHP 191,766. The statement of changes in owner

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586 views12 pages

Xyz Hotel

The document is a worksheet for XYZ Hotel for the year ended December 31, 2019. It includes trial balances, adjustments, and requirements to prepare the income statement, balance sheet, and statement of changes in owner's equity. The income statement shows net sales of PHP 246,350, cost of sales of PHP 131,360, gross profit of PHP 107,965, operating expenses of PHP 83,484, and net profit of PHP 24,481. The balance sheet lists total current assets of PHP 186,766, fixed assets of PHP 30,683, total assets of PHP 217,449, total current liabilities of PHP 25,683, and total owner's equity of PHP 191,766. The statement of changes in owner

Uploaded by

KyleTy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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XYZ Hotel

WORKSHEET
For the Year Ended December 31, 2019 (in Pesos)

ACCOUNT TITLE Trial Balance Adjustments


Debit Credit Debit Credit
Cash 29,410
Acounts Receivable 42,400
Inventory 52,800 b) 48,300 a) 52,800
Prepaid Insurance 17,400 c) 5,800
Store Supplies 2,600 d)1,540
Office Supplies 1,840 e) 1,204
Land 4,500
Building 20,260
Accum. Depreciation-Bldg 5,640 f) 2,600
Office Equipment 8,600
Accum. Dep'n-Offie Equip 2,800 g) 2,200
Accounts Payable 25,683
Salaries Payable 5,000
XYZ, Capital 118,352
XYZ, Drawing 20,000
Income Summary a) 52,800 b) 48,300
Sales 246,350
Sales Return & Allowances 2,750
Sales Discounts 4,275
Purchases 126,400
Purchases Returns & allo. 5,640
Purchases Discounts 2,136
Freight In 8,236
Salaries - Selling 32,640
Freight Out 5,740
Advertising Expense 10,000
Salaries Expense-Admin 21,760
Insurance Expense c) 5,800
Hotel Supplies d) 1,540
Office Supplies e) 1,204
Depreciation Expense-Bldg f) 2,600
Depreciation Expense-Equipt. g) 2,200
Total 411,611 411,601 114,444 114,444
Profit for the period
Requirements:
1. Prepare Income Statement of XYZ Hotel for the year ended December 31, 2019
2. Prepare a Balance Sheet of XYZ Hotel for the year ended December 31, 2019
3. Prepare Changes in Equity of XYZ Hotel for they year ended December 31, 2019
1, 2019 (in Pesos)

Income Statement Balance Sheet


Debit Credit Debit Credit
29,410
42,400
48,300
11,600
1,060
636
4,500
20,260
8,250
8,600
5,000
25,683
5,000
118,352
20,000
52,800 48,300
246,350
2,750
4,275
126,400
5,640
2,136
8,236
32,640
5,740
10,000
21,760
5,800
1,540
1,204
2,600
2,200
277,945 302,426 186,766 162,285
24,481 24,481
302,426 302,426 186,766 186,766
XYZ HOTEL
Income Statemen
For the Year Ended Decembe

Net Sales (Note 4)


Cost of Sales (Note 5)
Gross Profit
Operating Expenses:
Selling Expenses (Note 6)
Administrative Expenses (Note 7)
Total Operating Expenses
Profit from Operation

Note 4 Sales
deduction Sales Ret & Allo.
deduction Sales Discounts
Net Sales

Note 5 Cost of Sales:


Inventory, beg
Purchases
deduct Purchase Ret & Allowances
deduct Purchases Discount
Net
Freight in
Total Good Available for Sale
Inventory, end
Cost of Goods Sold

Note 6 Selling Expenses


Salaries
Freight Out
Advertising
Hotel Supplies
Total Operating Expenses

Note 7 Administrative Expenses


Salaries
Insurance
Office Supplies
Depr'n Expense - Bldg
Depr'n Expense - Equipt.
Total Administrative Expenses
Note 8 Non-Current Assets
Fixed Assets
Land
Building
deduction Accum Depreciation
Office Equipment
deduction Accum Depreciation
Net Fixed Assets

XYZ HOTEL
Statement of Financial P
For the Year Ended Decembe

ASSETS
Current Assets:
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Store Supplies
Office Supplies
Total Current Assets
Non-Current Assets
Fixed Assets (Note 8)
Total Assets

LIABILITIES
Current Liabilities
Accounts Payable
Salaries Payable
Total Current Liabilities
OWNERS EQUITY
XYZ Hotel, Capital
TOTAL LIABILITIES & CAPITAL

XYZ HOTEL
Statement of Changes in Ow
For the Year Ended Decembe

XYZ Hotel, Capital


Profit for the Period
XYZ Hotel, Drawing
XYZ Hotel, Capital
XYZ HOTEL
Income Statement
For the Year Ended December 31, 2019

49,920
33,564

246,350
2,750
4,275

52,800
126,400
5,640
2,136

8,236

48,300

32,640
5,740
10,000
1,540

21,760
5,800
1,204
2,600
2,200
4,500
20,260
8,250
8,600
5,000

XYZ HOTEL
Statement of Financial Position
For the Year Ended December 31, 2019

29,410
42,400
48,300
11,600
1,060
636

25,683
5,000

XYZ HOTEL
Statement of Changes in Owner's Equity
For the Year Ended December 31, 2019

118,352
24,481
20,000
239,325
131,360
107,965

-83,484
24,481

239,325

171,424

179,660

131,360

49,920

33,564
20,110

133,406

20,110
153,516

30,683

122,833
153,516
122,833

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