Seven Heaven Corporation
Adjusted Trial Balance
For the year ended - December 31, 2019
Account Title Debit Credit
Account Receivable - Franchisee ( 1 year) 1,012,921,622.00
Account Receivable - Franchisee ( 2 years) 4,088,979.00
Accounts Payable 4,637,212,058.00
Accounts Payable - Outsource Services 108,239,357.00
Accounts Receivables - Store Operators 21,408,121.00
Accrued Advertising Expense 23,336,087.00
Accrued Rent Expense 174,551,467.00
Accrued Utilities Expense 132,136,706.00
Accumulated Depreciation - Building 36,320,303.00
Accumulated Depreciation - Leasehold Improvement 2,355,278,810.00
Accumulated Depreciation - Store Equipment 271,440,314.00
Accumulated Depreciation - Store Furnitures & Fixtures 2,713,505,616.00
Accumulated Depreciation - Transportation Equipments 928,604,662.00
Accumulated Profit & Losses 911,969,780.00
Accumulated Profit & Losses - Appropriated 5,100,000,000.00
Advances to Employees and Officers 39,796,457.00
Advances to Suppliers 607,406,844.00
Advertising & Promotion Expense 592,278,843.00
Agency Fees 3,146,767,713.00
Allowance for Uncollectible Accounts 50,809,719.00
Bank Charges 23,114,916.00
Bank Loan - Current Portion 371,666,667.00
Bank Loan - Long - Term 468,750,000.00
Buildings 155,481,144.00
Cash in Bank - Bank of Commerce (Time Deposits - 3 years) 27,500,000.00
Cash in Bank - BPI - Savings 2,395,503,916.00
Cash in Bank - Malayan Bank (Time Deposits - 60 days) 10,000,000.00
Cash in Bank - Metrobank - Current 15,000,000.00
Cash in Bank - Security Bank (Time Deposits - 6 months) 7,500,000.00
Cash on Hand 725,662,740.00
Commission Income 241,349,012.00
Construction in Progress 380,638,144.00
Deposits - Others 18,822,533.00
Deposits - Rent 617,589,112.00
Deposits - Utilities 104,998,914.00
Depreciation & Amortization Expense 1,946,617,252.00
Dues & Subscription 43,942,684.00
Employee Benefits 162,116,146.00
Franchise Revenue 3,820,040,455.00
Goodwill 65,567,524.00
Input Tax 265,904,906.00
Insurance Expense 42,935,895.00
Insurance Receivable 1,984,396.00
Interest Income 8,066,765.00
Inventory - Store Merchandise - January 1 1,316,955,510.00
Inventory - Warehouse Merchandise - January 2,226,423,939.00
Inventory Losses 56,150,772.00
Land 39,866,865.00
Leasehold Improvement 3,519,184,341.00
Miscellaneous Expense 284,193,525.00
Ordinary Shares 803,334,365.00
Others Short Term Payable 193,432,483.00
Output Vat Payable 273,809,973.00
Petty Cash Fund 500,000.00
Prepaid - Gift Cards 7,418,417.00
Prepaid - Insurance 88,151,927.00
Prepaid - Rent 83,317,741.00
Prepaid - Store Expenses 11,776,885.00
Prepaid - Supplies 60,762,476.00
Prepaid - Taxes 29,577,097.00
Prepaid - Uniforms 12,072,708.00
Purchase Discounts 926,909,808.00
Purchase Return & Allowances 2,500,578,000.00
Purchases 30,000,000,000.00
Refundable Deposits 196,285,081.00
Rent Expense 2,289,978,822.00
Rent Receivable 5,138,327.00
Repairs & Maintenance 496,506,636.00
Representation Expense 123,286,615.00
Revenue from Sales of Merchandise 39,709,088,663.00
Salaries & Wages Expense 1,099,620,079.00
Securities Payable 45,175,073.00
Service Fees Payable 43,834,510.00
Share Premium - Ordinary Shares 293,525,037.00
Software and Program Costs 2,978,142.00
Store Equiment 633,089,650.00
Store Furniture & Fixtures 6,431,935,800.00
Supplies Expense 373,485,078.00
Taxes & Licenses Expense 309,953,198.00
Transportation & Travel 106,337,423.00
Transportion Equipmet 1,986,000,621.00
Treasury Shares 2,923,246.00
Trucking Expense 665,801,035.00
Unearned Revenue 50,892,394.00
Utilities Expense 2,184,673,003.00
Warehousing Services 525,062,094.00
Withholding Tax Paybale - Compensation 4,240,018.00
Withholding Tax Paybale - Expanded 82,625,460.00
Total 67,442,839,708.00 67,442,839,708.00
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Inventory - Warehouse Merchandise - December 31 2,226,423,939.00
Inventory - Store Merchandise - December 31 1,316,955,510.00
Requirements:
1. Prepare Financial Statement in Good Forms
2. Prepare the notes to the Financial Statements together with the narratives
Nature of Business - Mini Shop
