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Gold Trading, Inc. Adjusted Trial Baalnce 44,196

Gold Trading, Inc. provides an adjusted trial balance, schedule of cost of sales, and statement of financial performance for the year ended December 31, 2019. The adjusted trial balance shows the company's assets of $44 million including cash, inventory, and property, plant, and equipment, and liabilities of $44 million including accounts payable, income tax payable, and share capital. The schedule of cost of sales details the calculation of $82 million in cost of goods sold. The statement of financial performance shows net sales of $126 million, cost of goods sold of $82 million, operating expenses of $26 million, operating income of $18 million, and net income of $16.6 million.

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MARY JUSTINE PAQUIBOT
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85 views4 pages

Gold Trading, Inc. Adjusted Trial Baalnce 44,196

Gold Trading, Inc. provides an adjusted trial balance, schedule of cost of sales, and statement of financial performance for the year ended December 31, 2019. The adjusted trial balance shows the company's assets of $44 million including cash, inventory, and property, plant, and equipment, and liabilities of $44 million including accounts payable, income tax payable, and share capital. The schedule of cost of sales details the calculation of $82 million in cost of goods sold. The statement of financial performance shows net sales of $126 million, cost of goods sold of $82 million, operating expenses of $26 million, operating income of $18 million, and net income of $16.6 million.

Uploaded by

MARY JUSTINE PAQUIBOT
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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Gold Trading, Inc.

Adjusted Trial Baalnce


44,196

Cash in Bank - UBP 12,748,275


Cash in Bank - BDO 15,943,727
Cash Equivalents 15,434,882
Cash on Hand 402,631
Petty Cash Fund 57,500
Merchandise Inventory 7,235,760
Cash Bond 5,000
Accounts Receivable 396,368
Office Equipment 2,165,258
Accum. Depre.-Office Equipment 1,820,247
Office Furniture & Fixtures 635,371
Accum. Depre.-Office F & F 606,714
Miscellaneous Fixed Asset 281,287
Accum. Depre. - Misc. FA 134,670
Leasehold Improvements 2,229,792
Rent Deposit 310,740
Security Deposit - Telephone 27,500
Security Deposit - Others 2,568,757
Construction Bond 204,837
Advances to Owners & Employees 43,543
SSS Receivable - Maternity 19,000
Electricity Deposit 58,463
Accounts Payable 3,446,208
Income Tax Payable 5,591,711
VAT Payable 681,065
Withholding Tax Payable 263,707
SSS Premium Payable 61,596
SSS Loan Payable 5,416
Pag-ibig Fund Payable 12,704
Pag-ibig Loan Payable 20,614
Philhealth Premium Payable 18,030
Accrued Salary Payable 351,880
Payable from Employees 12,684
Pension Payable 2,481,252
Share Capital 11,620,000
Retained Earnings 7,885,066
Retained Eranings - Appropriated 5,000,000
Sales 129,599,640
Sale Return & Allowances 578,500
Sales Discounts 2,505,370
Purchases 82,620,365
Purchase Returns & Allowances 3,545,456
Purchase Discounts 2,789,453
Freight & Handling Expense - Freight In 1,061,445
Packaging Expense - Cost of Sales 620,313
Advertising and PR - Selling 947,944
Marketing Expense:Promos - Selling 1,207,782
Repairs and Maintenance 569,296
Salaries & Wages Expenses 7,452,925
Communication Expense 349,177
SSS Premium Expense 409,890
Pag-ibig Premium Expense 66,936
Philhealth Premium Expense 90,881
Rent Expense 9,017,345
Utilities Expense 1,127,644
Representation & Entertainment 66,652
Office Supplies Expense 348,684
Donation & Contribution Expense 10,000
Transportation & Travel Expense 352,112
Miscellaneous Expense 535,583
Professional Fees 141,714
Dues and Subscriptions 16,835
Depreciation Expense 287,403
Taxes & Licenses 642,025
Bank Charges & Interest 473,658
Employees Welfare and Benefits 454,820
Insurance Expense - Admin 265,497
Service Fee Expense 800,042
Training & Recruitment Expense 86,664
13th Month Pay 765,187
Gasoline Expense 129,965
Security Service/Agency Fee 73,021
Meetings/Affairs/Events 640,260
Uniform Expense 183,284
Pension Expense 280,204
Total 175,948,114 175,948,114

Merchandise Inventory - December 31 3,083,870


Gold Trading, Inc.
Schedule of Cost of Sales
For the year ended December 31, 2019

Cost of Sales
Merchandise Inventory, Jan. 1, 2020 7,235,760
Purchases 82,620,365
Less: Purchase Returns and Allowances 3,545,456
Purchase Discounts 2,789,453 6,334,909
Net Purchases 76,285,456
Freight & Handling Expense - Freight In 1,061,445
Net Cost Purchases 77,346,902
Packaging Expense - Cost of Sales 620,313
Goods Available for Sale 85,202,974
Less: Merchandise Inventory , Dec. 31, 2020 3,083,870
Cost of Sales 82,119,105

Jordan Hardware & Construction Supply


Statement of Financial Performance
For the year ended December 31, 2019

Net Sales
Sales 129,599,640
Less: Sales Returns and Allowances 578,500
Sales Discounts 2,505,370 3,083,870
Net Sales 126,515,770
Less: Cost of Sales 82,119,105
Gross Profit 44,396,666
Less: Operating Expenses
Selling Expenses
Advertising and PR - Selling 947,944
Marketing Expense:Promos - Selling 1,207,782 2,155,726
General and Administrative Expenses
Repairs and Maintenance 569,296
Salaries & Wages Expenses 7,452,925
Communication Expense 349,177
SSS Premium Expense 409,890
Pag-ibig Premium Expense 66,936
Philhealth Premium Expense 90,881
Rent Expense 9,017,345
Utilities Expense 1,127,644
Representation & Entertainment 66,652
Office Supplies Expense 348,684
Donation & Contribution Expense 10,000
Transportation & Travel Expense 352,112
Miscellaneous Expense 535,583
Professional Fees 141,714
Dues and Subscriptions 16,835
Employees Welfare and Benefits 454,820
Insurance Expense - Admin 265,497
Service Fee Expense 800,042
Training & Recruitment Expense 86,664
13th Month Pay 765,187
Gasoline Expense 129,965
Security Service/Agency Fee 73,021
Meetings/Affairs/Events 640,260
Uniform Expense 183,284
Pension Expense 280,204 24,234,619 26,390,345
Operating Income-EBITDA 18,006,321
Less: Depreciation Expense 287,403
Taxes & Licenses 642,025
Bank Charges & Interest 473,658 1,403,085
Net Income 16,603,236

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