GOODWILL TECHNICAL INSTITUTE INCORPORATED

Daet, Camarines Norte

AS OF FEBRUARY 28, 2022
TRIAL BALANCE
BEGINNING BALANCE ENDING BALANCE ENDING BALANCE
ACCOUNT TITLE/PARTICULARS
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
ASSETS
Cash on Hand 98.77 1,657.43 1,657.43
Cash in Bank 13,084.08
Land Bank of the Philippines 10,001.21 10,001.21
China Bank 5,782.87 3,082.87

Inventory -
Tools and Supplies -DRV NC II -
Tools and Supplies -SMAW NC I -
-
Machinery and Equipment 90,308.00 91,358.00 91,358.00
Accumulated Depreciation- Machinery and Equipment - -
Office Equipment 2,513.00 2,513.00 2,513.00
Accumulated Depreciation- Office Equipment - -
Furniture and Fixture - -
Accumulated Depreciation- Furniture and Fixture - -
Right-of-Use Asset 480,000.00 480,000.00 480,000.00
Accumulated Depreciation- Right of Use - -

Other Assets -
Other Assets 5% (creditable tax) -
Other Assets 2% (creditable tax) -
Other Assets 1% (creditable tax) -
Accounts Receivable 4,300.00
Scholarship -
Regular Enrollee -
Trainee 3,300.00 4,300.00

LIABILITIES
Accounts Payable
Lease Liabilities 523,000.00 523,000.00 523,000.00
Trainer - -
- -
Accounts Payable-Government Offices -
Withholding tax-Compensation -
HDMF payable employer -
HDMF payable employee -
SSS payable-employer -
SSS payable-employee -
PHIC payable- employer -
PHIC payable-employee -
SSS salary loan payable -
HDMF loan payable -
Accounts Payable-Others 8,602.00
8,602.00
-
Accrued Expense Payable - -
Income Tax Payable - -
Other Payables - -

Deferred Income-GoodWill - -
Deferred Payable - -

SHAREHOLDER'S EQUITY 78,413.85

Aguila, Edna A 69,003.85 78,413.85
Aguila, Misael Nelo -
Asis, Agnes L -
Barcia, Christopher I -
Bonavente, Czar Julius F -
Borromeo, Robert M. -
Bueno, Peter -
Coreses, Ewrin S -
Coreses, Rosemy M. -
Cribe, Rocelyn P. -
Dayaon, Jorge C. -
Dela Pasion, Arnel B Dela -
Edora, Ferdinand -
Ferrer, Johnna M -
Galvez, Lelibeth B. -
Nievarez, Adonis M. -
Picarana, Dexter L -
Picarana, Rommel R. -
Quibral Jr., Ernesto D -
Rodavia, Arjay -
Veras Jr., Eustaquio B Veras -
Veras, Susan -

Retained Earnings - -
INCOME
SALES - -

Other Income -
Interest Income -
Miscellaneous Income -
-
Expenses 17,103.34
Salaries, Wages & Benefits 1,900.00
Other Allowances -
Overtime Pay -
SSS,Philhealth, and HDMF contribution -
Communication,Light & Water 5,936.34
 Transportation & Travel 210.00
Gas & Fuel -
Repair & Maintenance-Materials 50.00
Repair & Maintenance-Labor -
Rent expense -
Permits, Taxes and Licenses 8,721.00
Professional Fees & Outside Contractual Services 256.00
Fees & Other Charges 30.00
Advertising and Promotion -
Office Supplies -
Training, Seminar and Meetings -
Food and Food Supplies -
Postage and Stamps -
Representation & Charitable Contribution -
Interest Expense -
Miscellaneous Expense -
Other Expense -
Bad Debts Expense -
Depreciation-Machinery and Equipment -
Depreciation-Office Equipment -
Depreciation-Furniture and Fixture -
Depreciation-Rights-of-Use -
Provision for Income Tax -
TOTAL 592,003.85 592,003.85 - 610,015.85 610,015.85 610,015.85 610,015.85
 GOODWILL TECHNICAL INSTITUTE INCORPORATED
Daet, Camarines Norte
STATEMENT OF FINANCIAL POSITION
As of February 28, 2022

ASSETS

Current Assets
Cash on Hand P 1,657.43
Cash in Bank 13,084.08
Accounts Receivable- Others 4,300.00
Inventory -
Other Assets (creditable tax) -
Total Current Assets P 19,041.51

Non-Current Assets
Machinery and Equipment (net of depreciation) 91,358.00
Office Equipment (net of depreciation) 2,513.00
Furniture and Fixture (net of depreciation) -
Rights-of-Use (net of depreciation) 480,000.00
Total Non-Current Assets 573,871.00

TOTAL ASSETS P 592,912.51

LIABILITIES & SHAREHOLDER'S EQUITY

Current Liabilities
Accounts Payables- Lease Liability P 523,000.00
Accounts Payables to Trainee -
Accounts Payables to Government Regulatory Bodies -
Accounts Payables- Others 8,602.00
Accrued Expense Payable -
Income Tax Payable -
Other Payables -
Total Current Liabilities P 531,602.00

Non-Current Liabilities
Deferred Revenue -
Total Non-Current Liabilities -

Total Liabilities 531,602.00

Shareholder's Equity
Capital Contribution 78,413.85
Net Income Retained Earnings
Net Income after tax (17,103.34)
Total Shareholder's Equity 61,310.51

TOTAL LIABILITIES & SHAREHOLDER'S EQUITY P 592,912.51

 GOODWILL TECHNICAL INSTITUTE INCORPORATED
Daet, Camarines Norte
INCOME STATEMENT
As of February 28, 2022

Revenues
Service Income P -
Other Income -
Total Revenues P -

Less: Cost of Services

Salaries, Wages & Benefits 1,900.00
Other Allowances -
Overtime Pay -
SSS,Philhealth, and HDMF contribution -
Communication,Light & Water 5,936.34
Rent expense -
Permits, Taxes & Licenses
Professional Fees & Outside Contractual Services 256.00
Fees & Other Charges 30.00
Office Supplies -
Depreciation-Machinery and Equipment -
Depreciation-Office Equipment -
Depreciation-Furniture and Fixture -
Depreciation-Rights-of-Use -
Total Cost of Services 8,122.34

Gross Income (8,122.34)

Less: Administrative and General Expenses

Bad Debts Expense -
Other Expenses -
Permits, Taxes and Licenses 8,721.00
Transportation and Travel 210.00
Repair & Maintenance-Materials 50.00
Repair & Maintenance-Labor -
Representation & Charitable Contribution -
Gas & Fuel -
Training, Seminar and Meetings -
Advertising and Promotion -
Food and Food Supplies -
Postage and Stamps -
Interest Expense -
Miscellaneous Expense -
Total Administrative and General Expenses 8,981.00

Net Income After Tax P (17,103.34)

Provision for Income Tax
NET INCOME AFTER TAX P (17,103.34)