Mabuhay Company

DATE PARTICULARS F
31-Dec General and administrative expense

Accumulated depreciation
Doubtful account expense

Allowance for doubtful accounts
Interest expense
Interest payable
Wages expense
Wages payable
Prepaid rent
Rent expense
Prepaid insurance
Insurance expense
Subscription revenue
Deferred subscription revenue
PAGE: 2
DEBIT CREDIT
500,000.00
500,000.00
90,000.00
90,000.00
40,000.00
40,000.00
50,000.00
50,000.00
300,000.00
300,000.00
150,000.00
150,000.00
160,000.00
160,000.00
MA
Unadjusted Trial Balance

Account Titles Debit Credit
Cash 400,000.00
Accounts receivable 600,000.00
Allowance for doubtful accounts 60,000.00
Inventory, 12/31/2006 900,000.00
Equipment 7,800,000.00
Accumulated depreciation 1,000,000.00
Land 1,500,000.00
Accounts payable 220,000.00
Notes payable, 8% due 4/1/12 2,000,000.00
R. Cruz, Capital 4,500,000.00
Sales revenue 9,000,000.00
Subscription revenue 240,000.00
Purchases 2,500,000.00
Rent expense 600,000.00
Interest expense 120,000.00
Selling expense 400,000.00
Insurance expense 300,000.00
Wage expense 1,100,000.00
General and administrative expense 800,000.00
Doubful acocunts expense
Interest payable
Wages payable
Prepaid rent
Prepaid insurance
Deferred subscriptin revenue
TOTAL 17,020,000.00 17,020,000.00
Net Income
GRAND TOTAL
MABUHAY COMPANY
Worksheet
31-Dec-07
Adjustment Adjsuted Trial Balance Income Statement

Debit Credit Debit Credit Debit
400,000.00
600,000.00
90,000.00 150,000.00
900,000.00 900,000.00
7,800,000.00
500,000.00 1,500,000.00
1,500,000.00
220,000.00
2,000,000.00
4,500,000.00
9,000,000.00
160,000.00 80,000.00
2,500,000.00 2,500,000.00
300,000.00 300,000.00 300,000.00
40,000.00 160,000.00 160,000.00
400,000.00 400,000.00
150,000.00 150,000.00 150,000.00
50,000.00 1,150,000.00 1,150,000.00
500,000.00 1,300,000.00 1,300,000.00
90,000.00 90,000.00 90,000.00
40,000.00 40,000.00
50,000.00 50,000.00
300,000.00 300,000.00
150,000.00 150,000.00
160,000.00 160,000.00
1,290,000.00 1,290,000.00 17,700,000.00 17,700,000.00 6,950,000.00
2,830,000.00
9,780,000.00
Income Statement Financial Position
Credit Debit Credit
400,000.00
600,000.00
150,000.00
700,000.00 700,000.00
7,800,000.00
1,500,000.00
1,500,000.00
220,000.00
2,000,000.00
4,500,000.00
9,000,000.00
80,000.00
40,000.00
50,000.00
300,000.00
150,000.00
160,000.00
9,780,000.00 11,450,000.00 8,620,000.00
2,830,000.00
9,780,000.00 11,450,000.00 11,450,000.00
MABUHAY COMPANY
Statement of Comprehensive Income
for the year ended, December 31, 2007
Total Revenues
Sales revenue 9,000,000.00
Subscription revenu 80,000.00
Total Revneues
Cost of Sales
Inventory - Beginning 900,000.00
Add: Purchases 2,500,000.00
Goods available for sale 3,400,000.00
Less: Inventory - End 700,000.00
Cost of Sales
Gross Profit
Operating Expneses
Rent expense 300,000.00
Selling expense 400,000.00
Insurance expense 150,000.00
Wage expense 1,150,000.00
General and administrative expense 1,300,000.00
Doubtful accounts expense 90,000.00
Total Operating Expenses
Net Operating Income
Less: Finance Cost
NET INCOME
MABUHAY COMPANY
Statement of Changes in Equity
for the year ended, December 31, 2007
R. Cruz, Capital - Beginning

Add: Net Income
R. Cruz, Capital - Ending
MABUHAY COMPANY
Statement of Financial Position
as of September 30, 2007
ASSETS
Current Assets
Cash
Less: Allowance for doubtful accounts 150,000.00
Inventory
Prepaid rent
Prepaid insurance
Total Current Assets
Non-Current Assets
Less: Accumulated depreciation 1,500,000.00
Land
Total Non-current Assets
TOTAL ASSETS
LIABILITIES
Current Liabilities
Accounts payable
Interest payable
Wages payable
Deferred subscriptin revenue
Total Current Liabilities
Non-Current Liabilities
Notes Payable
TOTAL LIABILITIES
CAPITAL
R. Cruz, Capital - Ending
TOTAL LIABILITIES AND EQUITY
come
2007
9,080,000.00
2,700,000.00
6,380,000.00
3,390,000.00
2,990,000.00
160,000.00
2,830,000.00
ity
2007
4,500,000.00
2,830,000.00
7,330,000.00
on
400,000.00
450,000.00
700,000.00
300,000.00
150,000.00
2,000,000.00
6,300,000.00
1,500,000.00
7,800,000.00
9,800,000.00
220,000.00
40,000.00
50,000.00
160,000.00
470,000.00
2,000,000.00
2,470,000.00
7,330,000.00
9,800,000.00
DATE PARTICULARS F
31-Dec Sales revenue
Subscription revenue
Income summary
Inventory - 12/31/2007
Income Summary
Inventory - 12/31/2006
Income Summary
Purchases
Rent expense
Interest expense
Selling expense
Insurance expense
Wage expense
General and administrative expense
Doubful acocunts expense
Income summary
R. Cruz, Capital
PAGE: 3
DEBIT CREDIT DR
9,000,000.00
80,000.00
9,080,000.00
700,000.00
200,000.00
900,000.00
6,050,000.00
2,500,000.00
300,000.00
160,000.00
400,000.00
150,000.00
1,150,000.00
1,300,000.00
90,000.00
2,830,000.00
2,830,000.00
CR
MABUHAY COMPANY
Post Closing Trial Balance
as of December 31, 2007
Accounts Debit Credit

Cash 400,000.00
Allowance for doubtful accounts 150,000.00
Inventory, 12/31/2006 700,000.00
Prepaid rent 300,000.00
Prepaid insurance 150,000.00
Accumulated depreciation 1,500,000.00
Land 1,500,000.00
Accounts payable 220,000.00
Interest payable 40,000.00
Wages payable 50,000.00
Deferred subscription revenue 160,000.00
Notes payable 2,000,000.00
R. Cruz, Capital 7,330,000.00
TOTAL 11,450,000.00 11,450,000.00

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DATE PARTICULARS F

31-Dec General and administrative expense

Doubtful account expense

Unadjusted Trial Balance

Adjustment Adjsuted Trial Balance Income Statement

R. Cruz, Capital - Beginning

Accounts Debit Credit

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