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COVID FREE Co. SFP

COVID FREE Co.'s adjusted trial balance as of December 31, 2020 shows total debits and credits of $66,958,902. Major assets include cash, accounts receivable, inventory, property and equipment. Major liabilities include accounts payable, loans payable, and income tax payable. Equity accounts include ordinary share capital, share premium, retained earnings, and revaluation surplus.

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Ella Montefalco
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44 views2 pages

COVID FREE Co. SFP

COVID FREE Co.'s adjusted trial balance as of December 31, 2020 shows total debits and credits of $66,958,902. Major assets include cash, accounts receivable, inventory, property and equipment. Major liabilities include accounts payable, loans payable, and income tax payable. Equity accounts include ordinary share capital, share premium, retained earnings, and revaluation surplus.

Uploaded by

Ella Montefalco
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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COVID FREE Co.

Adjusted Trial Balance


as of December 31, 2020

Account Titles Debits Credits


Cash on Hand 62,350.00
Cash in Bank- BPI (Savings) 1,720,500.00
Cash in Bank- BPI (Current) 1,890,234.00
Cash in Bank- BDO (Current) 567,891.00
Accounts Receivable 8,341,689.00
Allowance for Doubtful Accounts 347,182.00
Advances to Employees 57,610.00
Loan Receivable (due in 2023) 9,827,341.00
Unearned interest income 1,234,819.00
Raw materials inventory 1,237,398.00
Work in process inventory 7,987,908.00
Finished goods invetory 12,892,309.00
Prepaid income tax 234,125.00
Prepaid supplies 890,239.00
Advances to suppliers 34,981.00
Held for trading securities 2,834,079.00
Investment in FVOCI securities 987,234.00
Investment in Associate 1,290,347.00
Interest Receivable (due on March 1, 2021) 946,013.00
Land 8,980,751.00
Building 3,419,877.00
Accumulated Depreciation- Bldg. 712,930.00
Equipment 917,387.00
Accumulated Depreciation- Equipt. 234,125.00
Accounts payable 9,071,239.00
Accrued liabilities 889,712.00
Income tax payable 721,346.00
Deferred Tax asset 1,092,387.00
Deferred Tax liability 918,732.00
Loans payable(due in 2021) 8,000,000.00
Discount on Loan Payable 746,252.00
Interest Payable (due on July 1, 2021) 341,782.00
Deferred credits 712,788.00
Provision for warranty obligations 432,187.00
Ordinary share capital 20,000,000.00
Share premium 6,000,000.00
Retained Earnings - unrestricted 15,144,664.00
Retained Earnings - appropriated 1,200,000.00
Revaluation surplus 873,984.00
Unrealized gains on FVOCI 123,412.00
Totals 66,958,902.00 66,958,902.00

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