GOODWILL TECHNICAL INSTITUTE INCORPORATED

Daet, Camarines Norte

AS OF MAY 31, 2022
TRIAL BALANCE
BEGINNING BALANCE ENDING BALANCE ENDING BALANCE
ACCOUNT TITLE/PARTICULARS
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
ASSETS
Cash on Hand (1,839.80) 15,533.11 15,533.11
Cash in Bank 13,007.47
Land Bank of the Philippines 10,003.83 10,003.83
China Bank 3,003.64 3,003.64

Inventory -
Tools and Supplies -DRV NC II -
Tools and Supplies -SMAW NC I -
-
Machinery and Equipment 98,582.00 98,582.00 98,582.00
Accumulated Depreciation- Machinery and Equipment - -
Office Equipment 20,578.00 33,578.00 33,578.00
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 4,868.16

Other Assets 5% (creditable tax) -
Other Assets 2% (creditable tax) 4,868.16 4,868.16
Other Assets 1% (creditable tax) -
Accounts Receivable -
Scholarship -
Regular Enrollee -
Trainee -

LIABILITIES
Accounts Payable
Lease Liabilities 503,000.00 503,000.00 503,000.00
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 91,525.54
17,020.00 91,525.54
-
Accrued Expense Payable - -
Income Tax Payable - -
Other Payables - -

Deferred Income-GoodWill - -
Deferred Payable - -

SHAREHOLDER'S EQUITY 95,175.83

Aguila, Edna A 95,175.83 95,175.83
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 44,132.63
Salaries, Wages & Benefits 5,300.00
Other Allowances -
Overtime Pay -
SSS,Philhealth, and HDMF contribution -
Communication,Light & Water 13,279.55
 Transportation & Travel 155.00
Gas & Fuel 200.00
Repair & Maintenance-Materials 6,090.00
Repair & Maintenance-Labor 2,900.00
Rent expense -
Permits, Taxes and Licenses -
Professional Fees & Outside Contractual Services 700.00
Fees & Other Charges 186.08
Advertising and Promotion 480.00
Office Supplies 527.00
Training, Seminar and Meetings -
Food and Food Supplies 315.00
Postage and Stamps -
Representation & Charitable Contribution -
Interest Expense 14,000.00
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 615,195.83 615,195.83 - 689,701.37 689,701.37 689,701.37 689,701.37
 GOODWILL TECHNICAL INSTITUTE INCORPORATED
Daet, Camarines Norte
STATEMENT OF FINANCIAL POSITION
As of May 31, 2022

ASSETS

Current Assets
Cash on Hand P 15,533.11
Cash in Bank 13,007.47
Accounts Receivable- Others -
Inventory -
Other Assets (creditable tax) 4,868.16
Total Current Assets P 33,408.74

Non-Current Assets
Machinery and Equipment (net of depreciation) 98,582.00
Office Equipment (net of depreciation) 33,578.00
Furniture and Fixture (net of depreciation) -
Rights-of-Use (net of depreciation) 480,000.00
Total Non-Current Assets 612,160.00

TOTAL ASSETS P 645,568.74

LIABILITIES & SHAREHOLDER'S EQUITY

Current Liabilities
Accounts Payables- Lease Liability P 503,000.00
Accounts Payables to Trainer -
Accounts Payables to Government Regulatory Bodies -
Accounts Payables- Others 91,525.54
Accrued Expense Payable -
Income Tax Payable -
Other Payables -
Total Current Liabilities P 594,525.54

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

Total Liabilities 594,525.54

Shareholder's Equity
Capital Contribution 95,175.83
Net Income Retained Earnings
Net Income after tax (44,132.63)
Total Shareholder's Equity 51,043.20

TOTAL LIABILITIES & SHAREHOLDER'S EQUITY P 645,568.74

 GOODWILL TECHNICAL INSTITUTE INCORPORATED
Daet, Camarines Norte
INCOME STATEMENT
As of May 31, 2022

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

Less: Cost of Services

Salaries, Wages & Benefits 5,300.00
Other Allowances -
Overtime Pay -
SSS,Philhealth, and HDMF contribution -
Communication,Light & Water 13,279.55
Rent expense -
Professional Fees & Outside Contractual Services 700.00
Fees & Other Charges 186.08
Office Supplies 527.00
Depreciation-Machinery and Equipment -
Depreciation-Office Equipment -
Depreciation-Furniture and Fixture -
Depreciation-Rights-of-Use -
Total Cost of Services 19,992.63

Gross Income (19,992.63)

Less: Administrative and General Expenses

Bad Debts Expense -
Other Expenses -
Permits, Taxes and Licenses -
Transportation and Travel 155.00
Repair & Maintenance-Materials 6,090.00
Repair & Maintenance-Labor 2,900.00
Representation & Charitable Contribution -
Gas & Fuel 200.00
Training, Seminar and Meetings -
Advertising and Promotion 480.00
Food and Food Supplies 315.00
Postage and Stamps -
Interest Expense 14,000.00
Miscellaneous Expense -
Total Administrative and General Expenses 24,140.00

Net Income After Tax P (44,132.63)

Provision for Income Tax
NET INCOME AFTER TAX P (44,132.63)