Open the tab "WTB". This is a raw data from an entity.

From the trial balance provided, prepare a STATEMENT

incorporating the required format for the financial statement. Assume net loss amounting to P3,084,353.74 (closed
use the suggested account titles below. Don't forget the lesson we have discussed regarding materiality and aggreg
financial statements. Your work must be in excel format. Title of the file must be your last name, initial of first nam
Kindly submit your work in the google classroom on or before 11:59pm on Saturday, July 6, 2019. Just upload you
have any clarifications, don't hesitate to email me directly through my gmail account: karenmdlrc

Cash
Receivables
Other current assets
Property and Equipment - net
Deferred tax asset
Other noncurrent assets
Accounts payable and accrued expenses
Due to stockholders
Loans payable
Unearned Income
Deferred tax liability
Capital
Deficit
ed, prepare a STATEMENT OF FINANCIAL POSITION
to P3,084,353.74 (closed to retained earnings). You may
ng materiality and aggregation & the identication of the
t name, initial of first name - HW1 (i.e. RUAZAK-HW1).
6, 2019. Just upload your work and click submit. If you
mail account: karenmdlrc@gmail.com.
 FAR3 TRUCKING CORPORATION
ADJUSTED TRIAL BALANCE
December 31, 2018

ASSETS

CURRENT ASSETS

Cash
CASH ON HAND 16,093.49
CASH IN BANK-MBTC 395,321.48 411,414.97

Receivables
ACCOUNTS RECEIVABLE 220,993.92 220,993.92

Other current assets

PREPAID INSURANCE 40,591.22 40,591.22

TOTAL CURRENT ASSET

NON CURRENT ASSETS

Property and Equipment - net

TOOLS & EQUIPMENT 412,302.70
OFFICE EQUIPMENT 314,897.72
DELIVERY EQUIPMENT 28,889,427.85
COMMUNICATION SYSTEM 140,197.27
ACCUMULATED DEPRECIATION DELIVERY EQUIPMENT -20,968,328.74
ACCUMULATED DEPRECIATION OFFICE EQUIPMENT -181,032.72
ACCUMULATED DEPRECIATION TOOLS & EQUIPMENT -412,292.72
ACCUMULATED DEPRECIATION COMMUNICATION SY -140,194.26 8,054,977.10

Deferred tax asset

CURRENT TAX ASSET 3,037,562.11
DEFERRED TAX ASSETS 1,619,147.00
DEFERRED TAX ASSETS 178,866.00 4,835,575.11

Other noncurrent assets

OTHER NONCURRENT ASSETS 783,339.26
OTHER NONCURRENT ASSET - RENTAL DEPOSIT 168,600.00
OTHER NONCURRENT ASSET - RECOVERABLE DEPOSIT 110,802.39 1,062,741.65

TOTAL NON CURRENT ASSET

 TOTAL ASSET

LIABILITIES

CURRENT LIABILITIES

Accounts payable and accrued expenses

ACCOUNTS PAYABLE 229,065.26
OTHER ACCOUNTS PAYABLE 101,424.64
ACCRUED EXPENSE 1,354,450.00
PHILHEALTH EMPLOYEES PAYABLE 11,575.00
WITHHOLDING TAX PAYABLE - EXPANDED 12,698.84
SSS PREMIUM PAYABLE 49,455.00
SSS EMPLOYEES LOAN PAYABLE 28,120.90
HDMF EMPLOYEES PREMIUM PAYABLE 10,347.20
HDMF EMPLOYEES LOAN PAYABLE 31,874.04
WITHHOLDING TAX PAYABLE - COMP 28,802.68 1,857,813.56

Unearned Income
UNEARNED INCOME 200,154.15 200,154.15

TOTAL CURRENT LIABILITIES

NON CURRENT LIABILITIES

Due to stockholders
DUE TO STOCKHOLDERS 15,500,000.00 15,500,000.00

Loans payable
LOANS PAYABLE 2,500,000.00 2,500,000.00

Deferred tax liability 0 0

TOTAL NON CURRENT LIABILITIES

EQUITIES

Capital
CAPITAL STOCK 8,000,000.00 8,000,000.00

Deficit
Retained Earnings -10,347,320.00
Net Loss -3,084,353.74 -13,431,673.74

TOTAL EQUITIES

TOTAL ASSET
ORATION
LANCE
18

673,000.11

13,953,293.86
 14,626,293.97

2,057,967.71

18,000,000.00
-5,431,673.74

14,626,293.97