THUNDERBIRD TRUCKING SERVICES

GENERAL JOURNAL
DATE PARTICULARS PR DEBIT
Dec 31 Depreciation Expense - Building 1,250.00
Accumulated depreciation - Building

31 Depreciation Expense - Trucks 10,625.00

Accumulated Depreciation - Trucks

31 Depreciation Expense - Furniture & Fixtures 387.50

Accumulated Depreciation - Furniture & Fixtures

31 Depreciation Expense - Office Equipment 1,075.00

Accumulated Depreciation - Office Equipment

31 Office Supplies Expense 4,820.00

Office Supplies

31 Insurance Expense 1,140.00

Prepaid Insurance

31 Fuel & Lubricants 1,500.00

Accounts Payable

31 Utilities Expense 4,895.00

Utilities Payable

31 Salaries Expense 5,850.00

Salaries Payable

31 Interest Expense 6,550.00

Interest Payable

31 SSS, PhilHealth & Pag-IBIG Fund Contribution 6,500.00

SSS, PhilHealth & Pag-IBIG Fund Payable

31 Service Revenue 154,966.86

Salaries Expense
Repair & Maintenance Expense
Fuel & Lubricants
Utilities Expense
Office Supplies Expense
Miscellaneous Expense
Depreciation Expense - Building
Depreciation Expense - Trucks
Depreciation Expense - Office Equipment
Depreciation Expense - Furniture & Fixtures
Insurance Expense
Interest Expense
SSS, PhilHealth & Pag-IBIG Fund Contribution
Income Summary
31 Income Summary 17,485.16
Anton Agoncillo, Capital
Bobby Bernardo, Capital
Carlos Campos, Capital

31 Anton Agoncillo, Capital 5,000.00

Bobby Bernardo, Capital 5,000.00
Carlos Campos, Capital 5,000.00
Anton Agoncillo, Drawing
Bobby Bernardo, Drawing
Carlos Campos, Drawing

31 Carlos Campos, Capital 280,630.03

Anton Agoncillo, Capital
Bobby Bernardo, Capital
CREDIT

1,250.00

10,625.00

387.50

1,075.00

4,820.00

1,140.00

1,500.00

4,895.00

5,850.00

6,550.00

6,500.00

86,500.00
1,960.00
9,500.00
5,550.20
5,548.00
896.00
1,250.00
10,625.00
1,075.00
387.50
1,140.00
6,550.00
6,500.00
17,485.16
 5,828.39
5,828.39
5,828.38

5,000.00
5,000.00
5,000.00

140,315.02
140,315.01
 THUNDERBIRD TRUCKING SERVICES
SERVICE REVENUE JOURNAL
Service Revenue Output Tax Credit
Date Invoice No. Accounts Debited PR Credit
Dec 2 1050 Sweet Tooth Bakeshop 5,500.00 660.00
2 1051 Soulmate Marketing 6,000.00 720.00
2 1052 Ace Supplies 5,000.00 600.00
5 1053 Bestfriends Bakery 5,000.00 600.00
12 1054 Bestfriends Bakery 5,000.00 600.00
19 1055 Bestfriends Bakery 5,000.00 600.00
24 1056 Sweet Tooth Bakeshop 6,500.00 780.00
24 1057 Soulmate Marketing 6,500.00 780.00
24 1058 Ace Supplies 5,500.00 660.00
26 1059 Bestfriends Bakery 5,000.00 600.00

₱ 55,000.00 ₱ 6,600.00

₱ 61,600.00

PETTY CASH BOOK

Date PCV # Accounts Debited Amount Output Tax
Dec 9 101 Repairs & Maintenance Expense 1,750.00 210.00
15 102 Miscellaneous Expense 800.00 96.00
18 103 Office Supplies Expense 650.00 78.00
22 104 Utilities Expense - Maynilad 585.00 70.20

₱ 3,785.00 ₱ 454.20

₱ 4,239.20
 A/R Debit

6,160.00
6,720.00
5,600.00
5,600.00
5,600.00
5,600.00
7,280.00
7,280.00
6,160.00
5,600.00

₱ 61,600.00

Amount
1,960.00
896.00
728.00
655.20

₱ 4,239.20
 THUNDERBIRD TRUCKING SERVICES
CASH RECEIPTS JOURNAL
Service Revenue Output Tax Credit
Date OR No. Invoice No. Accounts Credited PR A/R Credit Cash Debit
Credit
Dec 3 1101 COD New Wholesale Store 5,000.00 600.00 5,600.00
3 1102 COD Arman's Clothing Textile, Inc. 4,000.00 480.00 4,480.00
3 1103 COD Shoeland Store 4,500.00 540.00 5,040.00
3 1104 1049 Bestfriends Bakery 3,360.00 3,360.00
4 1105 1047 Soulmate Marketing 6,720.00 6,720.00
4 1106 1046 Sweet Tooth Bakeshop 6,160.00 6,160.00
4 1107 1048 Ace Supplies 5,600.00 5,600.00
8 1108 COD Frederick Feng 6,000.00 720.00 6,720.00
9 1109 COD Eduardo Santos 4,466.86 536.02 5,002.88
10 1110 1053 Bestfriends Bakery 5,600.00 5,600.00
11 1111 1050 Sweet Tooth Bakeshop 6,160.00 6,160.00
11 1112 1052 Ace Supplies 5,600.00 5,600.00
11 1113 1051 Soulmate Marketing 6,720.00 6,720.00
15 1114 COD Rosario Mendez 6,500.00 780.00 7,280.00
16 1115 COD Mercy Flower Shop 5,000.00 600.00 5,600.00
16 1116 COD UK RTW 6,500.00 780.00 7,280.00
17 1117 1054 Bestfriends Bakery 5,600.00 5,600.00
17 1118 COD Frederick Feng 7,500.00 900.00 8,400.00
22 1119 COD Ramon Lecumberri 8,500.00 1,020.00 9,520.00
23 1120 COD Corono Supplies, Inc. 5,500.00 660.00 6,160.00
23 1121 COD Automatic Marketing Center 6,000.00 720.00 6,720.00
24 1122 1055 Bestfriends Bakery 5,600.00 5,600.00
29 1123 COD Frederick Feng 8,000.00 960.00 8,960.00
30 1124 COD Mercy Flower Shop 5,500.00 660.00 6,160.00
30 1125 COD UK RTW 4,500.00 540.00 5,040.00
30 1126 COD Shoeland Store 5,500.00 660.00 6,160.00
31 1127 COD Frederick Feng 7,000.00 840.00 7,840.00
₱ 57,120.00 ₱ 99,966.86 ₱ 11,996.02 ₱ 169,082.88

₱ 169,082.88
 THUNDERBIRD TRUCKING SERVICES
CASH DISBURSEMENT JOURNAL
Sundry Debit Fuel & Lubricant Salaries Expense
Date CV No. Check No. Accounts Debited PR Input Tax Debit
(Credit) Debit Debit
Dec 1 501 433101 Trucks 270,000.00 32,400.00
2 502 433102 Accounts Payable - PETROIL 2,000.00
2 503 433103 Petty Cash Fund 2,000.00
5 504 433104 Office Supplies 3,500.00 420.00
5 505 433105 Payroll 9,750.00
5 506 433106 Social Security System
5 507 433107 PhilHealth
5 508 433108 HDMF / Pag-IBIG
8 509 433109 Utilities Payable - Meralco 3,200.00
10 510 433110 BIR
12 511 433111 Payroll 9,750.00
15 512 433112 Payroll 20,825.00
15 513 433113 Utilities Payable - PLDT 2,114.25
16 514 433114 PETROIL 480.00 4,000.00
16 515 433115 Office Equipment 45,000.00 5,400.00
18 516 433116 Anton Agoncillo, Drawing 5,000.00
18 517 433117 Bobby Betnardo, Drawing 5,000.00
18 518 433118 Carlos Campos, Drawing 5,000.00
19 519 433119 Payroll 9,750.00
26 520 433120 Payroll 9,750.00
29 521 433121 PETROIL 480.00 4,000.00
30 522 433122 Payroll 20,825.00
Repairs & Maintenance Expense 1,960.00
Miscellaneous Expense 896.00
31 523 433123
Office Supplies Expense 728.00
Utilities Expense - Maynilad 655.20

₱ 347,053.45 ₱ 39,180.00 ₱ 8,000.00 ₱ 80,650.00

₱ 474,883.45
SSS, PH, Pag-IBIG Withholding Tax Notes Payable Cash Credit
Credit Payable Credit Credit
220,000.00 82,400.00
2,000.00
2,000.00
3,920.00
487.50 1,950.00 7,312.50
(5,280.00) 5,280.00
(2,560.00) 2,560.00
(1,310.00) 1,310.00
3,200.00
(9,365.75) 9,365.75
487.50 1,950.00 7,312.50
1,554.15 1,682.78 17,588.07
2,114.25
4,480.00
35,000.00 15,400.00
5,000.00
5,000.00
5,000.00
487.50 1,950.00 7,312.50
487.50 1,950.00 7,312.50
4,480.00
1,554.15 1,682.78 17,588.07

4,239.20

(₱4,091.70) ₱ 1,799.81 ₱ 255,000.00 ₱ 222,175.34

₱ 474,883.45
 THUNDERBIRD TRUCKING SERVICES
GENERAL LEDGER
Account CASH 101 Account PETTY CASH
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 116,871.20 Dec 1 Beg. Bal.
31 CRJ 169,082.88 285,954.08 2 CDJ 2,000.00
31 CDJ 222,175.34 63,778.74

Account ACCOUNTS RECEIVABLE 103 Account OFFICE SUPPLIES

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 21,840.00 Dec 1 Beg. Bal.
31 SRJ 61,600.00 83,440.00 5 CDJ 3,500.00
31 CRJ 57,120.00 26,320.00

Account INPUT TAX 103.1 Account PREPAID INSURANCE

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 31 CDJ 39,180.00 Dec 1 Beg. Bal.

Account LAND 106 Account

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 800,000.00
Account BUILDING 107 Account ACCUMULATED DEPRECIATION - BUILDING
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 300,000.00 Dec 1 Beg. Bal.

Account TRUCKS 109 Account ACCUMULATED DEPRECIATION - TRUCKS

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 750,000.00 Dec 1 Beg. Bal.
1 CDJ 270,000.00 1,020,000.00

Account OFFICE EQUIPMENT 111 Account ACCUMULATED DEPRECIATION - OFFICE EQUIPMENT

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 84,000.00 Dec 1 Beg. Bal.
16 CDJ 45,000.00 129,000.00

Account FURNITURE & FIXTURES 113 Account ACCUMULATED DEPRECIATION - FURNITURE & FIXTUR
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 46,500.00 Dec 1 Beg. Bal.
Account ACCOUNTS PAYABLE 201 Account NOTES PAYABLE
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 2,000.00 Dec 31 CDJ
1 CDJ 2,000.00 -

Account SSS, PhilHealth & Pag-IBIG FUND PAYABLE 203 Account WITHHOLDING TAX PAYABLE
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 9,150.00 Dec 1 Beg. Bal.
31 CDJ 4,091.70 5,058.30 31 CDJ

Account UTILITIES PAYABLE 205 Account SALARIES PAYABLE

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 5,314.25
8 CDJ 3,200.00 2,114.25
15 CDJ 2,114.25 -

Account INTEREST PAYABLE 207 Account INCOME TAX PAYABLE

Date Item PR Debit Credit Balance Date Item PR Debit
Account OUTPUT TAX 208.1 Account MORTGAGE PAYABLE
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 31 CRJ 11,996.02 Dec 1 Beg. Bal.
31 SRJ 6,600.00 18,596.02

Account ANTON AGONCILLO, CAPITAL 301 Account ANTON AGONCILLO, DRAWING

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 387,614.65 Dec 18 CDJ
31 GJ 5,828.39 393,443.04
31 GJ 5,000.00 388,443.04

Account BOBBY BERNARDO, CAPITAL 303 Account BOBBY BERNARDO, DRAWING

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 434,894.90 Dec 18 CDJ
31 GJ 5,828.39 440,723.29
31 GJ 5,000.00 435,723.29

Account CARLOS CAMPOS, CAPITAL 305 Account CARLOS CAMPOS, DRAWING

 Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Beg. Bal. 279,801.65 Dec 18 CDJ
31 GJ 5,828.38 285,630.03
31 GJ 5,000.00 280,630.03

Account INCOME SUMMARY 307 Account SERVICE REVENUE

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 31 GJ 154,966.86 Dec 31 CRJ
31 GJ 137,481.70 17,485.16 31 SRJ

Account SALARIES EXPENSE 501 Account REPRESENTATION EXPENSE

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 31 CDJ 80,650.00

Account SSS, PhilHealth & Pag-IBIG FUND CONTRIBUTION 503 Account REPAIR & MAINTENANCE EXPENSE
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 9 PCB

Account FUEL & LUBRICANTS 505 Account INSURANCE EXPENSE

Date Item PR Debit Credit Balance Date Item PR Debit
 Dec 31 CDJ 8,000.00

Account UTILITIES EXPENSE 507 Account DEPRECIATION EXPENSE - BUILDING

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 22 PCB 655.20

Account DEPRECIATION EXPENSE - TRUCKS 509 Account DEPRECIATION EXPENSE - OFFICE EQUIPMENT
Date Item PR Debit Credit Balance Date Item PR Debit

Account DEPRECIATION EXPENSE - FURNITURE & FIXTURE 511 Account OFFICE SUPPLIES EXPENSE
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 18 PCB
Account INTEREST EXPENSE 513 Account INCOME TAX EXPENSE
Date Item PR Debit Credit Balance Date Item PR Debit

Account MISCELLANEOUS EXPENSE 520 Account

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 15 PCB 896.00
 102
Credit Balance
2,000.00
4,000.00

104
Credit Balance
5,680.00
9,180.00

105
Credit Balance
6,500.00

Credit Balance
 108
Credit Balance
43,750.00

110
Credit Balance
273,437.50

UIPMENT 112
Credit Balance
24,500.00

E & FIXTURE 114

Credit Balance
13,562.50
 202
Credit Balance
255,000.00

204
Credit Balance
9,365.75
1,799.81 11,165.56

206
Credit Balance

208
Credit Balance
 209
Credit Balance
650,000.00

302
Credit Balance
5,000.00

304
Credit Balance
5,000.00

306
Credit Balance
5,000.00

401
Credit Balance
99,966.86
55,000.00 154,966.86

502
Credit Balance

504
Credit Balance
1,960.00

506
Credit Balance
 508
Credit Balance

NT 510
Credit Balance

512
Credit Balance
728.00
 514
Credit Balance

Credit Balance
 THUNDERBIRD TRUCKING SERVICES
WORKSHEET
For the month ended December 31, 2010
Trial Balance Adjustments Income Statement
Debit Credit Debit Credit Debit
Cash 63,778.74
Petty Cash 4,000.00
Accounts Receivable 26,320.00
Office Supplies 9,180.00 4,820.00
Input Tax 39,180.00
Prepaid Insurance 6,500.00 1,140.00
Land 800,000.00
Building 300,000.00
Accumulated Depreciation - Building 43,750.00 1,250.00
Trucks 1,020,000.00
Accumulated Depreciation - Trucks 273,437.50 10,625.00
Office Equipment 129,000.00
Accumulated Depreciation - Office Equipment 24,500.00 1,075.00
Furniture & Fixtures 46,500.00
Accumulated Depreciation - Furniture & Fixtures 13,562.50 387.50
Notes Payable 255,000.00
SSS, PhilHealth & Pag-IBIG Fund Payable 5,058.30 6,500.00
Withholding Tax Payable 11,165.56
Output Tax 18,596.02
Mortgage Payable 650,000.00
Anton Agoncillo, Capital 387,614.65
Anton Agoncillo, Drawing 5,000.00
Bobby Bernardo, Capital 434,894.90
Bobby Bernardo, Drawing 5,000.00
Carlos Campos, Capital 279,801.65
Carlos Campos, Drawing 5,000.00
Service Revenue 154,966.86
Salaries Expense 80,650.00 5,850.00 86,500.00
Repair & Maintenance Expense 1,960.00 1,960.00
Fuel & Lubricants 8,000.00 1,500.00 9,500.00
Utilities Expense 655.20 4,895.00 5,550.20
Office Supplies Expense 728.00 4,820.00 5,548.00
Miscellaneous Expense 896.00 896.00

Depreciation Expense - Building 1,250.00 1,250.00

Depreciation Expense - Trucks 10,625.00 10,625.00
Depreciation Expense - Office Equipment 1,075.00 1,075.00
Depreciation Expense - Furniture & Fixtures 387.50 387.50
Insurance Expense 1,140.00 1,140.00
Accounts Payable 1,500.00
Utilities Payable 4,895.00
Salaries Payable 5,850.00
Interest Expense 6,550.00 6,550.00
Interest Payable 6,550.00
SSS, PhilHealth & Pag-IBIG Fund Contribution 6,500.00 6,500.00

₱ 2,552,347.94 ₱ 2,552,347.94 ₱ 44,592.50 ₱ 44,592.50 ₱ 137,481.70

Profit
me Statement Balance Sheet
Credit Debit Credit
63,778.74
4,000.00
26,320.00
4,360.00
39,180.00
5,360.00
800,000.00
300,000.00
45,000.00
1,020,000.00
284,062.50
129,000.00
25,575.00
46,500.00
13,950.00
255,000.00
11,558.30
11,165.56
18,596.02
650,000.00
387,614.65
5,000.00
434,894.90
5,000.00
279,801.65
5,000.00
154,966.86
 1,500.00
4,895.00
5,850.00

6,550.00

₱ 154,966.86 ₱ 2,453,498.74 ₱ 2,436,013.58

₱ 137,481.70 ₱ 2,436,013.58
₱ 17,485.16 ₱ 17,485.16
 THUNDERBIRD TRUCKING SERVICES
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Account Sweet Tooth Bakeshop Account Soulmate Marketing
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Invoice No. 1046 6,160.00 Dec 1 Invoice No. 1047
2 Invoice No. 1050 SRJ 6,160.00 12,320.00 2 Invoice No. 1051 SRJ 6,720.00
4 OR No. 1106 CRJ 6,160.00 6,160.00 4 OR No. 1105 CRJ
11 OR No. 1111 CRJ 6,160.00 - 11 OR No. 1113 CRJ
24 Invoice No. 1056 SRJ 7,280.00 7,280.00 24 Invoice No. 1057 SRJ 7,280.00

Account Ace Supplies Account Bestfriends Bakery

Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Invoice No. 1048 5,600.00 Dec 1 Invoice No. 1049
2 Invoice No. 1052 SRJ 5,600.00 11,200.00 3 OR No. 1104 CRJ
4 OR No. 1107 CRJ 5,600.00 5,600.00 5 Invoice No. 1053 SRJ 5,600.00
11 OR No. 1112 CRJ 5,600.00 - 10 OR No. 1110 CRJ
24 Invoice No. 1058 SRJ 6,160.00 6,160.00 12 Invoice No. 1054 SRJ 5,600.00
17 OR No. 1117 CRJ
19 Invoice No. 1055 SRJ 5,600.00
24 OR No. 1122 CRJ
26 Invoice No. 1059 SRJ 5,600.00

Account
Date Item PR Debit Credit Balance
Credit Balance
6,720.00
13,440.00
6,720.00 6,720.00
6,720.00 -
7,280.00

Credit Balance
3,360.00
3,360.00 -
5,600.00
5,600.00 -
5,600.00
5,600.00 -
5,600.00
5,600.00 -
5,600.00
 THUNDERBIRD TRUCKING SERVICES
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Account Nikkon Marketing Account ITS Computer Sales Inc.
Date Item PR Debit Credit Balance Date Item PR Debit
Dec 1 Invoice No. 96451 CDJ 220,000.00 Dec 16 Invoice No. 33481 CDJ

Account
Date Item PR Debit Credit Balance
Credit Balance
35,000.00
 THUNDERBIRD TRUCKING SERVICES
SCHEDULE OF RECEIVABLES
For the month ended December 31, 2010

1 Sweet Tooth Bakeshop
2 Soulmate Marketing
3 Ace Supplies
4 Bestfriends Bakery
5
(Invoice No. 1056, dated 12/24; terms n/10) ₱
(Invoice No. 1057, dated 12/24; terms n/10)
(Invoice No. 1058, dated 12/24; terms n/10)
(Invoice No. 1059, dated 12/26; terms n/10)

THUNDERBIRD TRUCKING SERVICES

SCHEDULE OF PAYABLES
For the month ended December 31, 2010

Nikkon Marketing (Invoice No. 96451 dated 12/1; 6 months 12% ₱

1 promissory note)
2 ITS Computer Sales Inc. (Invoice No. 33481 dated 12/16; terms n/30)
3
4
5

₱
CES

7,280.00
7,280.00
6,160.00
5,600.00

26,320.00

CES

220,000.00

35,000.00

255,000.00
 THUNDERBIRD TRUCKING SERVICES
STATEMENT OF FINANCIAL POSITION
For the month ended December 31, 2010

ASSETS
Cash ₱ 63,778.74
Petty Cash 4,000.00
Accounts Receivable 26,320.00
Office Supplies 4,360.00
Input Tax 39,180.00
Prepaid Insurance 5,360.00
Total Current Assets

Land ₱ 800,000.00
Building ₱ 300,000.00
Accumulated Depreciation - Building 45,000.00 255,000.00
Trucks 1,020,000.00
Accumulated Depreciation - Trucks 284,062.50 735,937.50
Office Equipment 129,000.00
Accumulated Depreciation - Office Equipment 25,575.00 103,425.00
Furniture & Fixtures 46,500.00
Accumulated Depreciation - Furniture & Fixtures 13,950.00 32,550.00
Total Non-Current Assets
TOTAL ASSETS

LIABILITIES
Accounts Payable ₱ 1,500.00
Notes Payable 255,000.00
SSS, PhilHealth & Pag-IBIG Fund Payable 11,558.30
Withholding Tax Payable 11,165.56
Salaries Payable 5,850.00
Interest Payable 6,550.00
Utilities Payable 4,895.00
Output Tax 18,596.02
Income Tax Payable 280,630.03
Total Current Liabilities

Mortgage Payable
TOTAL LIABILITIES

CAPITAL
Anton Agoncillo, Capital
Bobby Bernardo, Capital
TOTAL CAPITAL
TOTAL LIABILITIES AND CAPITAL
VICES
ON
010

₱ 142,998.74

1,926,912.50
₱ 2,069,911.24

₱ 595,744.91

650,000.00
₱ 1,245,744.91

₱ 388,443.04
435,723.29
824,166.33
₱ 2,069,911.24
THUNDERBIRD TRUCKING SERVICES
STATEMENT OF CASH FLOWS
For the month ended December 31, 2010
 THUNDERBIRD TRUCKING SERVICES
INCOME STATEMENT
For the month ended December 31, 2010

Service Revenue ₱ 154,966.86

Less: Operating Expenses

Salaries ₱ 86,500.00
SSS, PhilHealth & Pag-IBIG Fund Contribution 6,500.00
Repairs and Maintenance 1,960.00
Fuel and Lubricants 9,500.00
Insurance 1,140.00
Utilities 5,550.20
Depreciation Expense - Building 1,250.00
Depreciation Expense - Trucks 10,625.00
Depreciation Expense - Office Equipment 1,075.00
Depreciation Expense - Furniture & Fixtures 387.50
Office Supplies 5,548.00
Miscellaneous 896.00
Total Operating Expense 130,931.70

Operating Income 24,035.16

Other Expenses
Interest Expense 6,550.00

Income before income tax 17,485.16

Provision for income tax

NET INCOME
THUNDERBIRD TRUCKING SERVICES
STATEMENT OF OWNER'S EQUITY
For the month ended December 31, 2010