Financial Statements

V. Financial Statements The following are account balances of AcadCore Tutorial Services for the fiscal year ending August 31, 2010 Accounts Payable 29,650.00 Accounts Receivable Accumulated Depreciation -Office Equipment Accumulated Depreciation-Building Accumulated Depreciation-Office Furniture Accumulated Depreciation-Transport Vehicle Actbas, Capital (September 1, 2009) Actbas, Drawing Advances to Employees Advertising Expense Bad Debts Expense Building Cash in Bank Cash on Hand Commission Expense Depreciation Expense-Building Depreciation Expense-Office Equipment Depreciation Expense-Office Furniture Depreciation Expense-Transport Vehicle Dividend Income Gain on Sale of Old Equipment Insurance Expense Interest Expense-Mortgage Payable Interest Expense-Notes Payable Interest Income Investment in Trading Securities Loss on Sale of Equipment Miscellaneous Expense Mortgage Payable Mortgage Payable (Current Portion) Notes Payable (due December 2010) Notes Payable (due December 2015) Notes Receivable Office Equipment Office Furniture Office Salaries Expense Office Supplies Office Supplies Expenses Rent Expense Rent Income Repairs and Maintenance Expense Representation and Entertainment Expense Sales Salaries Expense Service Income Shop Supplies Shop Supplies Expense 77,500.00 ? ? ? ? P 678,904.00 26,585.00 8,977.00 18,569.00 9,632.00 1,148,500.00 76,815.00 49,855.00 24,125.00 ? ? ? ? 12,365.00 22,122.00 11,900.00 35,890.00 30,755.00 53,345.00 24,563.00 12,250.00 15,623.00 78,758.00 26,585.00 6,852.00 65,475.00 29,059.00 375,870.00 258,980.00 125,525.00 8,758.00 5,756.00 32,257.00 120,122.00 23,980.00 17,456.00 130,000.00 1,980,618.00 2,581.00 13,432.00

Store Supplies Store Supplies Expense Subscription Expense Taxes and Licenses Expense Transport Vehicle Additional information: Additional investment made during the accounting period is P 430,600. Information as to property, plant and equipment are the following Date Purchased Non-Current Asset

7,872.00 4,397.00 11,789.00 26,789.00 554,900.00

Purchase Price 1,148,500.00 375,870.00 156,250.00 102,730.00 554,900.00

January 1, 2001 Building March 15, 2004 Office Equipment March 31, 2004 Office Furniture December 1, 2009 Office Furniture February 15, 2010 Transport Vehicle *Scrap Value is at 25% of its purchase price Required: Prepare all Financial Statements Adjusting Entries for Depreciation

Estimated Useful Life (years) 16 9 7 7 4