QUIZZES Soln Ap 2015
October 14, 2022 | Author: Anonymous | Category: N/A
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QUIZZES Quiz no. 1 A. 1. E 2. A 3. I 4. H 5. K
6. 7. 8. 9. 10.
Quiz no. 2 A. 1. J 2. K 3. G 4. H 5. O D. 1. C
2. D
6. 7. 8. 9. 10.
3. B
B D M O R
C G B D M
B. 1. 2. 3. 4. 5. 6.
11. I 12. A 13. P
4. E
Quiz no. 3 A. 1. Language 2. Unlimited liability 3. Corporation 4. Computer 5. journal
B. 1. C 2. D 3. A 4. C 5. B
11. L 12. J 13. F 14. P 15. C
5. A
6. 7. 8. 9. 10.
6. F
C A B A C B
7. F
Less Expenses Profit Capital Statement: Kaila, Capital June 1 Profit Kaila, Capital June 30 Statement of Cash Flows: Cash inflows: investment amount borrowed service rendered Total Cash outflows: equipment bought
P
120,000
P
65,000 55,000
P P
P
expenses paid
Assets:
P
Cash Equipment
P
Total Assets Liabilities
P P
Owner’s Equity Equity
B. 1. C 2. F 3. D 4. E 5. B 6. G 7. A
Quiz no. 5 A. 1. Accountant 2. Ethics 3. Accountancy Act
4.
PICPA
6. A 7. A and B 8. A 9. B 10. B and C
C. 1. 2. 3. 4. 5.
J E G H L
6. B 7. D 8. K 9. F
B 1. internal control 2. compatibility 3. flexibility 4. relevance 5. cost-benefit
250,000 55,000 305,000 250,000 250,000 120,000 620,000 (350,000 ) ( 65,000 ) 205,000 205,000 350,000 555,000 250,000 305,000
Total Liabilities & Owner’s Equity Equity Quiz no. 4 A. 1. B 2. E 3. D 4. H 5. A 6. F 7. C
A C C C A and B
11. liquidity 12. efficiency 13. Measurement 14. business documents 15. Income statement
P
Net Cash Flow Statement of Financial Position
C. 1. 2. 3. 4. 5.
8. I
solvency managerial computerized computer internal control
Income Statement: Revenues
6. B 7. A
C. 1. B 2. F 3. D 4. E 5. H 6. A
P
555,000
D. 1. D 2. A 3. B 4. F 5. C 6. H 7. I 8. G
6. Regulatory Bodies 7. Social Responsibility 8. Accounting Framework
C. 1. F 2. G 3. C
D. 1. B 2. D 3. A
B. 1. B 2. C and B 3. A
9. Ethics
4. D
4. C
4. C
129
5.
Social awareness
Quiz no. 6 A. 1. j 2. A 3. E 4. P 5. B
D. .
6. I 7. H 8. C 9. G 10. P
10. Gen Accepted Accounting Principle B. 1. 2. 3. 4. 5.
5. E 6. B
5. C
5. A 6. B
C. A B C C C
6. B 7. D 8. C
1. Owner’s Equity Equity 2. Liabilities 3. Assets 4. Liabilities 5. Assets 6. Liabilities 7. Asset
1. Garner invested cash of P1,000,000. 2. Borrowed cash from BDO for the business, P500,000. 3. Purchased equipment worth P300,000 and issued a note to Uy.
Quiz no. 7 A. 1. C 2. A 3. B 4. A 5. B
6. C 7. D 8. C 9. A 10. B
11. 12. 13. 14.
A C D C
B.
1. A 2. C 3. A 4. A 5. C 6. C 7. B C.
SUPER SPORTS CENTER BALANCE SHEET DECEMBER 31, 2015 ASSETS Cash P 100,000 Office Supplies 10,000 Office Furniture & Fixture 35,000 Billiard Equipment 1,250,000 TOTALS P1,395,000 LIABILITIES AND OWNER’S EQUITY EQUITY Accounts Payable 12,000 Salaries Payable Basa, Capital TOTALS
Quiz no. 8 A 1. C 2. D 3. A 4. B 5. D
18,000 1,365,000 P1,395,000
6. B 7. C 8. B 9. A 10. A
B 1. Yes 2. Yes 3. No Use these as guide: 1. Is it legal? Anything that violates law or company policy is illegal. 2. Does it hurt any stakeholder? Is it a benefit accruing to the owner of the business. Remember free products, discounts, rebates are properties of the business. 3. If you are uncomfortable because it diminishes your reputation, then accepting it for personal use is wrong. 4. What if you own the business? Will you tolerate this kind of practice? If you say no I will not tolerate this, then it is wrong. 5. If you are comfortable telling your boss or the owner about this “gift” then it is ethical. If you prefer to hide your action then you know its wrong and you probably should not accept it.
130
ADVANCE RENTAL
C. CASH 500,000 (250,000) 500,000 (250,000) (50,000) (200,000) (100,000) 150,000
1. 2. 3. 4. 5. 6.
Assets P 1,050,000
FURNITURE & FIXTURE
CAR
NOTES PAYABLE
EQUIPMENT
ACCTS. PAYABLE
500,000 250,000 500,000 100,000
150,000 (50,000)
_______ 250,000 =
400,000 _______ 400,000
Liabilities P 600,000
_______ 100,000 =
_______ 150,000
______ 500,000
200,000 (100,000) 100,000
Owner’s Equity Equity P 450,000
Quiz no. 9
ASSETS CASH 1 5 6 7 8 9 10 17 19 24
SUPPLIES
EQUIPT
100,000 ( 10,000)
FURN & Fix
Owner’s Owner’s Equity
Liabilities LEASEHOLD IMPROVEME NT
ACCOUNTS PAYABLE
NOTES PAYABLE
SISON, CAPITAL
500,000
( 5,000)
600,000 20,000
10,000
(1,500)
(1,500)
5,000
100,000 (50,000) (75,000) 60,000
100,000 50,000 75,000 575,000
5,000
18,500
50,000
8,500
100,000
600,000
SISON’S ENT CLINIC CLINIC STATEMENT OF FINANCIAL POSITION MAY 24, ___ ASSETS Cash P 60,000 Supplies 5,000 Equipment 575,000 Furniture 18,500 Leasehold Improvements 50,000 TOTALS P708,500 LIABILITIES AND OWNER’S EQUITY EQUITY Accounts Payable 8,500 Notes Payable 100,000 Sison, Capital 600,000 TOTALS 708,500 Quiz no. 10 A. 1. T B.
2. F
3. T
4. F
5. T
A S S E T S
DATE
CASH
May 4 5 6 10 15 20 27 30 31
500,000 100,000 (5,000)
EQUIPT .
SUPPLIES
ACCTS PAYABLE
6
B D D C D
NOTES PAYABL E
OWNER’S EQUITY ADVANCES FR CLIENTS
ANGELO CAPITAL 500,000 100,000
5,000 250,000 90,000 28,000
(14,000) (7,000) 50,000 (250,000)
Quiz no. 11 A. 1. 2 3 4 5
FURN & Fix
LIABILITIES
250,000
374,000
QUEDAN, CAPITAL
90,000 14,000 (7,000) 50,000 (250,000)
250,000
118,000
5,000
7,000
0
7. D 8. A 9. A 10. B
A 131
50,000
690,0000
ANGELO DRAWING
_______ 450,000
B. 1.
Assets Liabilities Owner’s Equity Equity
P 905,000 205,000 P 700,000
2
Beginning Ending Net Income
P 400,000 700,000 300,000
3
Beginning Drawings Ending Owner’s Equity Equity Net Income
P 400,000 10,000 390,000 700,000 P 310,000
4
Capital Jan. 1 Additional Investment Drawing
P 400,000 150,000 (10,000) 540,000 P 700,000 P 160,000
Capital Dec 31 Net Income C. 1. 2.
Revenues (250,000+125,000) Expenses (125,000+75,000)
P375,000 200,000 P175,000
Capital Beginning Net Income Drawings Additional Investment
520,000 175,000 (25,000) 150,000 P820,000
3. Collections 4.
300,000
Expenses paid Cash flow from operation
175,000 P125,000
5. (300,000 – (300,000 – 75,0000)= 75,0000)= P225,000 Quiz no. 12 A. 1. C 2. A 3. D 4. E 5. H
6. 7. 8. 9. 10.
G F C E B
11. F 12. F
B. 1. 2. 3. 4. 5.
False- all information True False- financial position True True
6. 7. 8. 9. 10.
True False- capital statement True True True
1.
Building
6. Professional/ Service Fees
2. 3. 4. 5.
Cash Inventory Utilities Payable Tuition Fee
7. 8. Mortgage Insurance Payable 9. Accumulated Depreciation 10. Marketable Securities
C.
D. Net Income Lovely invested P50,000 in cash and P100,000 in bicycles. Borrowed from bank P250,000 cash. Bought toy cars P200,000, 20% is on account. Rental fees billed to customers, P120,000, of which 1/6 was still uncollected. Total expenses amounted to P42,000 but the light bill of P8,000 was still unpaid. Purchased supplies P4,000, of which one half was unpaid and 20% was still unused on May 31. Wages earned by the workers P18,000, of which P3,000 was still unpaid. Lovely made a cash withdrawal of P5,000. Paid the account due on the toy cars. Net Income Net cash inflow (outflow) Anonas, Capital May 31, 2009
132
Cash 50,000 250,000 (160,000)
Owner’s Equity 150,000
120,000
60,000
(52,000)
( 44,000)
( 3,200)
( 2,000)
(18,000)
( 15,000) ( 5,000) ( 40,000)
( 5,000)
94,000
46,800 ______ 191,800
_______ 46,800
E. Operating Activity Lovely invested P50,000 in cash. Borrowed cash from bank, P250,000 Bought toy cars P200,000, 20% was on account. Rental fees billed to customers, P120,000, of which 1/2 was still uncollected. 5. Total eexpenses xpenses amounted to P52,000 but but the light bill of P8,000 was still unpaid. 6. Purchased supplies, P4,000,1/2 is unpaid and
Investing Activity
1. 2. 3. 4.
Financing Activity 50,000 250,000
(160,000) 60,000 (44,000)
20% was on hand at the end of the quarter. Wages earned by the workers, P18,000 of which P3,000 was still unpaid. 8. Lovely made a cash withdrawal of P5,000. 9. Paid the account due on the toy cars. Net cash inflow (outflow)
( 2,000)
7.
(15,000) _________ P 1,000
( 40,000) P(200,000)
( 5,000) ________ P295,000
Quiz no. 13
A. Professional Fees Rent Salaries Utilities Supplies Net Income
350,000 90,000 48,000 18,000 8,000
Investment Revenue (350,000 – (350,000 – 50,000) Utilities
P
Supplies Rent Salaries Cash
(15,000) (90,000) (48,000) P 152,000
ASSETS Cash Accounts Receivable Supplies Furniture Equipment Total
P 152,000 50,000 7,000 10,000 110,000 P 329,000
B. 1. Revenues:
2. Expenses:
C.
a) Rent b) Salari Salaries es c) Utilities d) Supplies
20,000 300,000 (15,000)
LIABILITIES & OWNER’S EQUITY EQUITY Utilities Payable P 3,000 Accounts Payable 60,000 Del Rio, Capital 266,000 ______ P 329,000
Total
P300,000 90,000 48,000 48,000 15,000 15,000
Owner’s Capital, Jan. 1, 2015 20 15 Add Net Income Addt’l Investment Investment Total Less Drawings Owner’s Capital, Capital, Dec. 31, 2015
A Clinic P 40,000 30,000 0 70,000 10,000 P 60,000
B Grocery P 80,000 40,000 15,000 135,000 25,000 P110,000
Owner’s Capital, Capital, Jan. 1, 2015 Addt’l Investment Investment Total Less Drawings Net Loss Owner’s Capital, Dec. 31, 2015 20 15
C Spa P450,000 0 450,000 60,000 20,000 P370,000
D Salon P 80,000 60,000 140,000 15,000 55,000 P 70,000
Assets (70,000+100,000)
164,000 186,000
P170,000
133
Quiz no. 14 Cash
Accounts Receivable
Notes Receivable
Medical Supplies
150,000 (125,000) 215,000
Medical Equipment 1,500,000
Furniture & Fixtures
Accounts Payable
100,000
100,000
Biola, Capital 1,650,000
125,000 95,000
310,000 Treatment Fees 175,000 Investment ( 20,000) Salaries
175,000 (20,000) 47,500 95,000 (50,000) 47,500 ( 5,000) 100,000
(47,500) 30,000
125,000
Treatment Fees
(
5,000) 150,000
Biola, Drawing Treatment Fees
( ( ( ( (
5,000) 15,000) 3,500) 75,000) 20,000)
Utilities Rent Utilities Med Sup Used Salaries
(50,000) (47,500) 50,000
(20,000) ( 3,500) (75,000) (20,000)
411,500
Changes In Capital Investment
30,000
50,000
50,000
1,675,000
100,000
50,000
2,266,500
B. FOREVER YOUNG INCOME STATEMENT FOR THE MONTH ENDED APRIL 30, 2015 Treatment Fees Revenue Less Expenses: Salaries Rent Medical Supplies Utilities Net Income
P 585,000 P 40,000 15,000 75,000 8,500
138,500 P 446,500
FOREVER YOUNG STATEMENT OF CHANGES IN CAPITAL FOR THE MONTH ENDED APRIL 30, 2015 Biola, Capital, April 1 Additional Investment Net Income Biola, Drawing Biola, Capital April 30
P 1,650,000 175,000 446,500 ( 5,000) P 2,266,500
FOREVER YOUNG STATEMENT OF FINANCIAL POSITION FOR THE MONTH ENDED APRIL 30, 2015 Assets
Liabilities & Owner’s Equity Equity Accounts Payable P 50,000 Biola, Capital 2,266,500
Cash P 411,500 Accounts Receivable 30,000 Notes Receivable 50,000 Medical Supplies 50,000 Medical Equipment 1,675,000 Furniture & Fixtures 100,000 Total ________ Totals P 2,316,500 P 2,316,500 ROE (446,500/2,266,500)=19.70% certainly more attractive than the bank’s prime rate of 5%. FOREVER YOUNG STATEMENT OF CASH FLOWS FOR THE MONTH ENDED APRIL 30, 2015 Cash flow from operating activities: Cash received from patients Cash paid for expenses Net cash inflow
P 505,000 (188,500) P 316,500
Cash flow from investing activities: Acquisition of furniture Cash flow from financing activities: Investment of Biola Biola’s drawing drawing Net cash inflow Cash balance, April 30
( 50,000) P 150,000 ( 5,000) 145,000 P 411,500
134
QUIZ 15 A. CASH
ACCOUNT RECEIVABLE
OFFICE SUPPLIES
500,000 (40,000) (15,000) (15,000)
FURN & FIXTURES 175,000
QUIPMENT
ACCOUNTS PAYABLE
80,000
40,000
NOTES PAYABL E
LOPEZ, CAPITAL 675,000
Investment
(15,000)
Advertising
15,000 350,000
52,550 (20,000) 150,000
350,000 52,550
(75,000) ( 15,000)
150,000 30,000 (75,000) ( 15,000)
Consultancy Fees Consultancy Fees Salaries Drawings
110,000
110,000
Audit & Accounting Fees
250,000
Consultancy Fees
(350,000)
(350,000) 32,000
32,000
250,000 (15,000)
15,000 (50,000)
`
(45,000) (5,000) ( 12,500)
(12,500) 247,550
265,000
2,500
(2,000) 205,000
430,000
(2,000) 50,000
1,100,050
LOPEZ CONSULTANCY SERVICES INCOME STATEMENT FOR THE MONTH ENDED MARCH 31, 2015 Tax Acctg. & Auditing Consultancy
P 52,550 110,000 430,000
P 592,550
Rent Salaries Supplies Advertising Utilities
P 45,000 75,000 12,500 15,000 5,000
P 152,500
Net Income
P 440,052 LOPEZ CONSULTANCY SERVICES STATEMENT OF CHANGES IN CAPITAL FOR THE MONTH ENDED MARCH 31, 2015
Lopez, Capital, March 1 Net Income Drawings Lopez, Capital, March 31
P
675,000 440,050 ( 15,000) P 1,100,050
LOPEZ CONSULTANCY SERVICES STATEMENT OF CASH FLOWS FOR THE MONTH ENDED MARCH 31, 2015 ASSETS Cash Accounts Receivable Office Supplies Furniture & Fixtures Equipment Total
LIABILITIES & OWNER’S EQUITY EQUITY Accounts Payable P 50,000 Lopez, Capital 1,100,050
P
247,550 265,000 2,500 205,000 430,000 P 1,150,050
_______ P 1,145,050
Total
LOPEZ CONSULTANCY SERVICES CASH FLOW STATEMENT FOR THE MONTH ENDED MARCH 31, 2015 Cash flow from operating activities: Cash received from clients Cash paid for expenses Cash flow from investing activities: Acquisition of equipment Cash flow from financing activities: Cash investment Cash withdrawn by owner Net cash flow
P 327,550 ( 155,000)
1. M
6. J
P
172,550
( 410,000)
(
500,000 15,000) P
Quiz no. 16
Tax Fees
(20,000) 30,000
I.
CHANGES IN CAPITAL
11. A
16. L 135
485,000 247,550
Rent Utilities Supplies
II.
2. 3. 4. 5.
C N V B
7. S 8. H 9. E 10. G
12. 13. 14. 15.
F L P T
1. 2. 3. 4. 5.
B C B B D
6. C 7. A 8. B 9. C 10. D
11. 12. 13. 14.
C D B B
17. 18. 19. 20.
R W O D
Quiz no. 17 Value
Account Name a. Notes Receivable Rent Income b. Cash Repair Expense c. Cash Notes Payable d. Accts Receivable Rental Income e. Cash Accts Receivable f. Office Equipment Accounts Payable DATE 4/4 10 16
Affected
Asset Owner’s Equity Equity Asset Owner’s Equity Equity Asset Liabilities Asset Owner’s Equity Equity Assets Assets Assets Liabilities
Effect
Increase 15,000 15,000
Decrease Debit 15,000
15,000 5,500
5,500 5,500
5,500 100,000
100,000 100,000 17,500 17,500 17,500
100,000 17,500 17,500 17,500 17,500
35,000 35,000
ACCOUNTS & EXPLANATION Notes Receivable Receivable Rent Income
17,500 35,000 35,000
F
DEBIT 15,000
Repair Expense Cash
5,500 5,500
Cash
100,000 100,000
Accounts Receivable
17,500 17,500
Rent Income 28 30
CREDIT 15,000
Notes Payabe 16
Credit
17,500
Cash Accounts Receivable
17,500 35,000
Office Equipment Accounts Payable
35,000
Quiz no. 18
B.
A. 1. 2. 3. 4. 5.
Samson invested P50,000 cash in a business venture. Bought supplies on account P3,000. Bought equipment P40,000, paid P20,000 and issued a note for the balance. Billed a client P60,000 for professional service rendered. Paid P1,500 for the account.
6. 7. 8. 9.
Received P20,000 cash and P80,000 in account for professional service rendered. Paid utility expenses P25,000. Supplies used up P2,000. Collected from the account client P30,000. WILFREDO BALTAZAR, PR CONSULTANT TRIAL BALANCE DECEMBER 31, 2014 Cash Accounts receivable Supplies on hand Equipment Accumulated depreciation Furniture & fixtures Accumulated depreciation Accounts payable Utilities payable Baltazar, capital Baltazar, drawing Professional fees Rent expense Advertising
P
49,480 20,000 2,500 63,020 10,000 20,000 5,000 3,000 6,500 127,000 12,000 73,000 8,000 15,000 136
Depreciation Salaries Supplies used Taxes & licenses Totals
15,000 10,000 6,000 3,500 224,500
224,500
Quiz no. 19
CASH 100,000 4 / 5 150,000 10 28,000 20 122,500 26 28
4 /1 11 26 27
30
115,500
15,000 75,000 50,000 18,000 82,000
ACCOUNTS RECEIVABLE 28,000 4/26 28,000
4/18
45,000
4/10
LEASEHOLD IMPROVEMENT 125,000
4/1
OFFICE EQUIPMENT 50,000
4/1
FURNITURE & FIXTURE 20,000
4/20
NOTES PAYABLE 50,000 4/10
CARPIO, CAPITAL 4/1 170,000
4/5 30
BEACH RESORT FEES REVENUE 4/11 150,000 18 28,000 27 122,500
ADVERTISING EXPENSE 15,000 20,000
SALARIES EXPENSE 82,000
4/28
RENTAL EXPENSE 25,000
4/30
50,000
UTILITIES EXPENSE 18,000
4/26
BLUE LAGOON TRIAL BALANCE April 30, 2015 Accounts
Debit P115,500 125,000 50,000 20,000
Cash Leasehold improvements Office equipment Furniture & Fixtures Carpio, Capital Beach Resort Revenues Advertising Rent expense Salaries Utilities Totals
Credit
170,000 300,500 35,000 25,000 82,000 18,000 470,500
______ 470,500
Quiz no. 20
GENERAL JOURNAL DATE Jan 3
5
10
14
15
16
ACCOUNTS & EXPLANATION Cash Medical Equipment Dantes, Capital
F
DEBIT P 50,000 30,000
CREDIT 80,000
Furniture & Fixtures Accounts Payable
15,000 15,000
Medical Supplies Cash
5,000 5,000
Cash Accounts Receivable Medical Fees Revenue
6,000 32,500 38,500
Salaries Cash
9,500 9,500
Medical Equipment Notes Payable
200,000 200,000 137
17
Cash Accounts Receivable
18
750 750
Accounts Receivable Medical Fees Revenue
22
15,000 15,000
Accounts Payable Cash
24
25
28
30
27,500
Dantes, Drawings Medical Supplies
20
29
27,500
5,000 5,000
Cash Medical Fees Revenue
12,000
Notes Payable Cash
50,000
Cash Accounts Receivable Medical Fees
15,000 15,000
12,000
50,000
30,000
Utilities Rent Salaries Cash Supplies Expense Medical Supplies
2,000 8,000 9,500 19,500 3,000 3,000
Subsidiary Ledger Patient: Miles Date Particulars Jan 14 On Account 17 Partial Collection Patient: Francis Date Particulars Jan 14 On Account 17 Full Collection Patient: Tan Date Particulars Jan 20 On Account Patient: John Date Particulars Jan 28 30 Days
F
Debit 15,000
Credit 10,000
F
Debit 17,500
Credit
Balance 15,000 5,000 Balance 17,500
17,500
Supplier: Furniture Canvas Date Particulars Jan 5 On account 22 Partial
F
Debit 15,000
Credit
Balance 15,000
F
Debit 15,000
Credit
Balance 15,000
F
Debit
Credit 15,000
Balance 15,000 10,000
5,000
General Ledger Date Jan 14 20 28 Date Jan 22
Particulars
F
35,000 Particulars
F
Accounts Receivable Debit Date Particulars 32,500 Jan. 17 15,000 15,000 Accounts Payable Debit Date 5,000 Jan 5
Particulars P10,000
Schedule of Accounts Receivable Miles Pangilinan P 5,000 L Tan 15,000 John Cojuangco 15,000 Totals P 35,000 Quiz no. 21
I. a. Y
b. Y
c. Y
d. Y
e. Y
f. Y
138
F
Acct. no. 2 Credit 27,500
F
Acct. no. 11 Credit 15,000
II.
JP GOLF RANGE TRIAL BALANCE June 30, 2015 ACCOUNTS Cash (21,500+27,000) Accounts Receivable (12,000-2,000) Notes Receivable Furniture & Fixtures (10,000-500) Office Equipment Office Supplies Accounts Payable (25,750-13,000) Notes Payable Margallo, Capital (72,800+1,000) Margallo, Personal (6,000+1,000) Membership Fees Revenues (127,300-2,000) Interest Income Supplies Expense Rent Salaries Utilities (25,000+1,500) Totals
DEBIT P 48,500 10,000 15,000 9,500 33,100 500
CREDIT
12,750 50,250 73,800 7,000 125,300 3,000 15,000 40,000 60,000 26,500 P265,100
______ P265,100
Quiz no. 22
Test I 1. 2. 3. 4. 5.
J E C F A
6. I 7. G
Test II Gross earnings
P8,000.00
Less PH
(
100.00)
HDMF
(
160.00)
SS
( ___290.70)
Net monthly taxable income 2)
P_7,449.30_
Compute for semi-monthly taxable income P7,449.30 /2 P3,724.65 Refer to tax table: _B A2 Col 4
P104.17
.15 (3,724.65 – (3,724.65 – 3,333) Tax liability
58.73
_______________________ P162.90
3) Compute for net earnings for the first h half alf of the month: Gross Earnings
P
Less Withholding Tax
4,000.00 ( 162.90)
Total premiums divided by 2 Net earnings
( 27 275.35) 5.35) p___ 3,561.75 3,561.75 _
Or use no. 2 (3,724.65 – (3,724.65 – 162.90 162.90 = P3,561.75 TEST III. You are given the payroll sheet of Daily Machine Works for the first half of April: DAILY MACHINE WORKS PAYROLL SHEET FOR THE PERIOD __________
Name
Gross Earnings
Withholding Tax
SS
PH
HDMF
Net Earnings
Waldo Uy
P5 000
250
180
50
50
4,470
Baldo Miro
6 000
300
220
50
60
5,370
Clark Ken
7 000
350
250
50
70
6,280
18,000
900
650
150
180
16,120
139
Signature
Give the entry to record payroll: Date
Accounts and Explanation
F
Debit
Salary Expense WH Taxes Payable SSS Premiums Payable PH Premiums Payable HDMF Premiums Payable Cash
Credit
18,000 900 650 150 180 16,120
Quiz 23 Test 1 1. I 2. J 3. A 4. F
5. L 6. G 7. M
Test II 1. Maker Mendrez 2. Payee South East 3. Maturity Date Nov. 1 4. Interest P27,000 5. Maturity Value P327,000 Entries on issue date and maturity date in the books of Good Service: Date Accounts and Explanation F Debit May 1 Cash 300,000 Notes Payable Nov 1
Credit 300,000
Notes Payable Interest Expense Cash
300,000 27,000 327,000
Entries on issue date and maturity date in Good Service bks if the note was discounted on May 1. Date Date Acco Accoun unts ts an and d Expl Explan anati ati F Debit Credit May 1 Cash 273,000 Interest Expense 27,000 Notes Payable 300,000 Nov. 1
Notes Payable Cash
B. Determine the missing missing item(s) in each A Face Value P8,000 Issue Date Jan. 1 Interest Rate 6% Term of Note 15 days Maturity Date Jan. 16 Interest on note P20 Maturity Value P8,020
300,000 300,000 of the following: B P12,000 June 10 8% 30 days July 10 P80 P12,080
Make entries on issue date and maturity date in the books of Cebu Drugstore (maker) and Alpha Equipment Company (payee) for the purchases of office equipment on January 1. Cebu Drugstore January 1 Equipment Notes Payable January 16
Notes Payable Interest Expense Cash
P8,000 P8,000 8,000 20 8,020
140
Alpha Equipment January 1 Notes Receivable Sales January 16
P8,000 P8,000
Cash Notes Receivable Interest Income
Quiz 24 Test I 1. L 2. H
6. D 7. B
Test II. 1. A. 2. C
3. B 4. F 5. E
8. C 9. I 10. A
3. B 4. B 5. A
Test III 80,000 + 250,000 + 5,000,000= 100,000 + 750,000 + 135,000 + 2,500,000= Minimum price Asking price Loss for Fe
P8,020 8,000 20
6. C 7. C
P5,330,000 3,485,000 P 1,845,000 P 1,000,000 P 845,000
Quiz no. 25
DATE Jan. 1
3
4
9
11
14
15
16
18
19
20
22
ACCOUNTS & EXPLANATION Cash on Hand Cash in Bank Trucks Notes Payable Carpio, Capital
F
DEBIT 75,000 850,000 2,800,000
CREDIT
1,000,000 2,725,000
Registration Fees Cash on Hand
2,000
Insurance Expense Cash in Bank
5,000
2,000
5,000
Garage Cash in Bank
150,000 150,000
Gas & oil Cash on Hand
5,000
Cash in Bank Accounts Receivable Rental Fees Revenue
5,000 5,000
Cash on Hand Rental Fees Revenue
55,000
Accounts Receivable Rental Fees Revenue
50,000
Notes Payable Interest Expense Cash Salaries Expense Withholding Taxes Payable Cash on Hand
83,333 11,667
5,000
10,000
55,000
50,000
95,000 12,000 375.64 11,624.36
Notes Receivable Accounts Receivable
5,000
Gas & Oil Accounts Payable
8,000
5,000
8,000
Cash in Bank Accounts Receivable
15,000
Cash on Hand Rental Fees Revenue
22,500
15,000
22,500 141
23
27
28
29
30
31
Accounts Payable Cash on Hand
8,000
Utilities Expense Utilities Payable
6,950
Cash on Hand Notes Receivable Interest Income
10,017
Notes Payable Interest Expense Cash in Bank
50,000 7,000
Salaries Expense WH Taxes Payable SS Premium Payable PH Premium Payable HDMF Premium Payable Cash on Hand
12,000
SS Premium Expense EC Premium Expense PH Premium Expense HDMF Premium Expense SS Premium Payable EC Premium Payable PH Premium Payable HDMF Premium Payable
1,695.90 30.00 300.00 300.00
8,000
6,950
10,000 17
57,000
375.64 800.10 300.00 300.00 10,224.26
1,695.90 30.00 300.00 300.00
HC CARS AND TRUCKS FOR HIRE PAYROLL SHEET FOR THE PERIOD Jan 1 to 15, 2015 Gross Withholding Names Position Earnings Tax SS Philhealth Raul Driver 4,000 166.17 Bert Driver 4,000 166.17 Noel Driver 4,000 43.30 12,000 375.64 8,000-466.70/2= (3,766.65-3,333)15% = 62.00+104.17 = 166.17 8,000-466.70/2= (3,766.65-3,542)10% = 22.47+20.83 = 43.30
Names
Position
Raul Bert Noel
Driver Driver Driver
Gross Earnings 4,000 4,000 4,000 12,000
HDMF
HC CARS AND TRUCKS FOR HIRE PAYROLL SHEET FOR THE PERIOD Jan 1 to 15, 2010 Withholding SS Philhealth HDMF Tax 166.17 266.70 100 100 166.17 266.70 100 100 43.30 266.70 100 100 375.64 800.10 300 300
Net Earnings 3,833.83 3,833.83 3,956.70 11,624.36
Net Earnings 3,367.13 3,367.13 3,490.00 10,224.26
Prepare a schedule of Employer’s share for SSS, Medicare, And EC and HDMF contributions. Names SS EC Philhealth HDMF TOTAL Raul 565.30 10 100 100 775.30 Bert 565.30 10 100 100 775.30 Noel 565.30 10 100 100 775.30 1,695.90 30 300 300 2,325.90
Quiz no. 26 A. 1. C B. 1. B C. 1. E
2. E 2. E 2. D
3. A 3. G 3. A
4. B 4. D 4. B
TEST II. 1. Complete worksheet.
142
5. D 5. C 5. F
6. A 6. C
Signature
Signature
2. 3. 4. 5. 6.
Journalize and post adjustments. Adjusted Trial Balance Prepare financial statement. Journalize and post closing entries. Prepare a post closing trial balance.
TEST III. Date a)
Particulars Bad debts Allowance for bad debts
Debit 6,000
6,000
Interest receivable Interest income
750
c)
Supplies Expense Unused supplies
500
d)
Depreciation-furniture & fixtures Accum Depn-furniture & fixtures
1,600
Utilities Expense Utilities payable
8,500
b)
e)
Credit
750 500 1,600 8,500
Quiz no. 27
TEST I.
A.
An adjustment for royalty income. Unearned Royalty Fees 10,500 Royalty Fees Revenue 10,500 20,000/50= 400 cps advanced-210= 190 x 50 unearned= 8,500 unearned
B.
An adjustment for accrued income 220 x 50= 11.000 Accrued Royalty Fees 11,000 Royalty Fees Revenue
TEST II
Date 1) 2) 3) 4) 5)
Particulars Insurance Expense Prepaid Insurance
Debit 75,000
Credit 75,000
Salaries Expense Salaries Payable Unearned Rent Rent Income
11,000
5,000 5,000 430,000 430,000
Depreciation Expense Accumulated Deprn
7,000
Prepaid Advertising Advertising Expense
9,000
7,000 9,000
Give the effects of failing to recognize the adjusting entries in Test II by using O if overstated, U if understated, N if there is no effect.
a. b. c. d. e.
REVENUES N N U N N
Quiz no. 28 1. D 2. B 3. A 4. A 5. D 6. B 7. C 8. B
Quiz no. 29
EXPENSES U U N U O
9. 10. 11. 12. 13. 14. 15. 16.
ASSETS O N N O U
LIABILITIES N U O N N
D B A D D D B C
143
OWNER’S EQUITY EQUITY O O U O U
Date Dec. 31 1) 2)
3) 4)
Particulars Professional Fees Revenue Income & Expense Summary
Debit 276,300
Income & Expense Summary Salaries Supplies Utilities Rent Depreciation Interest Bad Debts
163,865
Income & Expense Summary Margallo, Capital
112,435
Credit 276,300 96,100 12,000 37,800 7,200 7,125 80 3,560
112,435
Margallo, Capital Margallo, Drawing
19,000 19,000
Reversing Enries: Supplies Expense Supplies
Account Titles
Trial Balance
Cash Accounts receivable Prepaid rent Equipment Accum deprn Accounts payable Notes payable Margallo, capital Margallo, drawings Professional fees Salaries Supplies Utilities Totals Rent Depreciation Salaries payable Interest expense Interst payable Bad debts Allow for bad debts Supplies
5,000 5,000
Adjustments
186000 71200 19200 177500
a) 7200 5500 18000 12000 300000
Adjusted Trial Balance 186000 71200 12000 177500
b) 7125
19000
186000 71200 12000 177500 12625 18000 12000 300000
19000
19000 276300
C) 12000 f) 5000
Fin Position
12625 18000 12000 300000
276300 84100 17000 37800 611800
Income Statement
276300
96100 12000 37800
96100 12000 37800
7200 7125
7200 7125
611800 a) 7200 b) 7125 ) 12000 d)
80
12000
12000
80
80
d)80 e) 3560
80
80
3560
3560
e)3560 f) 5000
3560
3560
5000 5000
Totals Net income Totals
34965
34965
634565
634565
163865 112435 276300
276300 276300
470700
112435 470700
Quiz no. 30
1.
Helen Yu, Realtor Income Statement For the year ended Dec. 31, 2014 Revenues (Note 1)
P2,977,190
Less:
Depreciation (Note 2) Insurance Repairs Salaries Supplies Utilities Bad Debts Promotions Taxes & Licenses Operating Income Gain on Sales of Land Net Income
P1,293,500 49,000 152,500 118,750 21,420 175,500 5,000 112,040 150,000
Note 1 Revenues: Rental Fees Revenues
P1,627,190
Parking Fees Revenue Total Revenues
1,350,000 P2,977,190 144
2,077,710 899,480 18,780 P 918,260
Note 2 Depreciation: Furniture Building Office Equipment
P
32,500 1,250,000 11,000 P1,293,500
Helen Yu Realtor Capital Statement For the year ended Dec. 31, 2014 Yu, Capital Jan. 1, 2014 (16,500,000-1,222,500) Drawings Net Income
P15,277,500 ( 20,000) 918,260
Yu, Capital, Dec. 31, 2014 2.
16,175,760
Helen Yu Realtor Statement of Financial Position Dec. 31, 2014 Assets Current Assets Cash (Note 3) Trade Other Receivables (Note 4) Prepaid Exp. (Note 5) Total Current Assets
P2,292,825 792,500 62,630 P3,147955
Non-Current Assets: Property, Plant & Equipment Total Assets
13,122,340 16,270,295 Liabilities & Owner’s Equity Equity
Trade and other Payable (Note 7) Yu, Capital Total Liabilities & Owner’s Equity Equity Note 3:
Cash On Hand Cash In Bank
592,825 1,700,000 2,292,825
Note 4:
Accounts Receivable Notes Receivable Allowance for Bad Debts
P525,000 275,000 ( 7,500) 792,500
Note 5:
Prepaid Supplies Prepaid Insurance
Note 6:
Land Office Equipment Accum. Depn.
P122,500 ( 32,250)
90,250
Furniture & Fixtures Accum. Depn.
580,840 ( 98,750)
482,090
Building Accum. Depn. Note 7:
3.
P 94,535 16,175,760 P16,270,295
Taxes Payable Utilities Payable
P12,130 50,500 P62,630
P1,300,000
P15,000,000 3,750,000
11,250,000 P13,122,340
41,535 53,000 94,535
Operating Ratio:899,480 /2,977,190 = 30.21% Profit Ratio: 918,260 / 2,977,190 = 30.84% Return on Equity: 918,260 / 15,726,630 = 5.84% No, with an ROE of 5.84% only.
4. Cash flow from operating activities: Revenues (2,977,190 – (2,977,190 – 425,000 + 75,000) Expenses Insurance (49,000 + 15,000) Repairs
P2,627,190 ( 64,000) (152,500)
Salaries
(118,750) 145
Supplies (21,420 – (21,420 – 500) Utilities (175,500 + 10,000) Promotions Taxes (150,000-50,000) Cash flow from investing activities: Proceeds from sale of land (200,000 + 18,780) Cash flow from financing activities: Drawings Increase (decrease) in cash flow for the year Add Cash balance, Dec. 31, 2008 Cash balance, Dec. 31, 2009
( 20,920) (185,500) (112,040) (100,000)
1,873,480 218,780 ( 20,000) 2,072,260 220,565 2,292,825
Quiz no. 31
A.
FANTASY LAND Statement of Financial Position DECEMBER 31, 2014 Assets Current Assets: Cash Notes Receivable Accounts Receivable Supplies Property, Plant & Equipment Land Building Office Furniture Play Equipment Total Assets
P
P
37,880 15,400 14,900 1,500
P
178,000 5,108,640 105,650 544,800
69,680
5,987,090 P 6,006,770
Liabilities & Owner’s Equity Equity Current Liabilities Accounts Payable
P
Notes Payable Owner’s Equity Equity Bautista, Capital Total Liabilities & Owner’s Equity Equity B. 1. ENTITY PRINCIPLE 4. COST PRINCIPLE
95,400 2,987,000
P 3,082,400 2,924,370 P 6,066,770
2. EXCHANGE PRICE 5. ENTITY PRINCIPLE
3. ENTITY PRINCIPLE 4. EXPENSE RECOGNITION PRICIPLE
Quiz no. 32
1.
GOOD COMPANY Worksheet (partial) For the month ended April 30, 2013
Account Titles Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Notes Payable Payable Accounts Payable Interest Payable Go, Capital Go, Drawings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Net Income Income Totals
Adjusted Trial Balance Debit Credit 13,752 7,840
Income Statement Debit Debi t Credit
2,280 23,050
2,280 23,050 4,921 5,700 5,672 57 30,960
4,921 5,700 5,672 57 *30,572
3,650 15,590 10,840 760 671 57 P62,900
P62,900
15,590 10,840 760 671 57 3,262 P15,598
30,960 + 3,262 – 3,262 – 3,650= 3,650= 30,572
*
Financial Position Debit Credit 13,752 7,840
146
P15,590
P46,922
P46,922
2. Trial Balance Debit Credit 25,000 26,000 7,000 12,000
Account Titles Accounts Receivable Prepaid Insurance Supplies Accumulated Depreciation Salaries Payable Service Revenue Insurance Expense
88,000
Depreciation Expense Supplies Expense Salaries Expense
44,000
Adjustments Debit Credit 9,000 6,000 5,000 10,000 5,000 9,000 6,000
Adjusted Trial Balance 34,000 20,000 2,000 22,000 5,000 97,000 6,000
10,000 5,000 5,000
10,000 5,000 49,000
3. Date June 30 1) 2)
3) 4)
Particulars Service Revenue Income & Expense Summary
Debit 7,640
Credit 7,640
Income & Expense Summary Salaries Representation Supplies
5,050
Income & Expense Summary Kimy, Capital
2,590
Kimy, Capital Kimy, Drawing
2,000
1,650 350 3,050 2,590 2,000
Kimy, Capital – Capital – 6/30/12 P5,590.00 Quiz no. 33
Date Dec. 31 a) b)
Particulars Supplies Inventory Supplies
Debit 1,000
Depreciation – Car Depreciation – Car Accumulated Depn. – Depn. – Car Car
30,000
1,000 30,000
c)
Insurance Expense Prepaid Insurance
d)
Interest Receivable Interest Income
195
Salaries Expense Salaries Payable
3,200
e) f) g)
3,125
3,200 30,000 30,000
Bad Debts
3,500 3,500
Allowance for Bad Debts
1/1 bal
Allowance 12/31 Bal 5,000 AE 1/1 Bal. Interest Receivable AE 195 12/31 1/1 Bal. 195 AE 1/1 Bal. 12/31
Supplies Inventory 1,000 12/31 Bal. 1,000
80,000
1,500 3,500 5,000
Accounts Receivable 30,000 12/31/ Bal. 30,000 1/1/ Bal. 30,000 Notes Receivable 6,500 12/31 Bal. 1/1 Bal. 6,500
1,000
Prepaid Insurance 3,750 AE 1/1 Bal. 625 12/31 Bal.
1,000
Car 365,000 12/31 1/1 Bal. 365,000
Accumulated Depreciation 52,500 22,500 AE 30,000 1/1 Bal. 52,500
3,125
195
Placement Income Unearned Placement Income
Cash 80,000 12/31 Bal. 80,000
Credit
Accounts Payable 12/31 Bal. 25,000 1/1 Bal. 147
30,000
3,125 625 365,000
25,000 25,000
12/31
Notes Payable 15,000 1/1 Bal.
15,000 15,000
12/31
Unearned Placement Income 12/31 Bal. 30,000 AE 30,000 1/1 Bal. 30,000 Laredo, Personal 35,000 12/31 CE
35,000
Gas & Oil 11,500 CE
11,500
Supplies 2,500 AE CE
AE
30,000
AE
Insurance 3,125 CE
3,125
Interest Expense 1,800 CE
12/31 Bal.
AE CE
1,000 1,500
Depreciation 30,000 CE
Salaries Payable 3,200 AE 1/1 Bal.
3,200 25,000
Laredo, Capital CE 35,000 352,620 12/31 CE 1/1 Bal. Placement Income 30,000 350,000
334,050 53,570 352,620 380,000
AE
Salaries 168,000 CE 3,200
AE
Bad Debts 3,500 CE
3,500
Rent 76,500 CE
76,500
Interest Income 12/31 CE 2,695 AE
171,200
2,500 195
1,800
Laredo Placement Agency Income Statement For the year ended Dec. 31, 2014 Revenues: Placement Income Interest Income Expenses: Salaries Rent Depreciation Gas & Oil Bad Debts Insurance Supplies Interest Expense Net Income
P350,000 2,695 P171,200 76,500 30,000 11,500 3,500 3,125 1,500 1,800
P352,695
299,125 P 53,570
Laredo Placement Agency Capital Statement For the year ended Dec. 31, 2014 Laredo, Capital Jan. 1
P 334,050
Net Income Laredo Personnal Laredo Capital, Dec. 31
53,570 ( 35,000) P 352,620
Laredo Placement Agency Statement of Financial Position December 31, 2014 ASSETS Current Assets: Cash Trade and other receivables Prepaid Expense (note 2) Property, Plant & Equipment: Cars Accumulated Depreciation Total Assets
P80,000 31,695 1,625 P365,000 52,500
P113,320
312,500 P425,820
LIABILITIES & OWNER EQUITY Current Liabilities: Trade and other payables(note 3) Laredo Capital Total Liabilities & Owners Equity
P 73,200 352,620 P425,820
148
Note 1:
Accounts Receivable Less Allow for Bad Debts
P30,000 5,000
Notes Receivable Interest Receivable Total
P 6,500 195 P31,695
Note 2: Prepaid Insurance Supplies Totals
P
625 1,000 P 1,625
Note 3: Accounts Payable Notes Payable Salaries Payable
P25,000 15,000 3,200
Unearned Placement Income Totals Date Dec. 31
30,000 P73,200
Particulars Closing Entries: Placement Income Interest Income Income & Expense Summary
F
Debit
Credit
350,000 2,695 352,695
Income & Expense Summary Salaries Gas & Oil Rent Depreciation Bad Debts Insurance Supplies Interest
299,125
Income & expense Summary Laredo Capital
53,570
Laredo, Capital Laredo, Personal
35,000
171,200 11,500 76,500 30,000 3,500 3,125 1,500 1,800 53,570 35,000
Laredo Placement Agency Post Closing Trial Balance Dec. 31, 2014 Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Interest Receivable Prepaid Insurance Supplies Car Accumulated Depreciation Accounts Payable Notes Payable Salaries Payable Unearned Placement Income Laredo, Capital Totals
Date Jan. 1, 2015
P80,000 30,000 5,000 6,500 195 625 1,000 365,000 52,500 25,000 15,000 3,200
Particulars Supplies Expense Supplies Inventory
F
30,000
Test I. 11. F 12. N 13. R
16. K 17. S 18. U
4. 5. Y O
9. 10.CX
14. 15. JT
19. A L 20.
Credit
30,000
Quiz no. 34
6. P 7. E 8. Q
Debit 1,000
1,000
Unearned Placement Income Placement Income
1. V 2. B 3. D
30,000 352,620 P483,320
_______ P483,320
149
Test II. 1. B 2. A 6. A 7. D
3. E 8. D
4. B 9. D
5. D 10. B
Quiz no. 35
Test I. 1. 2. 3. 4.
A B D C
6. 7. 8. 9.
A D D C
5. B Prepare an income statement. Sales revenue ( 370 x 784 ) Cost of sales for the year: Inventory, Beginning Add PurchasesTotal Available For Sale Less Inventory, Ending Gross Profit Operating expenses: Rental Salaries Utilities Total NET LOSS
P 290,080 P 102,000 448,000 550,000 351,680
P
P60,000 36,000 24,000 (120,000) P____ 28,240_
Item: Imported paint Code no. 001 Date Received Qty. Jan. 1
200 Apr 15 800
Issued
Unit Cost
Total Tot al Cost
510 560
102,000 448,000
Qty Qty..
May 31
Unit Cost
100
Jun 12 Aug 25 Corrected income statement: Sales revenue ( ) Cost of sales for the year: Inventory, Beginning Add PurchasesTotal Available For Sale Less Inventory, Ending Cost of Sales Gross Profit Less Operating expenses: Rental Salaries Utilities Total NET PROFIT
510
Balance Total Cost Q Qty. ty.
2. B 7. D
3. D 8. D
4. C 9. C
Total Cost
200 200
510 510
102,000 102,000
800
560
448,000
100
510
51,000
800
560
448,000
100 50
510 560
51,000 28,000
750
560
420,000
120
560
67,200
630
560
352800
P
290,080
P
( 197,200) 92,880
P 550,000 __(352,800)__
P
60,000 36,000 28,000 (124,000) P_31,112_
5. B
Test II. Sales revenue earned for the year: Import paint (364 x 700) Local paint (260 x 1,600) Total
254,800 416,000 670,800
Cost of sales for the year:
Unit Cost
51,000
Quiz no. 35
Test I. 1. A 6. A
( _198,320) P 91,760
150
Inventory, Beg-Imported (250x200) Local (150x500) Total Purchases-Imported (280x800) Local (200x1,500) Less Purchase Discount (4x1,500) Total Less Inventory-End Imported (280x300) Local (196x400) Total Cost of Sales Operating Expense for the year: Rent Salaries Utilities Total
50,000 75,000 125,000 224,000 300,000 6,000
518,000 643,000
84,000 78,400
162,400 P480,600
P 60,000 36,000 24,000 P120,000
Gross Profit and Net Income: Total Sales Revenue Less Cost of Sales Gross Profit Less Operating Expense Net Income
P 670,800 480,600 190,200 120,000 P 70,200
Quiz no. 36
Date July 1
2
Particulars
F
Merchandise Inventory Cash on Hand Lopez, Capital
Credit
50,000 200,000 250,000
Purchases Cash on Hand Accounts Payable
7,500
3
Purchases Accounts Payable
10,000
4
Freight In Cash on Hand
5 7
8 10 12 13
2,500 5,000
15
17 18
19
20
25
10,000
750 750
Cash on Hand Sales
15,000 15,000
Cash on Hand Accounts Receivable Sales
4,000 5,000
Supplies Cash on Hand
1,500
9,000 1,500
Accounts Payable Purchase Returns & Allow
500
Sales Returns & Allow Cash on Hand
220
500 220
Cash on Hand
4,950
Sales Discount Accounts Receivable
Debit
50
Office Salaries Sales Salaries Cash on Hand
5,000
2,500 3,500 6,000
Cash on Hand Sales
14,000 14,000
Accounts Payable Purchase Discount Cash on Hand
5,000
Accounts Receivable Cash on Hand Sales
5,836.10
150 4,850 500 5,336.10
Accounts Payable Cash on Hand
4,500 4,500
Cash on HandReceivable Accounts
1,167.22 151
1,167.22
30
Taxes Expense Taxes Payable
1,292 1,292
Subsidiary Ledger Customer: Manuela Date Particulars July 7 2/5,1/10,n/30 Down Payment 13 Full Collection Customer: Pena Date Particulars July 19 2/10,n/30 25 Partial Collection Supplier: Pax Date Particulars July 2 2/10,n/30 10 Returns 20 Full Payment Supplier: Capiz Date Particulars July 3 3% comm., FOB Ship Pt 18 Partial Payment
T Accounts 7/2 3
Purchases 7,500 10,000
7/1
Merchandise Inventory 50,000
Ref
7/31
Credit
Balance 9,000 5,000 0
4,000 5,000 Ref
Debit 5,836.10
Credit
Balance 5,836.10 4,668.88
1,167.22 Ref
Debit
Credit 5,000
Balance 5,000 4,500 0
Credit 10,000
Balance 10,000 5,000
500 4,500 Ref
Debit 5,000
Freight In 7/4
750 Sales 7/5 7 17 19
Purchase Discount 7/18 150 Purchase Returns & Allowances 7/10 500
7/31
Debit 9,000
15,000 9,000 14,000 5,336.10
Sales Returns & Allowances 7/12 220 Sales Salaries 7/15 3,500 31 3,500
Store Rent 5,000
Office Salaries 2,500 2,500
7/15 31
Store Utilities 3,000
Office Supplies Expense 7/31 500
Candle-Light Income Statement For the month ended July 31, 2015 Net Sales Cost of Sales Gross Profit Selling Expenses Administrative Expenses Net Income Note 1:
(note 1) (note 2)
P43,066.10 24,100.00 18,966.10 ( 15,000.00) ( 5,500.00) P 11,533.90
(note 3) (note 4)
Sales Sales Discount Sales Returns & Allow
P 43,336.10 ( 50.00) ( 220.00)
Net Sales
P 43,066.10 152
7/7 19
Note 2:
Mdse Invty July 1 Purchases Freight In Purchase Discount Purchase Returns & Allow Mdse Invty July 31, Cost of Sales
P 50,000 17,500 750 ( 150) ( 500) (43,500) P 24,100
Note 3:
Sales Salaries Store Rent Store Utilities Total Selling Expenses
P 7,000 5,000 3,000 P 15,000
Note 4:
Office Salaries Office Supplies & Expense Total Administrative
P 5,000 500 P 5,500
Accounts Receivable 5,000.00 7/13 5,000.00 5,836.10 25 1,167.22
7/10 18 20
4,668.88 Quiz no. 37 A. Apr 5
6
7
8
15
20
21
22
25
Merchandise Inventory Accounts Payable
20,000
Merchandise Inventory Cash
700
20,000
700
Equipment Accounts Payable
29,000 29,000
Accounts Payable Merchandise Inventory
3,000 3,000
Accounts Payable Cash
17,000 17,000
Cash Sales
7,500
Cost of Sales Merchandise Inventory
6,000
7,500
6,000
Freight Out Cash
500 500
Accounts Receivable Sales
5,000
Cost of Sales Inventory Merchandise
4,000
Sales Returns and Alowances Accounts Receivable
1,000
5,000
6/10
6/19
Mercy Co Merchadise Invty Accounts Payable Merchandise Invty Cash Accounts Payable Merchadise Invty Cash
4,000
1,000
Merchandise Inventory Cost of Sales B.
Accounts Payable 500 7/2 5,000 5,000 3 10,000 4,500 5,500
800 800
8,000 8,000
Leonard Accounts Receivable Sales
8,000 8,000
400 400 8,000 160 7,840
Cash Sales Returns Accounts Receivable
153
7,840 160 8,000
Quiz no. 38 Date Jan 1
4
7
8
9
10
15
16
Accounts & Explanation Cash on Hand Merchandise Inventory Mison, Capital
Debit 500,000 40,000
540,000
Purchases Input Tax Accounts Payable
16,299 956
Purchases Input Tax Accounts Payable
8,000 960
18,255
8,960
Freight In Input Tax Cash on Hand
500 60 560
Accounts Receivable Sales Output Tax
7,840 7,000 840
Accounts Payable Purchase Return Input Tax
784 700 84
Cash on Hand Sales Output Tax
22,400 20,000 2,400
Salaries Withholding Tax Cash on Hand
7,000
Accounts Receivable
6,720
350 6,650
Sales Output Tax 17 18
24
26 28
30 31
6,000 720
Accounts Payable Cash on Hand
4,480
Sales Returns Output Tax Cash on Hand
1,000 120
4,480
1,120
Cash on Hand Sales Discount Output Tax Accounts Receivable
3,292.80 60.00 7.20
Cash on Hand Accounts Receivable
7,840
3,360 7,840
Cash on Hand Sales Output Tax
22,400
Accounts Payable Cash on Hand
17,471
20,000 2,400 17,471
Utilities Utilities Payable
3,000
Salaries W/T Payable SS Premium Payable PH Premium Payable Pag-ibig Premium Payable Cash
7,000
Name: Octo Date ¼ 10 30 Name: Villar Date 1/7 17
Credit
3,000 350 420 210 280 5,740
Particulars 1/10,n/30 Returns Full Payment
Ref
Particulars 2/10,n/30 Partial payment
F
Debit
Credit
Balance 18,255 17,471 0
Credit
Balance 8,960 4,480
784 17,471 Debit 4,480
154
Name: That’s That’s Date 1/9 26 Name: Music Date 1/16 24
Particulars 2/10,n/30 Full Collection
Ref
Particulars 2/10,n/30 Partial collection
Ref
Accounts Receivable 7,840 1/24 6,720 26
1/9 16
Balance Quiz no. 39 1. E 7. A 12. D
Debit 7,840
Balance 7,840 0
7,840 Debit 6,720
Credit
Balance 6,720 3,360
3,360
3,360 7,840
Accounts Payable 784 1/14 18,255 4,480 7 8,960
1/10 17
3,360
30
2. C 8. B 13. B
Credit
3. B 9. C 14. A
17,471
5. B 10. B 15. D
QUIZ no. 40
Balance 4,480
6. D 11. D 16. F
17. D D
SALES JOURNAL
DATE
CUSTOMER'S NAME David's Jessie Ricky Cash Sales Jessie
Apr 1 3 6 8 29
INV. NO. 428 429 430 431 432
F
ACCOUNTS RECEIVABLE DEBIT 8,960 3,920 2,464
CASH SALES DEBIT
3,696 2,240 17,584
3,696
SALES CREDIT 8,000 3,500 2,200 3,300 2,000
OUTPUT TAX CREDIT 960 420 264 396 240
19,000
2,280
CASH RECEIPTS JOURNAL Date \ April 4 6 8 9 10 12 15
RECEIVED FROM
EXPLANATION
O.R. NO.
CASH DEBIT
Hair Straightening Ricky Cash customer Woodmark David's Jessie Ricky
Full collection Down payment Cash sales Sale of supplies Partial collection Full collection Full collection
231 232 Crt 233 234 235 236
2,587.34 1232.00 3,696.00 250.00 4,200.00 3,841.60 1,182.72 16,989.6 6
SALES DISC DEBIT 47
F
CASH SALES CREDI T
ACCTS RECBL E CREDIT 2,640.00 1,232.00
SUNDRY ACCOUNT
CREDIT
Output Tax
( 5.66)
Supplies
250.00
3,696
70 44
4,200.00 3,920.00 1,232.00
161
13,224
Output Tax Output Tax 3,696
( (
8.40) 5.28)
(19.34) 250.00
GENERAL JOURNAL Sales Returns 500 Output Tax 60 Accounts Receivable
April 5
30
Date April 1 30
Particulars Balance
Notes Receivable Accounts Receivable
F SJ
Debit 2,640 16,775
560
4,200 4,200
GENERAL LEDGER Date Particulars F April 5 GJ 30 CRJ GJ Balance
19,415 Customer’s Cards: Cards: Name: Hair Strengthening Date Explanation Mar. 27 2/10, n/30 Inv. 0111 Apr. 4 Full collection
Name: David’s David’s Date Apr. 1 5 10
Ref SJ3 CRJ4
Debit 2,640
Explanation 2/10, n/30
Ref SJ4
Debit 8,960
CM3 Partial collection
GJ CRJ4
Credit 2,640
Balance 2,640 0
Credit
Balance 8,960
560 4,200 155
8,400 4,200
Credit 550 12,815 3,850 2,200 19,415
30
15 day, 12% note
GJ
Name: Jessie Date Apr. 3 12 29
Explanation 2/10, n/30 Full collection 2/10, n/30
Ref SJ4 CRJ4 SJ4
Debit 3,920
Explanation 2/10, n/30 Down Full collection
Ref SJ4 CRJ4 CRJ4
Debit 2,464
Name: Ricky Date Apr. 6 15
4,200
0
Credit
Balance 3,920 0 2,240
3,920 2,240 Credit 1,232 1,232
Balance 2,464 1,232 0
Quiz no. 41
PURCHASES JOURNAL DATE
PURCHASED FROM
Dec 2
San Pedro Orchard
4
Ms. Cojuangco
16
West Farms
INV. NO.
PURCHASES Debit
INPUT TAX Debit
CASH PURCHASE Credit
42
8,000
960
8,960
ACCTS PAYABLE Credit
F
12515 12515
5,000
600
5,600
102
7,500
900
8,400
20,500
2,460
8,960
14,000
GENERAL JOURNAL DATE
ACCOUNTS & EXPLANATIONS
Dec 7
Furniture & Fixtures
DEBIT
CREDIT
15,000
Input Tax
1,800
Accounts Payable 14
16,800
Accounts Payable
560
Purchase Returns 16
500
Input Tax Accounts Payable
60 8,400
Notes Payable
8,400
GENERAL LEDGER for ACCOUNTS PAYABLE Date
Particulars
F
Debit
Date
Dec 14
GJ
550
Dec 7
16
GJ
8,250
31
CDJ
21,450
Particulars
F
Credit 16,500
31
13,750
CASH DISBURSEMENTS JOURNAL DATE Dec
PAID TO
EXPLANATION
VO. No.
2 3 6
San Pedro DVO CityHall DVForwarder
Cash purchases Taxes & licenses Freight in
21 22 23
8,960 2,000 1,120
9
Corona
Cash purchases
24
2,800
15
Employees
Salaries
25
5,700
17
Ideas
In full of acct
26
16,464
25
Customer
Cash refund
27
224
28 30
Ms Cojuangco Employees
Full payment Salaries
28 29
5,040 4,920
31
West Farms
Paid note
30
CASH CREDIT
PURCH DISCT CREDIT
F
ACCTS PAYBLE DEBIT
CASH PURCH DEBIT
SUNDRY ACCOUNT
16,800
Taxes &Lic Freight In Input Tax
2,000 1,000 120
Supplies Input Tax Salaries WH Tax Pay Furn & Fix Input Tax Sales Returns Output Tax
2,500 300 6,000
Salaries WT Payble SS Payble PH Payble Pag-ibig Pay Notes Payble Interest Exp
6,000
300 300 36 200 24
5,040
8,463 21,840
8,960
SUPPLIERS' CARDS Name:Ms Cojuanco Explanation
Credit
8,960
55,691
Date
Debit
Ref
Debit 156
Credit
Balance
300 360 180 240 8,400 63 26,60 7
1,716
Dec 4
2/10,n/30 Inv 12515
PJ12
14
CM
GJ
28
Full payment
CD12
5,600
5,600
5,60
5,040
5,040
0
Name:Ideas Date
Explanation
Dec 7 17
Ref
Debit
2/15,n/30 Inv 711
GJ
Paid in full
CD12
Credit
Balance
16,800
16,800
16,800
0
Name:West Farms Date
Explanation
Dec 16
Ref
Inv 102
PJ12
15 day, 18% note
GJ
Debit
Credit
Balance
8,400
8,400
8,400
0
Quiz no. 42
DATE
CUSTOMER
INV. NO.
Aug 7 14 20
Greenland Cash Sales Oakland
1001 CRT 1002
F
Sales Journal ACCOUNTS RECEIVABLE DEBIT 30,000
CASH SALES DEBIT 20,000
18,000 48,000
20,000
Purchase Journal CASH DATE
SUPPLIER
Aug. 3 6 10
Rustic Babyland Jasmin
DATE Aug 5 18
INV. NO.
PURCHASES DEBIT 47,500 50,000 15,000 112,500
30,000 20,000 18,000 68,000
ACCOUNTS
PURCHASES CREDIT 47,500 50,000
F
PAYABLE CREDIT
15,000 15,000
97,500
General Journal ACCOUNTS & EXPLANATION Equipment Accounts Payable
SALES CREDIT
DEBIT 80,000
CREDIT 80,000
Accounts Payable Purchase Returns
1,000 1,000 Cash Receipts Journal
8/ 1 14 25
RECEIVED FROM Marvin
EXPLANATION
Cash customers Oakland
Cash sales collection
O.R. NO.
CASH DEBIT 300,000
investment CRT O1
80,000 17,640 397,640
SALES DISCT CREDIT
F
ACCTS RECBLE CREDIT
360 360
18,000 18,000
CASH SALES CREDIT
SUNDRY ACCOUNT Marvin Captl
CREDIT 300,000
80,000 80,000
300,000
Cash Disbursements Journal
PAID TO
8/3 6 17 21 22 30
31
Rustic Babyland Aboitiz Customer Jasmin Employees
BIR
EXPLANATIONS
VO. No.
Cash purchase Cash Cash purchase Freight paid Cash refund Paid in full salaries
101 102 103 104 105 106
percentagetax
107
CASH CREDI T 45,000 50,000 3,000 2,000 14,000 4,150
PURCH DISCT CREDIT
F
ACCTS PAYBL E DEBIT
CASH PURCH DEBIT
SUNDRY ACCOUNT
Debit
Credit
45,000 50,000 Freight In Sales Ret
3,000 2,000
Salaries Witholding SSPremPay HDMF PhilHealth Taxes
5,000
14,000
2,029.1 4
157
250 300 200 100 2,029.14
Quiz no. 43
DATE Jul
8 17 18 29
SALES JOURNAL CUSTOMER’S NAME Mona’s Mona’s Cash Sales Lea’s Lea’s Brenda’s Brenda’s
INV. NO. 001
ACCOUNTS RECEIVABL E DEBIT 4,000
F
CASH SALES DEBIT 9,750
002 003
14,000 7,500 25,500
OUTPUT TAX CREDIT 429 1,045 1,500 804
SALES CREDIT 3,571 8,705 12,500 6,696
9,750
22,768
2,732
CASH RECIEPTS JOURNAL
July 1 8 14 17 18 20 28 29
RECEIVE D FROM C Poras Mona’s Mona’s Nova Customer Lea’s Lea’s Mona’s Mona’s Lea’s Lea’s Brenda’s Brenda’s
EXPLANATION Investment Down Store rent Cash Sales Down Full Collection Note Collection Down
O.R. NO. 1 2 3 Crt 4 5 6 7
CASH DEBIT 25,000 1,000 1,500 9,750 4,000 2,940 10,055,56 3,750
58,975.56
SALES DISCT CREDIT
F
ACCTS RECBLE CREDIT
/
1,000
CASH SALES CREDIT
SUNDRY ACCOUNT Poras, Captl
CREDIT
Rent Income
1,500
Output tax Notes Recble Interest income
(6.43) 10,000 55.56
25,00
9,750 53.57
/ /
4,000 3,000
/
3,750
71.43
12,750
9,750
36546.9 9
PURCHASE JOURNAL DATE
PURCHASED FROM Chic’s Chic’s Fashion Fanny
July 5 20 25
INV. NO 123 1718 5 509 09
PURCHASES Debit 4,286 8,929 3,125
INPUT TAX debit 514 1,071 375
16,340
1,960
CASH PURCHASE Credit
ACCOUNTS PAYABLE Credit 4,800 10,000
3,500 3,500
14,800
Cash Disbursement Journal July
PAID TO
EXPLANATION
VO. No.
CASH CREDIT
4
Tondo
Cash purchase
101
1,500.00
6
Freight Co
Paid for freight
102
200.00
11 12 15
Store clerk Chic’s Chic’s Store clerks
Advances Full payment Payroll
103 104 105
150.00 4,756.71 3,400.00
24 25 30 31
High Build Fanny Lessor Store clerks
Display cabinets Cash purchase rent Payroll
106 106 107 108
18 31
42.86
F
/
ACCTS PAYBLE DEBIT
CASH PURCH DEBIT
4,800
2,500 3,500.00 3,000.00 3,043.00
19,549.7 1
DATE July 1
PURCH DISCT CREDIT
SUNDRY ACCOUNT
Debit
Supplies Input Tax Freight In Input Tax Advances Input Tax Salaries Witholding Advances Furniture
1,339 161 179 21 150
Credit
.43 3,900 350.00 150.00 2,500
3,500 Rent Exp Salaries Witholding SS Payble PH Payble Pagibig Pay 42.86
GENERAL JOURNAL PARTICULARS Furniture & Fixtures Merchandise Inventory Poras,Capital Notes Receivable Accounts Receivable SS Premium Expense PH Premium Expense Pag-Ibig Premium Expense
158
4,800
DEBIT 15,00 20,000
3,500
350.00 234.00 117.00 156.00 12,65 0
CREDIT
35,00 10,000 10,000 234 117 156
3,000 3,900
1,357.4 3
SS Premium Payable PH Premium Payable Pag-Ibig Premium Payable Utilities Expense Utilities Payable
234 117 156 750 750
Supplier’s Name:Chic’s Name:Chic’s Date
Explanation
July 8
1/10,n/30 Inv 123
PJ
Full payment
CDJ
12
Ref
Debit
Credit
Balance
4,800
4,800
4,800
0
Supplier’s Name: Fashion Fashion Date
Explanation
Ref
July 20
2/10,n/30
PJ
Debit
Credit
Balance
10,000
10,000
Credit
Balance
Customer: Mona Date July 10
20
Explanation
Ref
Debit
2/10,n/30
SJ
4,000
4,000
25% down
CRJ
1,000
3,000
Full collection
CRJ
3,000
0
Customer: Lea’s Lea’s Date July 18
Explanation
Ref
Debit
Credit
14,000
Balance
2/10,n/30
SJ
14,000
P4,000 down
CRJ
4,000
10,000
10 day 20% note
GJ
10,000
0
Customer: Brenda Date July 29
Explanation
Ref
2/10,n/30
SJ
50% down
CRJ
Debit
Credit
Balance
7,500
7,500 3,750
3,750
GENERAL LEDGER for ACCOUNTS PAYABLE Date
Particulars
July 31
F
Debit
Date
CDJ
4,800
July 31
Particulars
F
Credit
PJ
14,800
Bal 10,000 GENERAL LEDGER for ACCOUNTS RECEIVABLE Date
Particulars
July 31
F
Debit
Date
SJ
25,500
July 18 31
Bal Quiz no. 44: A.
3,750
Nam 6,000 28,000 2,520 10,480
Mayo
a) b) c) d) e) 105,000 Gross Profit 33.33% 41.50% Profit Margin 12.48% 15.00% Mayo Co is more profitable f) 58,500 g) 3,000 h) 23,500 B. Net Sales
785,000 159
Particulars
F
Credit
GJ
10,000
CRJ
12,750
Cost of Sales Gross Profit Net Income Operating Expenses Quiz no. 45: 1.A 2.A 3.C 4.D 5.A
486,000 299,000 130,000 169,000
6.B 7.B 8.B 9.B 10.D
11.B 12.A 13.B 14.D 15.E
Quiz no. 46:
SHOPWISE MART SIX COLUMN WORKSHEET DECEMBER 31, 2009
Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory, Jan. 1 Office Supplies Inventory Store Furniture & Fixtures Accumulated Depreciation Accounts Payable Santos, Capital Santos, Personal Sales Sales Returns
Trial Balance Debit Credit 2 10 1 6 4 7 3 3 26 5 42 2
Purchases Freight In Purchase Discount Advertising Store Rent Sales Salaries Totals
Adjustments Debit Credit
b) 1 a) 3 e) .7
Adjusted Trial Balance Debit Credit 2 10 2 6 1 7 3.7 3 26 5 42 2
19 2
19 2 3
3 7 11 78
3
d) 1
3 5 12
a) 3 b) 1 c) 2
3 1 2
c) 2 78
Supplies Bad Debts Prepaid Rent Accrued Sales salaries Depreciation Merchandise Inventory, End Totals
d) 1 e) .7 f) 12 19.7
f) 12 19.7
1
.7 12 92.7
Prepare the closing entries and reversing entries without explanations. Date
Accounts and Explanations
CE No. 1
Debit
Sales
Credit 42
Sales Returns Income and Expenses Summary 2
3
4
2 40
Purchase Discount Merchandise Inventory, End Income & Expense Summary Purchases Freight In Advertising Store Rent Sales Salaries Supplies Bad Debts Depreciation
3 12 30.7
Income and Expense Summary Santos, Capital
9.3
19 2 3 5 12 3 1 .7
9.3
Santos,Santos Capital Personal
5 160
5
12 92.7
RE
1
Rent Expense Prepaid Rent
2
Accrued Sa laries Sales Salaries Expense
1
2
1
QUIZ No. 47 A.
Date Dec. 31
P 750,000 200,000 220,000
Not yet due 1-30 days past due 31-60 days past due
1% 2 5
7,500 4,000 11,000
60,000 30,000 P1,260,000
61-90 days past due Over 90 days
30 60
18,000 18,000 P58,500
Accounts and Explanation
F
Bad Debs Expense
Debit
Credit
13,500
Allowance for Doubtful Accounts
13,500
Allowance for Doubtful Accounts
20,000
Accounts Receivable
20,000
Accounts Receivable (1,260,000 – (1,260,000 – 20,000)
1,240,000
Less: Allowance for Doubtful Accounts (58,500 – (58,500 – 20,000) Net Realizable
B. AE 1
38,500 1,201,500
Depreciation-Delivery Truck
9,000
Depreciation Store Equipment
3,600
Depreciation Office Equipment
900
Accum Depreciation- Delivery Truck
9,000
Accum Depreciation- Store Equipment
3,600
Accum Depreciation- Office Equipment 2
900
Rent Expense
48,200
Prepaid Rent
48,200
Banez Grocery Income Statement For Six Months Ended June 30, 2010 Sales (410 + 330) Less Cost of Sales Merchandise Inventory Beg Purchases (156 + 50) Merchandise Inventory, End Gross Profit Less Selling (60,000 + 32,133) Depreciation-Store Equipment Depreciation-Delivery Truck
P150,000 206,000 (87,500) P92,133 3,600 9,000 104,733 61,067 900 61,967
Administrative (45,000 + 16,067) Depreciation-Office Equipment
(268,500) P471,500
Net Income
166,700 P304,800
Banez Grocery Capital Statement For Six Months Ended June 30, 2010 Banez Capital, Jan 1 Net Income Banez Capital, Dec 31
P650,000 304,800 P954,800
Banez Grocery Balance Sheet
P740,000
161
June 30, 2010 Current assets Cash Accts Receivable Merchandise Inventory Prepaid Rent Fixed Assets Delivery Truck Accum Depn Store Equipment Accum Depn Office Equipment Accum Depn Total Assets Current Liabilities Accounts Payable Owner’s Equity Equity Banez Capital Total Liabilities & Owner’s Equity Equity Gross Profit % = ROS = ROA = 304.8/827.4 = ROE = 304.8/802.4 = Operating Efficiency = ROS = ROA = ROE =
P 102,600 330,000 87,500 48,200 P 300,000 9,000 120,000 3,600 30,000 900
P568,3000
P 291,000 116,400 29,100
436,500 P1,004,800 P
50,000
954,800 P1,004,800
63.72% 41.19% 36.84% 37.99% VG VG VG VG
Quiz no. 48
Automatrix Income Statement For the year ended June 30, 2010 Net Sales Cost of Sales Gross Profit Rent Income Selling Expense General Expense Net Operating Income Interest Expense Net Income
(note 1) (note 2) (note 3) (note 4)
Note 1: Sales Sales Returns & Allow Net Sales
P1,257,500 ( 14,000) P1,243,500
Note 2: Merchandise Inventory Beginning Purchases Freight In Purchase Discount Merchandise Inventory End Cost of Sales
P137,500 500,000 5,000 ( 15,000) (175,000) P452,000
Note 3: Salaries & Wages Depreciation Store Rent Store Supplies Selling Expenses
P 40,500 20,000 40,000 5,500 P 106,000
Note 4: Office Salaries Taxes & License Insurance Depreciation Office Rent Bad Debts Office Supplies Total General Expenses
130,000 77,500 55,000 25,000 20,000 2,800 6,500 P 316,800
StatementAutomatrix of Financial Position
P1,243,500 452,500 791,000 3,700 ( 106,000) ( 316,800) 371,900 ( 67,500) P 304,400
162
June 30, 2010 Assets Current Assets: Cash (Note 1) Accounts Receivable Allowance Merch. Invty. Prepaid Expenses (Note 2) Total Plant, Property & Equipt. Note 3 Total Assets
P369,000 P38,000 4,800
33,200 175,000 60,000 637,200 318,500 P955,700
Note 1 - Cash On Hand Cash In Bank
Liabilities & Owner’s Equity Equity Current Liabilities Trade & Other Payables (Note 4) P 80,900 Note Payable due 2012 140,000 Total Liabilities 220,900 Gates, Capital 734,800
______ P955,700
Total Liabilities & Owner’s Equity Equity P 60,000 309,000 P369,000
Note 2 - Supplies Prepaid Insurance
P 6,000 54,000 P60,000
Note 3 - Office Furniture F urniture & Equipment Accumulated Depreciation Store Furniture & Equipment Accumulated Depreciation
P214,500 49,000 P209,000 56,000
Note 4 - VAT Payable Accounts Payable
P165,500 153,000 P318,500
P54,500 26,400 P80,900
Automatrix Capital Statement For the year ended June 30, 2010 Gates, Capital July 1, 2009 Additional Investment Net Income Drawings Gates, Capital, June 30, 2010 Profitability Ratios ROS (304,400/1,243,500) = 24.48% ROA (304,400/623,050*) = 48.86% ROE (304,400/512,600*) = 59.39% *(290,400+955,700)/2 = 623,050 (290,400+734,800)/2 = 512,600
P540,400 250,000 304,400 (110,000) P734,800
Quiz No 49
Date Dec. 31
Accounts and Explanation
F
Debit
Closing Entries: Sales
403,320
Sales Returns
4,050
Income & Expense S
399,270
Income & Expense S
355,474.50
Mdse Invty End
50,400.00
Purch Returns
3,420.00
Purchases
190,600.00
Delivery Expense
6,250.00
Rent Expense
70,020.00
Salaries
63,000.00
Office Expense
3,240.00
Bad Debts
967.50
Depreciation
1,867
Supplies
1,050.00
Interest Expense
Credit
21,000 163
Mdse Invty Beg
51,000.00
Income and Expense S
44,095.50
Javier, Capital
44,095.50
Javier Capital
14,400
Javier Drawings
14,400
164
Account Titles Cash Accts Receivable Allowance for Bad Debts Mdse Invty Jan 1 Supplies Office Furn & Fix Accum Depn Accts Payable Loans Payable Javier Capital Javier Drawing Sales Sales Returns Purchases Purch Returns Delivery Expense Rent Expense Salaries Office Expense Totals Bad Debts
Trial Balance Debit Credit
Adjusted Trial Balance Debit Credit
Adjustments Debit Debit Credit
313,490
313,490
35,350 a)
51,000 2,650 37,000
35,350
967.50
1,767.50 51,000 1,600 37,000
c) 1,050.00 4,300 15,710 200,000 163,500
1,600 37,000 6,167 15,710 200,000 163,500 14,400 403,320
4,050 190,600
4,050 190,600
403,320 4,050 190,600
3,420
3,420
3,420
6,250 70,020 63,000 3,240
6,250 70,020 63,000 3,240 3,240
967.50
967.50
791,050 a) 967.50
Depreciation
b)
1,867
1,867
1,867
Supplies Expense
c) 1,050.00
1,050.00
1,050.00
Interest Expense
d) 34,000
21,000
21,000
d) 21,000 24,884.50
24,884.50
21,000 804,550.83 804,550.83
804,550.83
Net Income
165
Arthur’s Trading Trading Income Statement For the year ended Dec 31, 2010
Cost of Sales Mdse Invty Beg Purchases Purchase Returns Total Goods Available for Sale Mdse Invty End Gross Profit Operating Expenses Selling- Rent Delivery Salaries Supplies Administrative- Depreciation Bad Debts Rent Office Supplies Salaries Operating Income Interest Expense Net Income
6,167 15,710 200,000 163,500
14,400 403,320
Interest Payable Merchandise Invty Dec 31
1,767.50 51,000
b) 1,867
14,400
Sales Less Sales Returns Net Sales
Balance Sheet Debit Credit 313,490
35,350 800
6,250 70,020 63,000 3,240 791,050
Income Statement Debit Credit
P 403,320 4,050 P399,270
P51,000 190,600 ( 3,420) 238,180 50,400
(187,780) 211,490
P52,515 6,250 42,000 787.50 P 1,867.00 967.50 17,685.00 3,240.00 262.50 21,000
(101,552.50)
(45,022.00) 64,915.50 (21,000.00) P 43,915.50
166
21,000 413,044.50 44,095.50 457,140
50,400 457,140
50,400 452,240
457,140
452,240
397,810.83 54,429.17 452,240
Arthur’s Trading Trading Capital Statement For the year ended Dec 31, 2010 Capital, Jan 1 Net Income Drawings Capital Dec 31
P163,500.00 44,095.50 ( 14,400.00) P203,529.17
Arthur’s Trading Trading Statement of Financial Position Dec 31, 2010 ASSETS Current Assets Cash Accts Receivable
P313,490.00 P35,350
Less Allowance 1,767.50 33,582.50 Merchandise Inventory 50,400.00 Supplies 1,600.00 Total Fixed Assets: Furniture & Fixtures P 37,000 Less Accumulated Depreciation 6,333.33 Total Total Assets TOTAL LIABILITIES & OWNER’S EQUITY EQUITY Current Liabilities Accounts Payable P15,710.00 Interest Payable 21,000.00 Total Loans Payable Total Liabilities Javier, Capital Total Liabilities & Owner’s Equity Equity
P399,072.50
30,666.67 P429,739.17
P36,710.00 200,000,00 236,710.00 193,195.50 P429,905.50
167
Quiz No 50
1. J 6. M 11. L
2. G 7. C 12. K
3. E 8. I 13. N
4. A 9. D 14. B
5. H 10. F
B. 1. Return On Sales = Net Income/Net Sales 3. Ret On Assets = Net Income/Average Total Assets 5.Times Interest Earned = Operating Income/Interest 7. Gross Profit Ratio = Gross Profit/Net Sales
2. Asset Turnover = Revenue/Average Total Assets 4. Receivable TO = Credit Sales/Average Receivables 6. Equity Ratio = Owner’s Equity/Total Assets Assets 8. Ret On Equity = Net Income/Ave Owner’s Equity
C.
1. Liquidity = Receivable Turnover 2. Profitability = Return on Sales, Return on Assets, Gross Profit Rate, Return on Equity 3. Solvency = Times Interest Earned, Equity Ratio 4. Quality Use of Assets = Asset Turnover, Receivable Turnover, Inventory Turnover Quiz No. 51
a. Return on Sales=186.2/780,000= Sales=186.2/780,000= 23.87% 23.87% b. Return On Equity= 186.2/ (410.3 + 396 ) = 46.19% 2 c. Return On Assets= 186.2 / 672 + 735.8 ) = 26.45% 2 d. Current Ratio= 280.5 / 193.5 = 1.45:1 e. Recble Turnover= 780 / (106.2 +93.8) = 7.8 7.8 times 2 f. Average Collection = 360/7.8= 46.15 days g. Inventory Turnover= 440/ (116.4 +64) = 4.88 times h. Days in Inventory= 360/4.88= 73.77 days i. Times Interest Earned= 196.12/9.92= 19.77 times
168
j. Asset Turnover= 780/ (735.8+672)= (735.8+672)= 1.11 times 2 k. Debt Ratio= 325.5/735.8= 44% l. Current Cash Debt Coverage= 41/193.5= .21:1 m. Cash Debt Coverage= 41/325.5= .13:1
Quiz No 52 A. 1. D 7. C
2. B 8. D
3. C 9. B
4. B 10. B
5. D 11. A
6. D 12 B
13. Current Ratio= 44.7/130.5= 34.25% 14. Acid Test= 19.5/130.5= 14.94% 15. 2006= Receivable TO= 4,100/515= 4,100/515= 7.96 x Collection Period= 3 360/7.96= 60/7.96= 45.23 days 2007= Receivable TO= 4,800/550= 4,800/550= 8.73 x Collection Period= 3 360/8.73= 60/8.73= 41.24 days 16. 2006= Inventory Inventory TO= 837 + 4661- 960= 4,538/905= 4,538/905= 5.01 x Holding Period= 3 360/5.01= 60/5.01= 71.86 2007= Inventory TO= 960 + 4640 – 4640 – 1020= 1020= 4580/990= 4.63 4.63 x Holding Period= 360/4 360/4.63= .63= 77.75 17. Asset TO= 13,181.2/ (5,721.44+6503) (5,721.44+6503) = 2.167 2 18. Profit Margin Ratio= 490.2/13,181.2= 3.72% B.
1D 6. D C. D. E. F. G.
2. B 7. C
3. C 8. D
4. B 9. B
5. D
6 + 200 – 200 – 50 50 = 156,000 22,000-5,500-7,500= 22,000-5,500-7,50 0= 9,000 951.8 + 154.1- 206= 899.9 168 + 1,134 – 1,134 – 277= 277= 1,025 75- 6.6-4.4= 64 300/150= 2 300-200 = 100 Free Cash Flow 165+180-100= 245,000 without investment + 70,000 investment = 315,000 owner’s capital capital end of 2009.
H.
100,000 drawings-70,000 investment= 30,000 cash used for financing
169
Quiz No. 53
Cash Flow Statement Cash from operating activities Net Income Depreciation* Increase in Accounts Payable
P35,500 15,500 14,000
Gain from Increase insale accounts receivable Decrease in Tax Payable Increase in merchandise inventory Cash from investing activities Proceeds from Sale Cash from financing activities Payment of liabilities Cash Drawings of owner Investment of owner** Increase in Cash Cash balance Jan 1 Cash balance Dec 31
(1,500) (24,000) (1,000) (7,000)
10,000
(6,000) (27,000) 2,500
Free Cash Flow 31,500-6,000-27,000 = Current Cash Debt Coverage Ratio = 31,500/(23+36/2)) = 31,500/(23+36/2 Cash Debt Coverage Ratio = 31,500 (63+56/2) = *Accum Depn 2009 Less accum depn for equipment sold
24,000 ( 9,500) 14,500 30,000 15,500
Accum depn 2009 Depreciation provision
P31,500
(30,500) 11,000 20,000 P31,000
(1,500) 1.067:1 .3467:1 ** Capital 2009 Net income for 2009 Cash drawings in 2009 Capital end of 2009 Investment
170
Quiz no.54
A. 1. F 6. F B
1. C 6. B
Quiz no.55 A. Balance per Bank Deposit In Transit Outstanding Check
2. T 7. F
3. T 8. T
4. F 9. F
5. F 10. T
2. B 7. B
3. A 8. A
4. C 9. D
5. D 10. B
P73,350 4,158 (7,731)
P52,000 35,500 (27,000) 60,500 63,000 P 2,500
Adjusted balance per bank
P69,777
Balance per Books Add Proceeds from note- Principal Interest
P63,675 P6,475 50
Less Bank Service Charge Customer’s NSF check Adjusted balance per books
P
Cash In Bank Notes Receivable Interest Income
6,525
Service Charge Accounts Receivable Cash In Bank
45 378
6,525
45 378
( 423) P69,777
6,475 50
423
B. Balance per Bank Add Deposit In Transit Error in charging us for the check of Nutriban Less Outstanding Check Adjusted balance per bank
P20,380 1,570 7,000 (9,977) P18,973
171
Balance per Books Add Proceeds from note- Principal Interest
P5,990 P15,000 120
Error in recording company check as Should be Less: Bank Service Charges Less: Customer’s NSF check
P
15,120
435 345
90 ( 60) (2,167)
Adjusted balance per books
P18,973
Cash In Bank Notes Receivable Interest Income
15,120
Service Charge Accounts Receivable Cash In Bank
60 2,167
Cash In Bank Accounts Payable
90
Quiz No 56 Date Aug 31
Sept 5
Sept 6
15,000 120
2,227
90
Particulars Petty Cash Fund Cash In Bank
Debit 1,000
Credit 1,000
Purchases Supplies Advances Communication Cash In Bank
72 384 160 80
Petty Cash Find Cash In Bank
1,000
696 1,000 150
172
Sept 14
Freight Out Supplies Perez, Drawings Miscellaneous Representation Cash In Bank
300 500 200 500 1,650
PETTY CASH BOOK Petty Cash Fund
Date Aug 31 Sept 2 3 4 4
Explanation PCF established Employee Post Office Lopez Alemar’s Alemar’s Balance Balance forwarded
PCV No.
Receipt
Payment
Freight In
DISTRIBUTION OF PAYMENTS Freight Out
Supplies
SUNDRY Account Title
Amount
1,000 1 2 3 4
_________ 1,000 _________ 308
160 80 68 384 692 308
Advances
160
80 Transportation 384 464
68 228
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