SFP & SCI - sfp & SCI PDF

Preview

Summary

Name: _______________________________ Grade & Section: _________________ Score: _______Fundamentals of ABM 2 Practice Exercise #Directions: Read and understand the question carefully and compute for thefollowing transactions.Part 1- SFP 1. Abra Catabra Inc. had the following assets and liabi...

Description

Name: _______________________________ Grade & Section: _________________ Score: _______ Fundamentals of ABM 2 Practice Exercise #1

Directions: Read and understand the question carefully and compute for the following transactions. Part 1- SFP 1. Abra Catabra Inc. had the following assets and liabilities: Cash P50,000 Loan from Proprietor Accounts Payable 40,000 Service Vehicle Inventory 27,000 Accounts Receivable 81,000 Office Furniture 45,000

P150,000 120,000

The owner’s equity would be: a. P23,000 c. P133,000 b. P310,000 d. None of the above 2. At the end of 2019, Ayawnagusto Farms had P1,500,000 in owner’s equity and amounts owed to creditors totaling P1,100,000. The total assets of the entity were a. P1,500,000 c. P400,000 b. P2,600,000 d. None of the above 3. The condensed balance sheet of La Mig Na Ako Corp. on June 30, 2018 is as follows: Current Assets P160,000 Current Liabilities P100,000 Noncurrent Assets 300,000 Noncurrent Liabilities 210,000 Share Capital 150,000 What was La Mig Na Ako Corp.’s working capital at June 30, 2018? a. P60,000 c. P360,000 b. P150,00 d. P460,000 4. The liabilities of Mindanao Farms equal one-third of the total assets, and owner’s equity is P16,000,000. What is the amount of liabilities? _____________ 5. At the beginning of the year, LVM Consulting assets were P27,500,000, and its owner’s equity was P15,000,000. During the year, assets increased P7,500,000 and liabilities decreased P2,250,000. What is the owner’s equity at year-end? _____________ 6-8 Use the following situation: Langga Minka Sana had the following balance sheet accounts and balances: Accounts Payable Accounts Receivable Building Cash Equipment

P600,000 100,000 ? 300,000 700,000

Langga, Capital Land

? P700,000

6. If the balance of the Langga, Capital account was P2,100,000, what would be the balance of the Building account? __________________ 7. If the balance of the Building account were P1,700,000, what would be the total of liabilities and owner’s equity? ____________________ 8. If the balance of the Building account were P1,400,000 and P300,000 of Accounts Payable were paid in cash, what would be the balance of Langga, Capital account? ____________________ 9.

Post the following transactions to the ledger: a. Cash collection- P25,000 b. Salary Payment- P19,600 c. Telephone Bill- P1,500 d. Credit Sales- P18, 500

How much will be the Ending Cash account balance if no beginning balance? ______________________ 10. Post the following transactions to the ledger: a. Bought supplies on cash- P3,000 b. Bought supplies on credit- P4,000 c. Bought supplies on account- P2,500 d. Paid the accounts in full. How much will be the ending balance of Accounts Payable if zero beginning balance? _______________________ Part 2- SCI 11. Profit for SCS Treasures is P250,000 for the current year. The owner withdrew P30,000 per month for personal living expenses. The owner’s Capital account will show a net a. decrease of P110,000 c. increase of P610,000 b. decrease of P360,000 d. increase of P110,000 12. Calculate profit: Sales P2,000,000 Cost of sales 400,000 Operating Expenses 300,000 Dividends paid 100,000 a. P1.2M b. P1.3M c. P1.6M d. none of the choices 13. Based on the following transactions, what is the total revenues for 2019?  Cash Sales of P1,000,000 in 2019.  Credit sales of P6,000,000 in 2019 of which P4,500,000 was received in 2019.  Received P500,000 from accounts receivable in 2019, related to sales in 2018. a. P5.5M b. P7M c. P7.5M d. none of the choices 14. What is the reportable June 2020 expenses?  Received electricity bill for P10,000 for use of electricity in June 2020; payable in July 2020.  Paid P12,000 in June for 12-month insurance policy. a. P11,000b. P12,000 c. P22,000 d. none of the choices 15. During the year, Ilocos Norte Bagnet made cash sales of P3,000,000 and credit sales of P8,000,000. Out of the sales made on credit, P7,000,000 had been collected by year-end. It paid out P6,000,000 for expenses and owed P2,000,000 at year-end. What is the accrual profit? _______________...