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    2nd Quarter TASK PERFORMANCE - FABM2 PDF

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    Macky Evanchez
    This document contains a 2nd quarter examination for a Fundamentals of Accountancy, Business and Management course. The exam has three parts - 1) Two problem solving questions involving bank reconciliation and financial statements. 2) Seven multiple choice questions requiring calculations of financial ratios from a comparative income statement. 3) A vertical analysis of a comparative income statement and calculations of peso and percentage changes between years. It also asks two short answer questions about bank reconciliation statements and accounts receivable turnover trends.

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    2nd Quarter TASK PERFORMANCE - FABM2 PDF

    Uploaded by

    Macky Evanchez
    122 views2 pages
    This document contains a 2nd quarter examination for a Fundamentals of Accountancy, Business and Management course. The exam has three parts - 1) Two problem solving questions involving bank reconciliation and financial statements. 2) Seven multiple choice questions requiring calculations of financial ratios from a comparative income statement. 3) A vertical analysis of a comparative income statement and calculations of peso and percentage changes between years. It also asks two short answer questions about bank reconciliation statements and accounts receivable turnover trends.

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    2nd_Quarter_TASK_PERFORMANCE-_FABM2(3).pdf

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    This document contains a 2nd quarter examination for a Fundamentals of Accountancy, Business and Management course. The exam has three parts - 1) Two problem solving questions involving bank reconciliation and financial statements. 2) Seven multiple choice questions requiring calculations of financial ratios from a comparative income statement. 3) A vertical analysis of a comparative income statement and calculations of peso and percentage changes between years. It also asks two short answer questions about bank reconciliation statements and accounts receivable turnover trends.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    122 views2 pages

    2nd Quarter TASK PERFORMANCE - FABM2 PDF

    Uploaded by

    Macky Evanchez
    This document contains a 2nd quarter examination for a Fundamentals of Accountancy, Business and Management course. The exam has three parts - 1) Two problem solving questions involving bank reconciliation and financial statements. 2) Seven multiple choice questions requiring calculations of financial ratios from a comparative income statement. 3) A vertical analysis of a comparative income statement and calculations of peso and percentage changes between years. It also asks two short answer questions about bank reconciliation statements and accounts receivable turnover trends.

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    © All Rights Reserved
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    SENIOR HIGH SCHOOL

    2nd Quarter Examination

    Fundamentals of Accountancy, Business and Management 2

    Name: Score:

    Section: Date:

    Problem-Solving. (2 items x10 pts.)

    PART I. Bank Reconciliation. Show your solution.

    1. In preparing the August 31,2013 bank reconciliation, APEX Company provided the following
    information:

    Balance per bank statement 1,805,000


    Deposit in transit 325,000
    Return of customer’s check for insufficient fund 60,000
    Outstanding checks 275,000
    Bank service charge for August 10,000

    On August 31,2013, what is the adjusted cash in bank?

    2. Esteem Company’s month-end bank statement showed a balance of P3,600,000. Outstanding checks
    amounted to P1,200,000 a deposit of P400,000 was in transit at month end, and a check for P50,000
    was erroneously charged by the bank against the account. What is the correct balance in the bank
    account at month-end?

    PART II. Financial Interpretation. (7 items x 5 points)

    ABC Corporation
    Comparative Statement of Financial Position
    For the Years Ended 201B and 201A (in pesos)
    201B 201A
    Cash and Cash Equivalents 2,450 2,094
    Receivables 1,813 1,611
    Inventories 1,324 1,060
    Prepaid Expenses 1,709 2,120
    Total Current Assets 7,296 6885
    Noncurrent Assets 18,500 15,737
    Total Assets 25,796 22,622

    Current Liabilities 7,230 8,467


    Long-Term Liabilities 4,798 3,792
    Common Stock 6,568 4,363
    Retained Earnings 7,200 6,000
    Total Liabilities and Equity 25,796 22,622

    1|Page
    ABC Corporation
    Income Statement
    For the Year Ended 201B (in pesos)
    201B
    Sales 20,941
    Less: Cost of Goods Sold 7,055
    Gross Profit 13,886
    Less: Operating expenses 7,065
    Income from operations 6,821
    Less: Interest expense 210
    Income before taxes 6,611
    Less: Income tax 2,563
    Net Income 4,048

    3. Compute for the inventory turnover.


    4. Compute for the Number of days in inventory.
    5. Compute for the Total assets turnover.
    6. Compute for the Return on Sales (ROS).
    7. Compute for the Debt-to-Equity Ratio.
    8. Compute for the Number of days in accounts receivable.
    9. Compute for the Return on Investment (ROI).

    Prepare a vertical analysis and compute for the peso and percentage changes using the comparative income
    statement below. (34 items x 1 point).

    Vertical Vertical
    Income Statement Analysis Horizontal Analysis
    Analysis
    201B 201A Pesos
    % Change
    change
    Sales P 2500 100% P 2100 100%
    Less: Cost of Goods Sold 1,800 1,500
    Gross Profit 700 600
    Less: Operating expenses 300 250
    Income from operations 400 350
    Less: Interest expense 180 180
    Income before taxes 220 170
    Less: Income tax 66 59.5
    Net Income 154 110.5

    PART III.

    10. What is the purpose of Bank Reconciliation Statement? (5 pts.)


    11. When the calculation for accounts receivable turnover goes up, is this a good or bad trend? (6 pts.)

    2|Page

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