Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Abm 3s Problem Solving

    Uploaded by

    PHEGIEL HONCULADA MAGAMAY
    This document contains a test with multiple choice and financial statement preparation problems. Problem 1 asks to calculate current liabilities given information about total assets, equity, accounts payable and loans payable. Problem 2 asks to calculate net loss for the year given information about ending equity, additional investments, withdrawals and beginning equity. Problem 3 asks to calculate net income/loss for a period given transactions of revenue and expenses. Problem 7-9 asks to calculate ending capital balance for an owner given initial capital, net loss in year 1, additional capital invested in year 2, net income in year 2 and withdrawal. Problem 10-12 asks to calculate ending capital/owner's equity given beginning capital and transactions. Problem 13-15 asks to calculate total

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Abm 3s Problem Solving

    Uploaded by

    PHEGIEL HONCULADA MAGAMAY
    18 views2 pages
    This document contains a test with multiple choice and financial statement preparation problems. Problem 1 asks to calculate current liabilities given information about total assets, equity, accounts payable and loans payable. Problem 2 asks to calculate net loss for the year given information about ending equity, additional investments, withdrawals and beginning equity. Problem 3 asks to calculate net income/loss for a period given transactions of revenue and expenses. Problem 7-9 asks to calculate ending capital balance for an owner given initial capital, net loss in year 1, additional capital invested in year 2, net income in year 2 and withdrawal. Problem 10-12 asks to calculate ending capital/owner's equity given beginning capital and transactions. Problem 13-15 asks to calculate total

    Original Description:

    Accounting Problems Sample

    Original Title

    abm 3s problem solving

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains a test with multiple choice and financial statement preparation problems. Problem 1 asks to calculate current liabilities given information about total assets, equity, accounts payable and loans payable. Problem 2 asks to calculate net loss for the year given information about ending equity, additional investments, withdrawals and beginning equity. Problem 3 asks to calculate net income/loss for a period given transactions of revenue and expenses. Problem 7-9 asks to calculate ending capital balance for an owner given initial capital, net loss in year 1, additional capital invested in year 2, net income in year 2 and withdrawal. Problem 10-12 asks to calculate ending capital/owner's equity given beginning capital and transactions. Problem 13-15 asks to calculate total

    Copyright:

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

    Abm 3s Problem Solving

    Uploaded by

    PHEGIEL HONCULADA MAGAMAY
    This document contains a test with multiple choice and financial statement preparation problems. Problem 1 asks to calculate current liabilities given information about total assets, equity, accounts payable and loans payable. Problem 2 asks to calculate net loss for the year given information about ending equity, additional investments, withdrawals and beginning equity. Problem 3 asks to calculate net income/loss for a period given transactions of revenue and expenses. Problem 7-9 asks to calculate ending capital balance for an owner given initial capital, net loss in year 1, additional capital invested in year 2, net income in year 2 and withdrawal. Problem 10-12 asks to calculate ending capital/owner's equity given beginning capital and transactions. Problem 13-15 asks to calculate total

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    Name: ____________________________________ Score: ____________

    I. Problem Solving. 1-2. Total assets amounted to Php 575,000. Total equity amounted to Php 375,000. Accounts Payable
    amounted to Php 125,000 while Loans Payable (3 yrs) totaled Php 75,000. Assuming there are no other current liabilities,
    compute for the company’s current liabilities. Answer: ___________

    3-4. Ending owner’s equity amounted to P20,000. Additional investments during the year amounted to P30,000. Withdrawals
    totaled P50,000. Compute for the company’s net loss for the year assuming beginning equity is P50,000. Answer:
    __________

    5-6. During October 2017, a laundry services had the following transactions involving revenue and expenses. What is the net
    income/net loss for the period? Answer: ____________
    Paid Php 1,200 for rent
    Provided services for Php 1,750 in cash
    Paid Php 250 for telephone service
    Provided services for Php 900 on credit
    Paid salaries of Php 1,675 to employees
    Paid Php 350 for office cleaning service

    7-9. Owner, Juan invested an initial capital amounting P50,000 in order to put up his janitorial services company last January
    2016. During the first year of operation (2016), the company had a net loss of P25,000. Because of this, Juan invested
    additional capital amounting to P50,000 in 2017. For the second year (2017), the company had a net income of P100,000 and
    Juan withdrew P10,000 for personal use. Compute for the ending capital balance of Juan for the year 2017. Answer: _______
    10-12. Joan Java, Beg. Capital P 100,000
    Rent Expense 15,000
    Utilities Expense 10,000
    Service Income 25,000
    Taxes and Licenses 10,000
    Joan Java, Drawing 30,000
    How much is the Ending Capital or the total Owner’s Equity? Answer: ____________

    13-15. Prepaid Rent P 10,000


    Notes Receivable (1yr) 60,000
    Accounts Payable 10,000
    Accounts Receivable 80,000
    Supplies 20,000
    Estimated Uncollectible Accounts 1,000
    Cash 30,000
    Salaries Payable 15,000
    Delivery Vehicle 90,000
    Accumulated Depreciation-Delivery Vehicle 5,000
    Compute for the Total Current Assets. Answer: ____________

    Test II. Prepare the following Financial Statements. (30 points) Write your answer at the back.
    1. Prepare a Statement of Financial Position (report form) of Kaya Ko Laundry Services using the following accounts as of
    Dec. 31,2018
    Cash – 5,000
    Loans Payable – 77,500
    Accounts Receivable – 3,000
    Allowance for Doubtful Accounts - 400
    Prepaid Insurance - 13,000
    Supplies – 2,300
    Equipment – 15,000
    Accumulated Depreciation-Equipment - 2,000
    Owner’s equity (ending) – 40,000
    Accounts Payable – 22,400
    Building – 100,000

    You might also like