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    FDNACCT - Quiz #1 - Solutions To PS - Set B

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    leshamunsay
    This document contains 12 accounting problems involving calculations of revenues, expenses, assets, liabilities, equity, and capital. For each problem, financial information is provided such as beginning and ending balances, revenues, expenses, investments, and withdrawals. Calculations are shown to solve for unknown values.

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    FDNACCT - Quiz #1 - Solutions To PS - Set B

    Uploaded by

    leshamunsay
    47 views2 pages
    This document contains 12 accounting problems involving calculations of revenues, expenses, assets, liabilities, equity, and capital. For each problem, financial information is provided such as beginning and ending balances, revenues, expenses, investments, and withdrawals. Calculations are shown to solve for unknown values.

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    FDNACCT_Quiz #1_Solutions to PS_Set B

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    This document contains 12 accounting problems involving calculations of revenues, expenses, assets, liabilities, equity, and capital. For each problem, financial information is provided such as beginning and ending balances, revenues, expenses, investments, and withdrawals. Calculations are shown to solve for unknown values.

    Copyright:

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

    FDNACCT - Quiz #1 - Solutions To PS - Set B

    Uploaded by

    leshamunsay
    This document contains 12 accounting problems involving calculations of revenues, expenses, assets, liabilities, equity, and capital. For each problem, financial information is provided such as beginning and ending balances, revenues, expenses, investments, and withdrawals. Calculations are shown to solve for unknown values.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Quiz #1

    Solutions to Problem Solving


    Set B
    1 Accounting Revenues ₱ 900,000
    Interest Income 5,000 ₱ 905,000
    Transporation Expenses ₱ 130,000
    Supplies Expense 70,000
    Salaries Expense 305,000
    Rent Expense 117,000
    Utilities Expense 165,000 - 787,000
    Net income ₱ 118,000

    2 Capital, Beg ₱ 230,000


    Additonal Investment 223,000
    Net income 510,000
    Owners Drawing - 102,000
    Capital, End ₱ 861,000

    3 Accounts Receivable ₱ 50,000


    Cash 66,000
    Office Supplies 14,000
    Prepaid Expense 23,000
    Current assets ₱ 153,000

    4 Accounts Payable ₱ 25,230


    Salaries and Wages Payable 25,140
    Unearned Service Income 85,150
    Current liabilities ₱ 135,520

    5 Accounts Receivable ₱ 14,500


    Cash 27,000
    Office Furniture 42,250
    Total assets ₱ 83,750

    6 Current assets ₱ 200,000


    Non-current assets 700,000
    Total assets ₱ 900,000
    Equity, end - 300,000
    Current liabilities - 100,000
    Non-current liabilities ₱ 500,000
    7 Increase in Capital ₱ 168,000
    Additional investment - 57,000
    Withdrawal 43,000 at original cost
    Net income ₱ 154,000

    Proof:
    Net income ₱ 154,000
    Additional investment 57,000
    Withdrawal - 43,000
    Increase in Capital ₱ 168,000

    Note: The expense is a dummy variable.

    8 Capital, End ₱ 430,000


    Net income - 38,000
    Additional investment - cash - 50,000
    Additional investment - laptop - 20,000 at fair market value
    Capital, Beg ₱ 322,000

    9 Capital, Beg ₱ 120,000


    Revenues 60,000
    Expenses - 44,000
    Drawings - 2,000 supplies
    Capital, End ₱ 134,000

    10 Assets Increased by ₱ 60,000


    Liabilities decreased by 40,000
    Increase in equity ₱ 100,000

    Proof:
    Acounting Equation A L OE
    60,000 = - 40,000 + 100,000
    60,000 = 60,000

    11 Revenue received in cash ₱ 80,000


    Revenue on account 70,000
    Revenues ₱ 150,000

    12 Rent Expense ₱ 110,000


    Salaries Expense 196,000
    Electricity Expense 124,500
    Expenses ₱ 430,500

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