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(BRAIN COMPANY)
Capital, end
Assets
Less liabilities
Capital, beginning
Assets
Less liabilities
Increase in capital
Additional investments
Withdrawals
Profit
P609,000
138,000
P485,000
94,000
P471,000
391,000
P 80,000
(70,000)
120,000
P130,000
6-2.
a.
b.
c.
d.
6-3.
(GRAIN COMPANY)
Requirement 1
Capital, end
Assets
Less liabilities (including P8,000 unrecorded purchase)
Capital, beginning
Assets
Less liabilities
Increase in capital
Withdrawals
Profit
P352,800
123,500
P293,200
117,800
P229,300
175,400
P 53,900
20,000
P 73,900
Requirement 2
Grain Company
Statement of Comprehensive Income
For Year Ended December 31, 2014
Sales (net of P21,000 returns) Schedule 1
Cost of goods sold
Merchandise inventory, January 1
Purchases (net of P13,000 returns) Schedule 2
Merchandise inventory, December 31
Gross profit on sales
Other income
Operating expenses Schedule 3
Operating income
Interest expense
Profit
Schedule 1 Sales
Receipts from customers
Accounts receivable, beginning
P725,000
P 97,200
551,200
(105,800)
P697,500
( 59,400)
29
542,600
P182,400
8,000
(114,000)
P 76,400
2,500)
P 73,900
76,100
10,800
21,000
P746,000
Schedule 2 Purchases
Payments to trade creditors
Accounts payable, beginning
Accounts payable, ending
Unrecorded purchases
Purchase returns
Gross purchases
P536,600
( 63,300)
69,900
8,000
13,000
P564,200
P 10,800
9,500
P94,100
6,000
( 7,500)
( 4,500)
5,600
P 114,000
(TRAIN FASTFOOD)
Train Fastfood
Statement of Comprehensive Income
For Six Months Ended December 31, 2014
P2,100,000
Sales
Cost of sales:
Purchases
Less Inventory, end
Gross profit
Depreciation expense
Other operating expenses
Net profit
P1,850,000
450,000
1,400,000
P 700,000
( 24,000)
( 556,000)
P 120,000
Train Fastfood
Statement of Financial Position
December 31, 2014
Assets
Liabilities and Capital
Current Assets
Current Liabilities
Cash
P 24,000
Accounts payable
Accounts receivable
200,000
Bank loan
Inventory
450,000
Total current liabilities
Total current Assets
P674,000
Non-current Assets
Tom Cruz, Capital
Equipment
P400,000
Initial investment
P500,000
Less accum. Depr 24,000
376,000
Add profit
120,000
Total assets
P1,050,000 Total liabilities and capital
Computation of cash balance:
30
P230,000
200,000
P430,000
620,000
P1,050,000
6.5.
P 300,000
1,900,000
500,000
P1,620,000
300,000
200,000
556,000
P2,700,000
2,676,000
P
24,000
(HORN CORPORATION)
(Cash Basis)
Horn Corporation
Income Statement
For the Years Ended December 31, 2014 and 2013
Revenues
Expenses
Profit
2014
2013
2014
2013
6-6.
2014
P445,000
(255,000)
P190,000
2013
P485,000
(277,000)
P208,000
Sales
Cost of Sales
Salaries Expense
Rent Expense
Other Operating Expenses
Profit
6-7.
2013
P295,000
(225,000)
P 70,000
Revenues
Expenses
Profit
2014
2013
2014
2013
2014
P 515,000
(272,000)
P 243,000
(ATTY. D. MACAPANALO)
Atty. D Macapanalo
31
Accrual Basis
P1,057,500
( 637,500)
( 126,000)
( 20,000)
(104,000)
P 170,000
P
P
Professional Fees
2014 Collection
Fees Receivable, January 1
Fees Receivable, December 31
Unearned Fees, January 1
Unearned Fees, December 31
Professional Fees, Accrual Basis
P1,250,000
( 52,000)
47,000
26,200
( 29,000)
P 514,900
Expenses
2014 Payments
Accrued expenses, January 1
Accrued expenses, December 31
Prepaid expenses, January 1
Prepaid expenses, December 31
Expenses, accrual basis
6-8.
1,242,200
727,300
514,900
P 722,400
( 18,000)
21,500
6,400
( 5,000)
P 727,300
7,440,000
4,670,000
2,770,000
20,000
2,790,000
298,667
1,003,600
1,302,667
1,487,733
104,000
1,383,733
Jack
P1,750,000
(500,000)
691,867
P1,941,867
Equity, January 1
Withdrawals
Share in profit
Equity, December 31
Jack and Jill Company
Statement of Financial Position
December 31, 2014
Assets
32
Jill
P1,815,000
(250,000)
691,866
P2,256,866
P
P
P
P
736,000
1,782,500
(42,500)
30,000
75,000
3,750,000
8,000
6,339,000
220,000
(87,000)
940,000
(421,667)
651,333
6,990,333
1,875,000
16,600
900,000
2,791,600
1,941,867
2,256,866
4,198,733
6,990,333
Sales
Collections in 2014 (6,500,000 -60,000)
Accounts receivable, end (1,800,000 17,500)
Write of
Accounts receivable, January 1, 2014
Sales
P6,440,000
1,782,500
17,500
( 800,000)
P7,440,000
Purchases
Payments to merchandise creditors
Accounts payable, end
Returned merchandise (to be applied to future purchases)
Accounts payable, beginning
Net purchases
P4,500,000
1,875,000
(
75,000)
(1,380,000)
P4,920,000
Cost of sales
Inventory, beginning
Net purchases
Inventory, end
Cost of sales
P3,500,000
4,920,000
( 3,750,000)
P4,670,000
Depreciation expense
On old furniture and fixtures (P220,000/10)
On old automobiles (P780,000 280,000)/ 3
On new automobile 440,000 / 3 x 9/12
33
P 22,000
166,667
110,000
P 298,667
P1,000,000
15,000
( 8,000)
( 20,000)
16,600
P1,003,600
Interest Expense
On bank loan obtained on 01/02/14 and paid 05/02/14
Accrued on bank loan obtained on 05/01/14
Total interest expense
P
P
32,000
72,000
104,000
Theory
MC1
D
MC2
A
MC3
MC4
Problems
MC11
D
MC12
MC13
MC14
MC15
MC16
MC17
MC18
MC19
MC20
MC21
MC22
MC23
MC24
A
D
B
A
D
D
A
A
B
D
B
C
C
MC25
MC26
MC27
C
B
MC28
MC30
MC31
C
C
B
MC32
MC33
B
C
C
A
MC5
MC6
D
B
MC7
MC8
C
A
MC9
MC10
A
C
210,000 50,000 = 160,000 capital, end; 260,000 60,000 = 200,000 beg cap
160,000 200,000 = 40,000 dec in capital + 50,000 12,000 = 78,000 net loss.
(80,0004,000) + (120,000 6,000+ 40,000 30,000) = 200,000
800,000 + 320,000 + 124,000 240,000 96,000 = 908,000
189,000 + 12,000 8,000 + 36,000 + 7,000 10,500 = 225,500
30,000 + 3,000 21,000 = 12,000 + 60,000 58,000 = 14,000
600,000 + 400,000 200,000 + 300,000 150,000 = 950,000
794,000 + 51,000 45,000 = 800,000
715,000 144,000 96,000 7,000 = 468,000 + 60,000 33,000 = 495,000
800,000 (144,000/45%) = 480,000
890,000 270,000 600,000 60,000 + 130,000 = 90,000
310,000 + 85,000 + 4,000 + 66,000 = 465,000
280,000 + 67,000 + 5,000 = 352,000
352,000 5,000 21,700 = 325,300
45,000 + 3,500 + (200,000 x 2%) + (4,000/20% = 20,000 x 5%) = 53,500
45,000 + 280,000 + 140,000 110,000 = 355,000 + 10,000 + 50,000 60,000 =
355,000
800,000 96,000 + 124,000 + 320,000 908,000 = 240,000
2,000,000 + 960,000 + 100,000 + 800,000 + 120,000 + 320,000 400,000
1,600,000 + 1,200,000 + 2,000,000 = 5,500,000
7.5M 5.8M = 1.7M 1.5M + .28M = 480,000
320,000 650,000 400,000 = 730,000
Dr changes = 142,500+202,500+630,000+172,500 = 1,147,500
Cr changes = 30,000+375,000+300,000+45,000 = 750,000
1,147,500 750,000 = 397,500 + 82,500 = 480,000
400,000+3,000,000-485,000=2,915,000 + 200,000 = 3,115,000
60,000 5,000 + 7,500 +3,000 4,000 = 61,500
34