Name:_____________

ABM 11
Seatwork: 7/25/19
Use Yellow legal pad paper for your computation
1. Payong, Agnete and Barrameda are partners sharing profits and losses at a ratio of 2:1:3. Their capital balances are in
the same proportionate relationship as their P/L ratio. If Payong capital balance is
Php40 000.00, find:
A. The total capital of the firm
B. The capital of Agnete and Barrameda
2. Find the tax due on gross receipts of Php 25 360 .00 if the tax rate is 3%
3. The tax paid on an item selling Php3 200.00 is Php384.00. Find the tax rate.
4. if the tax rate is 5% and the total amount paid including tax is Php1 344.00, find:
a. price before tax
b. tax paid
5. a Partnership also pays the same corporate income tax rate of 35% on income earned. If a partnership earned a net
profit of Php75 000, find the:
a. tax paid by the partnership
b. Net income after tax
6. Assume that Manny and Joy own the partnership in #5 above and that they share profits and losses: 60% to Manny
and 40% to Joy. Find the share of each in the net profit after tax.
7. fill in the following sections of a balance sheet. Place your computation on a separate sheet for you common-size
statement
Amount Percent
Assets:
Current Assets P135 250.00 ______
Fixed Assets 85 500.00 ______
Total Assets P220 750.00 100.00%
Liabilities:
Current Liabilities P 20 000.00 ______
Long-Term Liabilities 50 000.00 ______
Total Liabilities P 70 000.00 ______
Stockholders’ Equity:
Capital Stock P100 000.00 ______
Retained Earnings 50 000.00 ______
Total Stockholders’ Equity P150 000.00 ______

Total Liabilities and Stockholders’ Equity P220 750.00 100.00%

8. Using the data in #7 compute for:
a. Current Ratio
b. Debt Ratio
9. Complete the amount and percent of the ff:
2010 2011 amount %

Sales P328 560.00 P294 600.00

Cost of Sales 150 640.00 147 300.00
Gross Profit P177 920.00 P147 300.00
Operating expenses 42 800.00 41 260.00
Net Profit P135 120.00 P106 040.00
10. Using the data in #9 compute for:
a. Profit margin
b. Return on assets assuming that the average total assets is P220 750.00