Republic of the Philippines

Department of Education
Region 02
Division of Cagayan
CAGAYAN NATIONAL HIGH SCHOOL

COMPREHENSIVE PROBLEM 2
PREPARATION OF STATEMENT OF FINANCIAL STATEMENTS

NAZIZZIYAT Corp owns the YUMO Heavy Bombers, a senior high school basketball team in the
Phil- Am Basketball Association. Presented below is the Nov. 30, 2019 trial balance representing
activities from January 1, 2019 to November 30, 2019, together with the account numbers and
titles.

YUMO HEAVY BOMBERS

Trial Balance
Nov. 30, 2019

Acct No. Account Titles Debit Credit

110 Cash P1, 129, 800
120 Accounts Receivable 3, 712, 500
130 Uniform Supplies 31, 050
140 Prepaid Insurance -0-
150 Land 2, 025, 000
160 Training Facilities 12, 750, 000
170 Training Equipment 2, 625, 000
180 Player Contracts 11, 250, 000
210 Notes Payable P1, 800, 000
220 Accounts Payable 4, 725, 000
230 Mortgage Payable 10, 500, 000
310 YUMO, Capital 17, 643, 750
320 YUMO, Withdrawals 1, 875, 000
410 Game Attendance Revenues 10, 125, 000
510 Salaries Expense 4, 875, 000
520 Advertising Expense 400, 950
530 Travel Expense 1, 532, 400
540 Laundry Expense 528, 000
550 Medical Expense 194, 550
560 Utilities Expense 1, 734, 000
570 Miscellaneous Expense 130, 500
Totals P44, 793, 750 P44,
793, 4450

During the month of December 2019, the Bombers were participating in the 2019 playoffs and
the following transactions took place:
Dec 1 Acquired the contract of Agustin Tiongco from the Negros Navigators for
P1,875,000;
Paying P225,000 in cash and financing the remainder by issuing a note payable
 2 Collected P2,809,500 on accounts receivable from season ticket holders
3 Settled accounts payable, P1,657,500
4 Paid for TV Advertising, P78,600
5 Acquired on additional uniforms for the upcoming series with the San Alcantara
Padres,
P30,750
9 Billed season- ticket holder for the last five games, P320,250
10 Paid the amount due on this date for a note payable, P600,000
11 Acquired insurance for the months of December to June, P215,250
12 Acquired additional training equipment on account, P319,500
15 Paid player’s salaries, P1,136,250
17 Received P3,316,050 cash for tickets to playoff games
19 Paid travel expenses to San Alcantara, P558,000
20 Paid laundry expenses, P12,600
23 Paid creditors, P941,850
25 Paid miscellaneous expenses, P26, 850
26 Paid medical expenses, P18,900
27 Paid utilities expenses, P210, 450
28 Paid player’s salaries, P1,240,650
30 YUMO withdrew P250,000

REQUIREMENT
1. Prepare the journal entries
2. Prepare the T-accounts
3. Prepare a trial balance
4. Prepare the Statement of Comprehensive Income (Nature of Expense Method)
5. Prepare the Statement of Changes in Equity
6. Prepare the Statement of Financial Position (Report Form)
7. Prepare the Statement of Cash flows (Direct Method)
8. Do an analysis and interpretation of Financial Statement using FINANCIAL RATIOS.