St. Isidore Academy of Trinidad Bohol, Inc.

Poblacion, Trinidad, Bohol 6324

Member: Catholic Educational Association of the Philippines
Bohol Association of Catholic Schools

FINAL EXAM
FIRST QUARTER
ABM 2

NAME: _____________________________________________ Date: ______________

YEAR AND SEC.: _____________________________________ Score: _____________

I. Directions: Solve the following problems and show your solutions. (5pts.)

1. Happy Selling’s beginning inventory amounted to 250,000. Net purchases amounted to 70,000.
Freight In totaled 15,000. Compute for the company’s cost of goods available for sale.

2. Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for the year
totaled Php 76,000. How much is the company’s net income for the year?

3. Happy Selling’s Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php
30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase
returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is
the company’s Net Sales? Net Purchases?

4. Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of accountants
amounted to Php 20,000. No other expenses were incurred. How much is the company’s general
and administrative expense?

5. Company’s Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php
85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute
for the company’s Ending Inventory.

III. Directions: Prepare a multi-step Statement of Comprehensive Income for the company. (25 pts.)

Sales – 20,000
Cost of Goods Sold – 10,000
General and administrative expenses – 4,000
Selling expenses – 2,000
You can use any business name and the end of the current year for the heading.