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Sorsogon National High School April 6 , 2021
ality: ONLINE Type: Synchronous and Asynchronous Platform: Google Meet/Classroom G-Meet Link: meet.google.com/pad-ybnu-bcn
FABM 2 – WEEK 2
1st Quarter; School Year 2020-2021
Assets
Current Assets Cash
P50,000
Accounts Receivable P75,000
Supplies P30,000
Total Current Assets
P155,000
Noncurrent Assets
Building P12,000
Equipment P100,000
Total Noncurrent Assets
P112,000
Total Assets
P267,000
Liabilities
Current Liabilities
Accounts Payable P28,000
SSS, Philhealth and Pag-ibig Payables P5,000
Total Current Liabilities
P33,000
Noncurrent Liabilities
Loans Payable P50,000
Total Noncurrent Liabilities
P50,000
Total Liabilities
P83,000
Balance P184,000
My Monthly Allowance ( before the pandemic)
Revenue = P1,000
Expenses= P840
Net Income= P160
P240
Louise Joseph
P500 G. Peralta
Statement of Comprehensive
P100
Income
As of April10, 2021
Revenue: P1,000
Monthly Allowance
Expenses:
Transportation
Food
Entertainment
Total Expense P840
P160
Net Income
Practice Task 2: Read each sentence. Write TRUE if the given statement is true, change the underlined
word if it is false.
______ 3. Inflows of cash or other properties received in exchange for goods or services provided to
customers as part of the major operations of the business are called Income/Revenue.
True 4. Net Income is a result of the entity’s revenue greater than its total expenses.
True 5. Expenses represent incurred liabilities or decrease in assets through the provision of goods or
services.
Practice Task 3: Compute the following using the SCI Formula.
1. Learning is Fun Company generated revenues amounting to P 100,000. Expenses for the year
totaled P 76,000. How much is the company’s net income for the year?
Formula:
Revenue/Sale - Expense = Net Income P100,000 - P76,000 = P24,000
2. 2. By the end of the month, Jackson's had earned Revenues -P 20,000 Utilities Expense – P 1,000
Salaries Expense – P 1,500 How much is the net income to be reported by the company for this first
month
Formula:
Revenue/Sale - Expense = Net Income P20,000 -
P2,500 = P17,500 (1000+1,500)
Answer: The net income to be reported by the company for this month is P17,500.