Asynchronous Activity

3
Sorsogon National High School April 6 , 2021

SENIOR HIGH SCHOOL DEPARTMENT

FABM 2
Name: __________________________________________________________________________________________
Louise Joseph G. Peralta
Grade & Section: __________________________________,
11 - Fairness Date Accomplished: _________________________

Modality: 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

Juan Dela Cruz Sari-Sari Store

Statement of Financial Position As of December 31,2019

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)

Daily Allowance (P50) x number of days in a

month (20) = P1,000

My Expenses ( before the pandemic)

Transportation= P 240
Foods= P 500
Entertainment = P 100
P 840

Revenue = P1,000
Expenses= P840
Net Income= P160

Louise Joseph G. Peralta

Statement of Comprehensive
Income
As of April10, 2021
Revenue: P1,000
Monthly Allowance

Expenses:
Transportation P240
Food P500

Entertainment P100
P840
Total Expense
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.

True 1. The Statement of Comprehensive Income is a representation of the results of operations of an

entity as of the cut-off date.

2. The major elements of the SCI are income and Expense.

______ 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

Answer: The company’s net income for the year is 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.