FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

Name: KEIR EDUARD S. DE GUZMAN Section: DAH Module # 4

Subject Teacher Rosal C. Arche Parent’s Signature ____________________

Independent Activity 1. What’s My Net Income?

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?

Answer: 24,000

Independent Assessment 1. Juan’s Net Income

At the end of the first month of operations for Juan’s Service Company, the business had the
following accounts: Cash, Php19,000; Prepaid Rent, Php500; Equipment, Php5,000 and Accounts
Payable Php2,000. By the end of the month, Jackson's had earned Php20,000 of Revenues,
Php1,000 of Utilities Expenses and Php1,500 of Salaries Expenses. Calculate the net income to be
reported by the company for this first month.

Answer: 17,500

Independent Activity 2. How much did I sell?

Compute for the Cost of Goods Sold using the following:

Sales P 15,000
Purchases P 2,000
Purchase returns P 200
Purchase discounts P 200
Freight-in P 100
Beginning inventory P 1,000
Ending inventory P 500

Answer: 2,100

Independent Assessment 2. Loss or Gain?

During October, a sari-sari store had the following transactions involving revenue and expenses.
Did the firm earn a net income or incur a net loss for the period? What was the amount?

Paid Php1,200 for rent

Provided services for Php2,750 in cash
Paid Php250 for telephone service
Provided services for Php1,900 on credit
Paid salaries of Php1,675 to employees
Paid Php350 for office cleaning service
Answer: 1,175

Independent Activity 3. How Much Did You Gain?

Direction: Answer the question below.

You are an owner of a small barber shop in your barangay and you wish to know how much
your business has earned for the past year. To do so, you gathered the following records of all your
previous transactions. How much net income did you gain?

Total revenue P 176,000.00

Salaries expense P 49,600.00
Rent expense P 36,000.00
Depreciation expense P 5,000.00
Utilities expense P 7,450.00
Miscellaneous P 4,850.00

Answer:82,800
ASSESSMENT:
C. Prepare SCI using the data in your module.

DRIP UKAY UKAY

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2020

NET SALES P 560,000.00

COST OF GOOD SOLD P 385,000.00
GROSS PROFIT P 175,000.00
P 50,000.00
GENERAL AND ADMINISTRATION EXPENESE

SALARIES EXPENSES P 30,000.00

RENT EXPENSES P 25,000.00
DEPRECIATION EXPENSE P 20,000.00
UTILITIES P 8,000.00
MISCELLEANUOS P 7,000.00 P 90,000.00

SELLING EXPENSE

SHARE EXPENSES P 20,000.00

RENT EXPENSE P 13,000.00
DEPRECIATION EXPENSE P 9,000.00
ADVERTIZING P 8,000.00 P 50,000.00

NET INCOME P 35,000.00