Name: Acedillo, Miguel Milecio Emiricco F.

12-STEM

Mrs. Dominica Castor

Entrepreneurship

Week 6 to 8

Pre-Test

1. E

2. F

3. C

4. B

5. D

B.

1. Bookkeeping

2. Financial Statement

3. Accounting

4. Cash Flow Statement

5. Revenue

Activity 1.

A.

Printing services= Total Revenues-(Designing services + Other Income)

Printing services=49500-(14200+6700)

P49,500-P20, 900= P28,600

Printing Services=28,600

Total Expenses= 49500-9300

Total Expenses= 40,200

Salaries, supplies, internet, rent, equipment maintenance and repair, utilities, other expenses, taxes and
legal obligations depreciation expense= P35,800.00

Utility expenses= P40, 200.00 - P35, 800.00

Utility expenses= P4, 400.00

Net income= revenue-expenses

Net income= P49, 500.00 - P40, 200.00

Net income= P9, 300.00

B.

Total income= P47, 250.00- P15, 000.00

Total Income= P32, 250.00

Caballero's Owner's equity= Total - (additional investment + net income)

Caballero's Owner's equity= P92, 600.00-(P47, 250.00)

Caballero, Owner’s Equity, May 1, 2020 = P45, 350.00

Caballero's Owner's equity for the month of June= P92, 600.00-P15, 000.00

Caballero, Owner’s Equity June 30, 2020 = P77, 600.00

C.

Cash= Total current assets – (supplies + Accounts receivable)

Cash= P78, 400.00- (P3, 500.00+ P24, 000.00)

Cash= P50, 900.00

Accounts Payable= Total liabilities – (notes payable + salaries payable + Utilities Payable)

Accounts Payable= P35, 800.00 - (P10, 000.00+ P8, 000.00+ 5,500.00)

Accounts Payable= P12, 300.00

Capital= Total Liabilities and Equity - Total Liabilities

Capital= P167, 400.00- P35, 800.00

Montemayor Capital= P131, 600.00

Total Owner's Equity = Capital

Total Owner's Equity= P131, 600.00

Total Property, Plant & Service Equipment= Coffee and Barista Equipment+ Catering Utensils and
Equipment

Total Property, Plant & Service Equipment= (P100, 000.00- P38, 000.00) + (P35, 000.00-P8, 000.00)

Total Property, Plant & Service Equipment= P62, 000.00 +P27, 000.00

Total Property, Plant & Service Equipment= P89, 000.00

Total Assets= Total Property, Plant & Service Equipment + Total Current Assets

Total Assets= P89, 000.00+ P78, 400.00

Total Assets= P167, 400.00

D. Mark-Kith Merchandising Statement of Cash Flows For the Month of July, 2020

Cash payments to suppliers= Cash received from customers- (Cash payments to sales staff + Cash
payment for store rent + Cash payment for utilities) + Net Cash provided by or used in operating
activities)

Cash payments to suppliers = P55, 800.00- (P16, 000.00+ P10, 000.00, P8, 000.00) + P6, 200.00

Cash payments to suppliers= P55, 800.00 - P34, 000.00 + P6, 200.00

Cash payments to suppliers= (P28, 000.00)

Net Cash provided by (used in) Investing activities = payment to purchase store supplies + payment to
acquire POS machine

Net Cash provided by (used in) Investing activities= P5, 800.00 + 1 0, 200.00

Net Cash provided by (used in) Investing activities= (P16, 000.00)

Payments for withdrawals of owner = Cash received as investments by owner + Cash received from
borrowings - Net Cash provided by (used in) Investing activities
Payments for withdrawals of owner= P85, 800.00 + P45, 000.00 - P102, 050.00

Payments for withdrawals of owner= P28, 750.00

Net increase (decrease in cash) =Net Cash provided by (used in) operating activities (Operating Activity)
+ Net Cash provided by (used in) Investing activities (Investing Activities) + Net Cash provided by (used
in) Investing activities (Financing Activities)

Net increase (decrease in cash)= P102, 050.00 - [(6,200.00)+(P16, 000.00)]

Net increase (decrease in cash)= P79, 850.00

Cash balance at the end of the period= Net increase (decrease in cash) + Cash balance at the beginning
of the period

Cash balance at the end of the period= P79, 850.00 + P0.00

Cash balance at the end of the period= P79, 850.00

Activity 2:

A. Income Statement

Mig’s Resorts

Income Statement

For The Year Ended December 31, 2021

Revenue

Service Income. ₱ 3,473,250.00

Total Revenue ₱ 3,473,250.00

Expenses

Salaries Expense ₱ 711,500.00

Supplies Expense 328,000.00

Utilities Expense 304,100.00

Telephone Expense 114,400.00

Depreciation Expense 93,833.26

Insurance Expense 18,750.00

Interest Expense 2,500.00 (1,573,083.26)

Net Income ₱ 1,900,166.74

B. Statement of Changes in Equity

Mig’s Resorts

Statement of Changes in Equity

For the Year Ended December 31, 2021

Ms. Esmeralda, Capital, January 1, 2021 P16,860,253.37

Add: Net Income for the Year for the year 2021 1,900,166.74

Subtotal: P18,760,420.11

Less: Ms. Esmeralda, Withdrawals 0.00

Ms. Esmeralda, Capital, December 31, 2021 P18,760,420.11

C. Balance Sheet

Mig’s Resorts

Balance Sheet

December 31,2021

Assets Liabilities

Current Assets Current Liabilities

Cash ₱20,772,503.37 Accounts Payable ₱18,000.00

Accounts Receivable 536,000.00 Salaries Payable 30,000.00

Supplies 35,000 Interest Payable 2,500.00

Prepaid Insurance 18,750.00 Total Current Liabilities ₱50,500.00

Total Current Assets ₱21,324,753.37 Non - Current Liabilities

Non-Current Assets Loan Payable ₱5,000,000.00

Equipment ₱500,000.00 Total Liabilities ₱5,050,500.00

Building 2,000,000.00

Furniture and Fixtures 80,000.00 Owner’s Equity

Accumulated Depreciation -93,833.26 Ms. Esmeralda, Capital ₱16,860,253.37

- Furniture Net Income
1,900,166.74

Total Non-Current Asset ₱2,486,166.74 Total Owner’s Equity ₱18,760,420.11

Total Assets ₱23,810,920.11 Total Liabilities and Owner’s ₱23,810,920.11

Equity
D. Cash Flow

Mig’s Resorts

Statement of Cash Flow

For the Year Ended December 31, 2021

Cash Flows from Operating Activities

Cash received from Customers P 2,937,250

Cash paid for Salaries (681,500)

Cash paid for Supplies (345,000)

Cash paid for Telephone (114,400)

Cash paid for Utilities (304,100)

Net Cash Flow generated by Operating Activities P1,495,250

Cash Flow from Investing Activities

Cash paid for purchase of Equipment (500,000)

Cash paid for purchase of Building (2,000,000)

Cash paid for Furniture and Fixtures (80,000)

Net Cash Flow used for Investing Activities (P2,580,000)

Cash Flow from Financing Activities

Cash Investment of Ms. Esmeralda 16,860,253.37

Cash Borrowed from the Bank . 5,000,000

Net Cash Flow generated by Financing Activities P21,860,253.37

Net Increase in Cash P 20,772,503.37

Add: Cash Balance, Beginning 0

Cash Balance, Ending P 20,772,503.37

Check Your Understanding

1. Discuss the difference between Bookkeeping and Accounting using the Venn diagram.

2. How important is bookkeeping in a business? Explain your answer.

Proper bookkeeping provides a trustworthy gauge of a company's performance. It also serves as a guide
for making general strategic decisions and a benchmark for the company's revenue and profit targets. In
short, once a company is up and operating, it is necessary to devote more time and resources to
preserving accurate records.

3. Which of the financial statements presented in this module is the most important to use? Why do you
say so? Explain your answer.

The financial statements presented in this module that is the most important to use is balance sheet.
Balance sheet because gives interested groups an idea of the company's financial position, in addition to
displaying what the company owns and owes. It is important that all investors know how to use, analyze
and read a balance sheet. A balance sheet may give insight or reason to invest in a stock.
Matching Type

1. E

2. F

3. C

4. B

5. D

Identification

1. Bookkeeping

2. Financial Statement

3. Accounting

4. Cash Flow Statement

5. Revenue