Professional Documents
Culture Documents
ANSWER SHEET
A. MULTIPLE CHOICE
1 B 6 B 11 C 16 A 21 B 26 A
2 C 7 A 12 B 17 B 22 C 27 A
3 A 8 B 13 A 18 B 23 B 28 A
4 C 9 C 14 A 19 B 24 A 29 C
5 A 10 C 15 C 20 C 25 B 30 A
PROBLEM 1
1 Cash A P INC DR
B Tools A P INC DR
Truck A P INC DR
RENT EXPENSE
4/15 P 10,000
ACCOUNTS RECEIVABLE
4/8 P 20,000 4/15 P 10,000
UTILITIES EXPENSE
4/30 P 5,000
VULCANIZING SUPPLIES
4/3 P 10,000
VULCANIZING EQUIPMENTS
4/2 P 100,000
FURNITURE
4/20 P 20,000 MARIEL, DRAWINGS
4/25 P 5,000
ACCOUNTS PAYABLE
4/9 P 2,000 4/3 P 10,000
PROBLEM III
Trial Balance
April 2018
Cash P
172,000
TOTAL P P
388,000 388,000
PROBLEM IV.
2017
Dec 31 Depreciation Expense P
1,000
Accumulated Depreciation – Office P
Equipment 1,000
31 Depreciation Expense P
1,000
Accumulated Depreciation – Office P
Furniture 1,000
31 Supplies Expense P
2,000
Office Supplies P
2,000
31 Prepaid Rent P
2,500
Rent Expense P
2,500
31 Doubtful Accounts P
500
Allowance for Doubtful Accounts P
500
31 Consultancy Fees P
4,000
Unearned Consultancy Fees P
4,000
31
31
31
31
31
PROBLEM V.
CLOSING ENTRIES
Income Summary P
72,000
Supplies Expense P
20,000
Utilities Expense 15,000
Interest Expense 12,000
Postage, Telephone, and Telegraph 5,000
Miscellaneous Expense 20,000
Income Summary P
63,000
Goldie, Capital P
63,000
Goldie, Capital P
10,000
Goldie, Withdrawal P
10,000
Cash P 80,000
Accounts Receivable 20,000
Supplies 5,000
Laundry Equipments (net) 150,000
Furniture and Fixtures (net) 50,000
Accounts Payable P 20,000
Loan Payable 120,000
Interest Payable 12,000
Goldie, Capital
153,000
P 305,000 P 305,000
PROBLEM VI.
1. STATEMENT OF OPERATIONS
DEADPOOL Store
Statement of Operations
For the year ended December 31, 2017
1 Sales P1,000,00
0
2 Less: Sales Discounts P
10,000
3 Sales Returns and Allowances 10,000 (20,000)
4 Net Sales P
980,000
5 Less: Cost of Goods Sold
6 Beginning Inventory P
300,000
7 Add: Net Purchases
8 Purchases P
500,000
9 Add: Freight-In 5,000
10 Total Purchases P
505,000
11 Less: Purchase Discounts P
20,000
12 Purchase Returns and 5,000 (25,000) 480,000
Allowances
13 Total Goods Available for Sale P
780,000
14 Less: Ending Inventory (400,000) (380,000)
15 Gross Profit P
600,000
16 Less: Operating Expenses
17 Selling Expenses:
18 Depreciation Expense P
25,000
19 Freight-out 10,000
20 Utilities Expense 20,000 P
55,000
21 General Expenses:
22 Rent Expense P
24,000
23 Supplies Used 4,000
24 Salaries and Wages 120,000 148,000 (203,000)
25 Operating Income P
397,000
26 Other Income and Expenses
27 Interest Income P
5,000
28 Less: Miscellaneous Expense P
10,000
29 Interest Expense 10,000 (20,000) (15,000)
30 Net Income P
382,000
2. STATEMENT OF CHANGES IN OWNER’S EQUITY
DEADPOOL Store
Statement of Changes in Owner’s Equity
As of the year ended December 31, 2017
DEADPOOL Store
Statement of Financial Position
As of the year ended December 31, 2017
NUMBE YES/NO
R
1.
NO
2.
NO
3.
YES
4.
YES
5.
NO
6.
YES
7.
YES
8.
NO