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  • Week 3 Activity in FABM 2 Act

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    Jerry francisco
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    The document provides a table classifying various accounts as either assets, liabilities, owner's equity, revenue, or expense. It then presents a statement of comprehensive income for Raffy's Beauty Parlor for the year ended December 31, 2019 showing service income of PHP 120,000 and total expenses of PHP 61,200, resulting in net income of PHP 58,800. It asks questions about the gross income, expenses incurred, the name for the PHP 58,800 item, and the result if service income was PHP 50,000 instead of PHP 120,000.

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    Week-3-Activity-in-FABM-2-act

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    The document provides a table classifying various accounts as either assets, liabilities, owner's equity, revenue, or expense. It then presents a statement of comprehensive income for Raffy's Beauty Parlor for the year ended December 31, 2019 showing service income of PHP 120,000 and total expenses of PHP 61,200, resulting in net income of PHP 58,800. It asks questions about the gross income, expenses incurred, the name for the PHP 58,800 item, and the result if service income was PHP 50,000 instead of PHP 120,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    13 views2 pages

    Week 3 Activity in FABM 2 Act

    Uploaded by

    Jerry francisco
    The document provides a table classifying various accounts as either assets, liabilities, owner's equity, revenue, or expense. It then presents a statement of comprehensive income for Raffy's Beauty Parlor for the year ended December 31, 2019 showing service income of PHP 120,000 and total expenses of PHP 61,200, resulting in net income of PHP 58,800. It asks questions about the gross income, expenses incurred, the name for the PHP 58,800 item, and the result if service income was PHP 50,000 instead of PHP 120,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    FUNDAMENTALS OF ABM 2

    Activity No. 4

    Name:
    Section:

    The following table includes SFP and SCI elements. Put a check mark ( ) in the column where
    each account belongs to.

    Owner’s
    Account Asset Liability Revenue Expense
    Equity
    Interest Receivable ✓
    Professional Fees ✓
    Service Income
    Mr. A, Drawing ✓
    Doubtful Accounts
    Depreciation Expense ✓
    Accrued Interest Income ✓
    Unearned Interest Income
    Prepaid Interest ✓
    Accumulated Depreciation ✓
    Mortgage Payable ✓
    Unused Supplies ✓
    Supplies Inventory ✓
    Supplies on Hand ✓
    SSS Premium Expense ✓
    Withholding Taxes ✓
    Payable
    Repairs and Maintenance ✓
    Petty Cash Fund ✓
    Allowance for Bad Debts
    Cash in Bank ✓
    Accounts Payable ✓
    Prepaid Insurance ✓
    Unexpired Insurance ✓
    Salaries Payable ✓
    Utilities Expense ✓
    Raffy’s Beauty Salon disclosed the following SCI. Answer the questions that follow.

    Raffy’s Beauty Parlor


    Statement of Comprehensive Income
    As of 31 December 2019
                Account                                                           Debit                              Credit
    Service Income                                                                                                ₱120 000.00
    Less: Operating Expenses
              Taxes and Licenses                                       ₱8 200.00
               Salaries Expense                                           24 000.00
               Rent Expense                                                12 000.00
               Light and Water Expense                                7 000.00
               Supplies Expense                                          10 000.0061 200.00
    ₱58 800.00

    a. How much is the gross income of the business? ₱120 000.00


    b. How much expenses were incurred by the business? ₱61 200.00
    c. How do you call the item amounting to ₱58 800.00?Net income
    d. Assume that instead of ₱120 000.00, the service income is only ₱50 000.00 while the   
    expenses remain the same. What is the result of operations of the business for the year?
    Operating Profit

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