FINAL EXAMINATION
Second Semester, SY 2020-2021
May 17-19, 2021
Student Number: _________
Name: ______Alfea Mae M. Bercero
_____________________________________________
Grade and Section: _________11- Score
ABM_______________________________
------------------------------------------------------------------------------------------------------------------------------------------------
General Instructions: Read and analyze each item carefully. Answer the given items by providing the
necessary information asked for.
------------------------------------------------------------------------------------------------------------------------------------------------
Test I. Provided below is the Unadjusted Trial Balance of “Cardo General Merchandise” for the year
ended Dec. 31, 2020.
Cardo General Merchandise
Unadjusted Trial Balance
December 31, 2020
Debit Credit
Cash 100,123
Accounts Receivable 512,698
Merchandise Inventory 278,691
Prepaid Insurance 146,100
Accounts Payable 241,386
Dalisay, Capital 547,854
Dalisay, Withdrawals 100,000
Sales 819,313
Sales Discounts 57,410
Sales Returns and Allowances 5,000
Purchases 249,772
Purchases Discounts 6,193
Purchases Returns and Allowances 8,460
Freight-in 100,258
Utilities Expense 23,154
Insurance Expense 50,000
Total 1,623,20 1,623,206
6
Additional Information:
a Insurance in the amount of P60,875 has expired during the year.
b The December 31 merchandise inventory amounted to P289,636.00.
Required: Prepare worksheet. Use the template provided below. (40 pts.)
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 1 of 4
Cardo General Merchandise
Worksheet
December 31, 2020
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 100,123
Accounts Receivable 512,698
Merchandise Inventory 278,691
Prepaid Insurance 146,100
Accounts Payable 241,386
Dalisay, Capital 547,854
Dalisay, Withdrawals 100,000
Sales 819,313
Sales Discounts 57,410
Sales Ret. and Allow. 5,000
Purchases 249,772
Purchases Discounts 6,193
Purchases Ret. And Allow. 8,460
Freight-in 100,258
Utilities Expense 23,154
Insurance Expense 50,000
Total 1,623,206 1,623,206
Profit/Loss
Total
additional
INsurace 60,875
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 2 of 4
merchandise inventory 289,636.00
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 3 of 4
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 4 of 4
Test II. Provided below are income statement accounts taken from the Dec. 31, 2020 worksheet of
Edgardo Banay-banay.
Banay-banay General Merchandise
Debit Credit
Sales 978,000
Sales Discounts 64,150
Sales Returns and Allowances 5,000
Purchases 651,009
Purchases Discounts 10,459
Purchases Returns and Allowances 6,200
Freight-in 100,500
Salaries Expense 124,000
Miscellaneous Expense 50,000
Total 994,659 994,659
Additional Information:
a The beginning and ending merchandise inventory are 400,000 and 678,450 respectively.
Required: Prepare income statement (10 pts). Use the template provided below.
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 5 of 4
Banay-banay General Merchandise
Income Statement
For the Year Ended December 31, 2020
Net Sales
Sales 978,000
Less: Sales returns and Allowances 5,000
Sales Discounts 64,150 69,150
Net sales 908
Cost of goods sold
Merchandise Inventory, January1 400,000
Purchases
Less: Purchase Returns & Allowances
Purchase Discounts
Net purchases
Add: Freight-in
Cost of goods purchased
Cost of goods available for sale
Less: Merchandise Inventory, December 31
Cost of goods sold
Gross Profit
Operating expenses
Salaries Expense
Miscellaneous Expense
Total operating expense
Net Profit
Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 6 of 4
