Mindanao State University

College of Business Administration and Accountancy

DEPARTMENT OF ACCOUNTANCY
Marawi City

ANSWER SHEET

NAME: Alapa Nermeen Cali

Family Name Given Name Middle Name

SCHOOL LAST ATTENDED: Mindanao State University – Main

Campus

SASE SCORE/CGPA: 1.27

STRAND/COURSE: BSBA Human Resource Management

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) (2) (3) (4) (5) (6)

1 Cash A P INC DR

Office Equipment A P INC DR

B Tools A P INC DR

Truck A P INC DR

Roces, Capital C P INC CR

2 Rent Expense E T INC DR
B
Cash A P DEC CR
3 N
4 Shop Supplies A P INC DR
B
Accounts Payable L P INC CR
5 Shop Supplies A P INC DR
B
Cash A P DEC CR
6 Cash A P INC DR
B
Service Income R T INC CR
7 Accounts Payable L P DEC DR
B
Cash A P DEC CR
8 Wages Expense E T INC DR
B
Cash A P DEC CR
9 Utilities Expense E T INC DR
B
Cash A P DEC CR
10 Accounts Receivable A P INC DR
B
Service Income R T INC CR
11 Roces, Drawing C T INC DR
B
Cash A P DEC CR
12 Cash A P INC DR
B
Accounts Receivable A P DEC CR
PROBLEM II.

CASH MARIEL, CAPITAL

4/1 P 150,000 4/2 P 100,000 4/1 P 150,000
4/15 10,000 4/9 2,000 4/20 20,000
4/16 15,000 4/15 10,000
4/25 5,000
4/30 20,000
4/30 5,000
SERVICE INCOME
4/8 P 20,000
4/16 15,000

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

SALARIES AND WAGES

4/30 P 20,000

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

METALICOP VULCANIZING SHOP

Trial Balance

April 2018

Cash P
172,000

Accounts Receivable 3,000

Shop Supplies on Hand 25,000

Shop Equipments 122,000

Shop Furniture 5,000

P
Loan Payable 100,000

Metalicop, Capital 205,000

Metalicop, Drawings 12,000

Vulcanizing Income 83,000

Rent Expense 10,000

Wages Expense 35,000

Utility Expense 4,000

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 Salaries and Wages P

5,000
Accrued Salaries and Wages P
5,000

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

Dec 31 Laundry Income P

135,000
Income Summary P
135,000

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

POST CLOSING TRIAL BALANCE

GOLDIE LAUNDRY SHOP

Post-Closing Trial Balance
December 31, 2017

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

Dead Pool, Capital beg. P

510,000
Add: Net Income 382,000
Total P
892,000
Less: Dead Pool, Drawings (50,000)
Dead Pool, Capital end P
842,000
3. STATEMENT OF FINANCIAL POSITION/CONDITION

DEADPOOL Store
Statement of Financial Position
As of the year ended December 31, 2017

ASSETS LIABILITIES AND CAPITAL

Current Assets Current Liabilities

Cash P Accounts Payable P
200,000 350,000
Accounts Receivable 400,000 Accrued Interest Expense 10,000
Accrued Interest Income 5,000 Bank Loan Payable – Short term 50,000
Notes Receivable 200,000 Total Current Liabilities P
410,000
Supplies on Hand 1,000 Non-current Liabilities
Merchandise Inventory, end 400,000 Bank Loan Payable – Long term P
50,000
Prepaid Rent 6,000 Mortgage Payable 50,000
Total Current Assets P Total Non-current Liabilities 100,000
1,212,000
Non-current Assets Total Liabilities P
510,000
Building P
105,000
Accumulated Depreciation – (10,000) P Capital
Building 95,000
Furniture and Fixtures P Dead Pool, Capital end 842,000
50,000
Accumulated Depreciation – (5,000) 45,000
 Furniture
Total Non-current Assets 140,000 TOTAL LIABILITIES AND CAPITAL P
1,352,000
TOTAL ASSETS P
1,352,000
PROBLEM VI.

NUMBE YES/NO
R
1.
NO

2.
NO

3.
YES

4.
YES

5.
NO

6.
YES

7.
YES

8.
NO