11

ENTREPRENEURSHIP
M o d u le 7
FINANCIAL STATEMENTS

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ENTREPRENEURSHIP – Grade 11

Module 7: Financial Statements

Republic Act 8293, section 176 states that: No copyright shall subsist in any
work of the Government of the Philippines. However, prior approval of the
government agency or office wherein the work is created shall be necessary for
exploitation of such work for profit. Such agency or office may, among other things,
impose as a condition the payment of royalties.

Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand

names, trademarks, etc.) included in this book are owned by their respective
copyright holders. Every effort has been exerted to locate and seek permission to
use these materials from their respective copyright owners. The publisher and
authors do not represent nor claim ownership over them.

Regional Director: Gilbert T. Sadsad

Assistant Regional Director: Jessie L. Amin

Development Team of the Module

Writer: Quennie C. Salting

Editor: Cynthia C. Competente

Reviewers: Edwin L. Mias

Christie L. Alvarez

Illustrator/ Layout Artist: Jaypee M.

Ignacio

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 I. Title of Material/Introduction

FINANCIAL STATEMENTS

This module will introduce to you the step by step procedure on how to
prepare a simple Income Statement and Balance Sheet. A presentable and accurate
financial statement is good for a business for it can attract customers, potential
investors and other stakeholders.

II. Objectives:

At the end of the lesson the learner shall be able to prepare and income
statement and a balance sheet.

III. Vocabulary List:

Income Statement – a financial statement that shows the result of operations

for a given period. It consists of the revenue, cost, and expenses.

Balance Sheet – a financial statement that shows the financial

condition/position of a business as of a given period. It consists of the assets,
liabilities, and capital.

Service Business – a business operation engaged in the rendering of services.

Merchandising Business – a type of business engaged in the buying and

selling of goods.

Manufacturing Business – a type of business that is engaged in the

production of items to be sold.

Accrual Principle – an accounting principle that states: revenue and expense

are recorded at the time they are incurred and not when they are received or
paid.

Assets – economic resources owned by the business expected for future

gain. They are property and rights of value earned by the business.

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 Liabilities – economic obligations of the business. It includes debts,
obligations to pay, and claims of the creditors on the assets of the business.

Owner’s Equity or Capital – includes the interest of the owners on the

business; claims of the owners on the assets of the business; and the
investment of the owner plus or minus the results of operations.

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IV. Pre-Test:

Multiple Choice. Select the letter of your answer.

1. The income statement is a statement that shows the result of the

operation of the business. In the first quarter of its operation the
business has a revenue of Php155,000 and cost and expense
amounting to Php80,000. How much is the net income of the
business?
a. Php155,000 c. Php75.00
b. Php80,000 d. Php235,000

2. All items appearing in the income statement are nominal or

temporary accounts. Which of the following is a nominal account?
a. Sales c. Accounts Receivable
b. Accounts Payable d. Juan Dela Cruz, Capital

3. The body of the balance sheet includes information about the

income earned during the period. Which accounting element in the
balance sheet does the net income is added?
a. Asset c. Owner’s Equity
b. Liability d. Income Statement

4. On January 2, 2019, the Mega Car Wash shop rendered services to

Heaven’s Hotel Shuttle Services on account amounting to Php3,500
and delivered the Charge Slip on January 3, 2019. The hotel paid
the shop on January 5, 2019. Under the accrual principle of
accounting: When shall the income be recognized on the books of
the business?
a. January 2, 2019
b. January 3, 2019
c. January 5, 2019
d. Any date as long as it is within the month of January, 2019.

5. The fundamental accounting equation is: Assets = Liabilities +

Owner’s Equity. The balance sheet of Madlang Pipol Enterprise has
an asset of Php1,500,000 and a Liability of Php375,000. How much
is its Owner’s Equity?
a. Php1,500,000 c. Php1,875,000
b. Php375,000 d. Php1,125,000

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V. Learning Activities:

ACCOUNTING CONCEPT ON THE PREPARATION OF INCOME

STATEMENT

In the preparation of the income statement, the accrual concept in accounting

is followed. The revenues and expenses are recorded at the time they are incurred
and not when they are received or paid. It means that the amount of the net income
appearing on the face of the income statement is not a cash income.

For example, the business sold a product on credit amounting to Php100,000

to its customers. In this transaction, the value received is the right to collect from the
customers in the form of receivable, while the value parted with is represented by the
products given to the customers. When the transaction is recorded in the general
journal, the entry will appear as follows:

Accounts Receivable Php100,000

Sales Php100,00

To record sales on account.

The accounts receivable is an asset account, while sales is a revenue

account. The entry appears, therefore, to have already given recognition to the
income at the time of the sale.

You will ask: Did I realize an income from this transaction? Under the accrual
concept, the answer is YES. The business had already earned an income of
Php100,000, but the cash had not been received yet. The income is recognized on
the time the sales had occurred and not the time that it will be paid.

PARTS OF THE INCOME STATEMENT

The income statement has two major parts, namely, the heading and the body.

The heading contains information on the name of the business, the name of
the financial statement, and the date. The body is composed of the revenue,
expenses, and net income or net loss of the business during a given period.

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 Presented below is the format of the income statement of a service business.

Name of the Company

Income Statement For the period ended xxx

Service Revenue Phpxxx

Other Income xxx

Total Income Phpxxx

Less: Expenses
Phpxxx
Salaries Depreciation Supplies Rent Insurance
Other Expenses Finance Cost xxx xxx xxx xxx xxx xxx

xxx

Net Income Phpxxx

========

Example of an income statement of a merchandising and manufacturing business.

Name of the Company

Income Statement For the period ended xxx

Sales
Less: Sales Returns & Allowances Sales Discount Phpxxx
Phpxxx
xxx xxx

Net Sales Phpxxx

Less: Cost of Goods Sold xxx

Gross Profit xxx

Less Operating Expenses xxx

Net Income (Loss) Phpxxx

=======

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 Based from the illustration above, an income statement is consisting of the
following major section:

1. Income or revenue section

2. Cost of goods sold section (for merchandising and manufacturing

business) or Cost of Services (for service business)

3. Operating expenses section

Income or Revenue Section

The Income or revenue section of the income statement presents the different
income accounts. The account titles include the following:

For manufacturing and merchandising business.

1. Sales
2. Sales returns and allowances
3. Sales

discount For a service

business.

1. Service Income
2. Professional Fee
3. Legal Fees

In case there are noncurrent assets sold during the period that resulted to a
gain, that is, if the selling price is higher than the book value or cost, the amount of
gain is included in the revenue section as Other Income.

Cost of Goods Sold Section

The cost of goods sold of sale represents the amount of cost in selling the
product or providing the service. Items included in the cost of goods sold or cost of
sale depend on the nature of business: service, merchandising, or manufacturing.

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 A merchandising business buys and sells goods or products without changing
the appearance of the goods; a service entity provides intangible services; and a
manufacturing business buys raw materials, processes them with the use of labor,
and sells the finished goods.

Merchandising

The cost of goods sold in merchandising is composed of merchandise

inventory, purchases, and related accounts. The pro forma of the cost of goods sold
appears as follows:

Merchandise Inventory, beginning xxx

Add: Net Purchases
Purchases xxx
Freight-in xxx

Total xxx
Less: Purchase Returns xxx
Purchase discounts xxx xxx xxx

Total Goods Available for sale xxx

Less: Merchandise inventory, ending xxx

Cost of goods sold or Cost of Sales xxx

===

Service

A service entity provides or renders services to its customers. The cost of

services is usually composed of items that are directly involved in providing the
services. The pro forma of the cost of services appears as follows:

Direct Labor xxx

Add: Materials or supplies used xxx
Factory overhead xxx xxx

Cost of services xxx

===

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Manufacturing

For the Cost of Goods Sold Section, the manufacturing business is the most
complicated because the business is involved in converting raw materials to finished
products with the use of direct labor and other overhead accounts.

The pro forma to determine the cost of goods sold by a manufacturing

business appears as follows:

Raw materials, beginning xxx

Add: Raw materials xxx
purchases Freight-in xxx

Total xxx
Less: Purchase Returns xxx
Purchase Discounts xxx xxx xxx

Total good materials available for xxx

use Less: Raw materials, ending xxx

Raw materials used xxx

Add: Direct Labor xxx
Factory overhead xxx xxx

Total manufacturing cost xxx

Add: Work in process, beginning xxx

Cost of goods put in process xxx

Less: Work in process, ending xxx

Cost of goods manufactured xxx

Add: Finished goods, beginning xxx

Total goods available for sale xxx

Less: Finished goods, ending xxx

Cost of goods sold xxx

===

As you can observe, the cost of goods sold of a manufacturing business is

very much complicated. A well experienced accountant or bookkeeper can handle
this kind of business document. Also, this lesson is discussed in higher accounting. It
is only for the matter of discussion and looking at the difference of the different cost
of goods sold section of the three types of business.

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 In this lesson, we will focus more on the simpler side of the preparation of the
cost of goods sold. For example, an ABM student buy a pack of biscuits having 10
packs inside amounting to Php55.00. She sold each biscuit to her classmate for
Php7.00 each, having a total sale of Php70.00. The revenue is the total sales of
Php70.00, the cost of goods sold is Php55.00, so she has a gross profit of Php15.00.

Operating Expense Section

The Operating Expense Section of the income statement presents the

different expenses incurred by the business during the period. These are the
expenses that benefit the current period only.

The typical operating expenses of the business include the following:

1. Salaries and wages

2. Utilities expense
3. Supplies expense
4. Taxes and licenses
5. Travelling expense
6. Postage and communication
7. Doubtful accounts
8. Depreciation expense
9. Gasoline and oil

It is very easy to identify the expense account of the business because the
account title to be used is according to its nature. For example, if you will pay the
rent of space that your business occupied, the account title is Rent expense; for the
supplies used in the operation of the business you will use the account title Supplies
expense, and so on.

INVENTORY ACCOUNT

The term inventory refers to goods that remain unsold or unconsumed at the
end of the accounting period. The normal accounting period is one year, and most
businesses ordinarily follow the calendar year. Hence, most financial statements are
dated December 31.

It is quite uncommon that when the business closes on December 31, all the
goods intended for sale have been consumed or sold. The amount of unsold goods

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on December 31 is technically knowns as inventory. The inventory at the end of the
year will be sold on the first day of the following year.

In case the business is in merchandising, the account title used to describe

the inventory is merchandise inventory. In a manufacturing business, however, there
are three types of inventory, namely:

1. Raw materials inventory – raw materials that were not used or consumed
on December 31.

2. Work-in-process inventory – raw materials that have been started but

remained unfinished on December 31.

3. Finished goods inventory – goods that have been completed but remained
unsold on December 31

The normal accounting procedure conducted on December 31 ensured that

all the unsold goods owned by the business are physically counted. The amount
after the physical count represents the ending inventory of the business.

INCOME STATEMENT ILLUSTRATION

Before an income statement is prepared, the entrepreneur must consider the

following:

1. Be sure that the trial balance that serves as the basis of income statement
preparation is correctly balanced.

2. Only accounts that are considered nominal must appear in the income
statement.

3. The account is considered nominal when it appears only during a

particular period. A nominal account does not appear in the next
accounting period without a transaction affecting the account, hence
considered as a temporary account.

4. When amounts are added, an underline appears on the last amount being
added. The underline is technically called a single rule. A single rule
implies that any amount that appears below it is related. Hence, it may
either be added or deducted. However, the last amount must always have
two

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 underlines called double rule, which indicates that there are no more related
amounts to follow. In case there are, they are no longer related.

The basis for preparing the income statement is the trial balance. All the
accounts and amounts appearing in the trial balance, as emphasized, come from the
ledger.

Below is the trial balance of Ang Probinsyana Laundry Center. Use the same
in the preparation of the income statement.

Ang Probinsyana Car Wash Center

Trial Balance
December 31, 2019

Cash Php 67,300

Accounts Receivable 70,000
Notes Receivable 30,000
Car Wash Equipment 58,500
Office Furniture 39,000
Accounts Payable Php 56,000
Flora Dalisay, Capital 83,500
Flora Dalisay, Drawing 10,000
Car Wash Service Income 189,400
Car Wash Supplies Expense 19,600
Rent Expense 5,000
Salaries and Wages 20,000
Utilities Expense 5,500
Taxes and Licenses 4,000
Total Php328,900 Php328,900
============================

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 Using the information provided in the trial balance of Ang Probinsyana Laundry
Center, the income statement is presented as follows:

Ang Probinsyana Car Wash Center

Income Statement
For the Period Ended December 31, 2019

Car Wash Service Income Php189,400

Less: Cost of Car Wash Services
Direct Labor-Salaries & Wages Php 20,000
Car Wash Supplies Expense 19,600
Utilities Expense 5,500 45,100

Gross profit Php144,300

Less: Operating Expense
Rent Expense Php 5,000
Taxes & Licenses 4,000 9,000

Net Income Php135,300

==========

BALANCE SHEET

The financial statement presents the result of the operating activities of a

business covering a certain period. The bottom-line figure of the income statement
may either be a net income or a net loss. The net income or net loss, however, is
only applicable for the period covered by the income statement. It does not reflect
the results of the operation of the past accounting periods in the entire life of the
business.

The income statement primarily addresses the following questions:

1. How much is the total revenue earned by the business during

the period covered by the statement?

2. What is the cost of the goods sold or the cost of the services
in earning the revenue?
3. How much is the total operating expenses incurred in realizing
the revenue?
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 The income statement, therefore, basically reflects the profitability of the
business operation for a given period.

This lesson discusses the proper procedure in preparing another financial

statement called the balance sheet. It is a structured financial statement that
presents the financial position of the business at a given date.

If the information in the income statement is applicable for a given period, the
information on the face of the balance, on the other hand, is only applicable within
the duration of the given date. Thus, if the balance sheet date March 31, the
information presented on the face of the balance is only true and correct as of march
31.

The new name of the balance sheet is statement of financial position. The
said title, however, is more appropriate for large businesses like banks and other
similar corporations. For small businesses, it is more appropriate to use the title
balance sheet. Thus, in this module, the term balance sheet will be used.

The term financial conditions, in the definition of the balance sheet, refers to
the liquidity and solvency or stability of the business. All this information is provided
and described in the balance sheet only.

Liquidity refers to the ability of the business to currently pay maturing

obligations from the date of the balance sheet. Currently maturing obligations are
financial obligations that are payable within one year from the date of the balance
sheet.

Solvency or stability refers to the ability of the business to pay long-term

obligations while maintaining stability. Long-term obligations are payables whose
maturity period is beyond one year from the date of the balance notwithstanding the
normal operating cycle of the business.

MAJOR PARTS OF THE BALANCE SHEET

The balance sheet has two major parts, namely, the heading and the body.

The heading of the balance sheet includes the following information:

1. Name of the business

2. Title of the statement

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 3. Date

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 The date of the balance sheet usually starts with the words “as of”. Hence, if it
is prepared on the last day of December, the date will have the label “As of
December 31.”

MAJOR SECTIONS OF THE BALANCE SHEET

The balance sheet presents the three elements of accounting namely, assets,
liabilities, and capital. It has three major sections as follows:

1. Asset section
2. Liability section
3. Owner’s equity section

Asset Section

The term assets refer to the properties owned or controlled by the business.
The assets of the business may either be fixed to the soil or movable. They may also
be tangibles or intangibles.

The assets of the business are divided into two major categories, namely,
current assets and noncurrent assets. Current assets include those assets of the
business that are consumed, realized, or utilized within one year or within the normal
operating cycle of the business, whichever is longer, from the date of the balance
sheet.

The term normal operating cycle of the business refers to the period covered
from the time cash has been used to buy goods or raw materials until the raw
materials have been processed and converted to finished products, the products
have been sold to the customers on account, and the receivables have been
collected and converted back to cash.

Businesses, therefore, have different operating cycles. A small convenience

store may have a shorter operating cycle than a manufacturing business engaged in
making wine or liquor.

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 Some examples of current assets are as follows:

1. Cash, either on hand or in bank

2. Accounts receivable
3. Notes Receivable
4. Inventories (finished goods, work in process, and raw materials)
5. Supplies on hand (office or factory supplies)
6. Prepaid items (prepaid insurance, prepaid advertising)

Noncurrent assets include assets whose usefulness and benefits extend usually
beyond one year or beyond the normal operating cycle of the business from the date
of the balance sheet.

The following are examples of noncurrent assets of the business:

1. Land
2. Building
3. Machinery
4. Equipment
5. Furniture and fixtures

The sum of the current and noncurrent assets of the business is the total assets
of the date indicated in the balance sheet.

Liability Section

The term liability refers to the financial obligations of the business as of the
date indicated in the balance sheet. The liability of the business is divided into two
major categories, namely, current liability and noncurrent liability.

Current liability includes financial obligations of the business that are payable
or will mature within one year from the date of the financial statements,
notwithstanding the normal operating cycle of the business.

Some examples of current liabilities are as follows:

1. Accounts Payable
2. Notes Payable
3. Salaries Payable
4. SSS, PhilHealth, and PAG-IBIG Contributions Payable

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 5. Advances from Customers
6. Accrued Expenses

Noncurrent liability refers to financial obligations of the business whose

maturity period is beyond one year from the date of the balance sheet. The common
examples of noncurrent liabilities are mortgaged payable and long-term bank loan
payable.

Owner’s Equity Section

The owner’s equity section of the balance sheet represents the residual
interest of the owner or owners on the properties of the business. this indicates
whatever is left of the assets of the business after all the financial obligations are
finally settled and represents the interest of the owner.

In simple accounting equation, the equity of the owner is computer as follows:

Owner’s Equity = Assets – Liabilities

The title used to describe the owner’s equity depends on the form of the
business organization. In a sole proprietorship where there is only one owner, the
equity of the owner is usually designated or labeled as owner’s capital. In a
partnership where there are at least two partners, the equity of the partner is
normally labeled as partners’ capital. In a corporate entity, the equity of the owner or
stockholders is usually labeled as shareholders’ equity.

Pro Forma Balance Sheet of a Sole Proprietorship

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 The pro forma balance sheet using the report form appears as follows:

RSS Enterprises Balance Sheet

As of December 31, 2019

Assets
Current Assets
Cash xxx
Accounts Receivable xxx
Notes Receivable xxx
Inventory xxx xxx
Noncurrent Assets
Land xxx
Building xxx
Equipment xxx
Furniture and Fixtures xxx xxx
Total Assets xxx
Liabilities
Current Liabilities
Accounts Payable Notes Payable Utilities
xxx Payable
Noncurrent Liabilities xxx
Bank Loan Payable Mortgage Payable
xxxxxx
Total Liabilities
Capital
Owner’s Equity xxx
xxx xxx
xxx

Princess, Capital xxx

Add: Net Income xxx
Total xxx
Less: Drawing xxx xxx
Total Liabilities and Capital xxx

In all instances, the total assets of the business must be equal to the liabilities
and capital. All the account titles classified under assets, liabilities, and capital are
considered real or permanent accounts.

Real or permanent accounts are not closed at the end of the accounting
period unlike the nominal or temporary accounts. The nominal or temporary
accounts are those accounts that appear in the income statement.

The data on the balance sheet comes from the trial balance. For the owner’s
equity, however, the amount of the net income comes for the income statement. In

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other words, the amount of income or loss appearing in the income statement is
forwarded to the capital section of the balance sheet. The withdrawal made by the
owner or owner’s during the year is also deducted from the owner’s equity section.
This type of withdrawal is considered temporary. Hence, it is not directly charged to
the capital account of the owner/s.

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VI. Practice Task

Practice Task 1

Identify the following account titles. Write IS if it is an Income Statement

account and BS if it is a Balance Sheet account.

1. Cash 11. Mortgage Payable

2. Service Income 12. Sales Discount
3. Salary and Wages Expense 13. Purchase Returns
4. Juan Dela Cruz, Capital 14. Work-in-process inventory
5. Sales 15. Supplies Expense
6. Accounts Receivable 16. Equipment
7. Rent Expense 17. Machinery
8. Prepaid Rent 18. Utilities Expense
9. Advances from Customers 19. Juan Dela Cruz, Drawing
10. Furniture and Fixture 20. Notes Receivable

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 Practice Task 2

Refer to the trial balance of Gandang Ganda Lang Parlor Shop for the
month of January, 2019. Prepare the Income Statement of the business.

Practice Task 3

Refer to the trial balance of Gandang Ganda Lang Parlor Shop for the
month of January, 2019. Prepare the Income Statement of the business.

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VII. Post Test

Measures learner’s knowledge after completing the module. Provide 5-10 items for
“paper and pencil” test. If it is a performance test, provide a rubric.

Multiple Choice: Read and analyze each question. Select the letter of the best
answer.

1. Which of the following is considered a service type of business?

a. R & G Delights c. VIC’ RTW Shop
b. JJ’s Meat Shop d. Good Shepherd Kindergarten
School

2. Which of the following statement regarding merchandising companies is

FALSE?
a. Merchandising companies provide tangible products.
b. Merchandising companies may sell directly either to customers or
retailers.
c. Merchandising companies buy raw materials, convert them into
finished goods, and sell to customers.
d. Merchandising companies generally incur less cost relative to other
types of business as they consume less conversion time and effort.

3. Statement I – Revenues of service companies are referred to as sales

revenues.
Statement II – A hair and beauty salon earns revenue from giving a haircut
to its customer.
a. Both statements are true c. Only statement II is true
b. Only statement I is true d. Both statements are false

4. Statement I – Like service companies, merchandising companies sell

tangible products.
Statement II – A merchandising company buys finished or almost finished
goods from their suppliers and resells the same to customers.
a. Both statements are true c. Only statement II is true
b. Only statement I is true d. Both statements are false

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 5. Statement I – Manufacturers provide tangible products.
Statement II – Manufacturing companies use raw materials, components,
or parts which are processed using machines, computers, and labor to
produce finished goods.
a. Both statements are true c. Only statement II is true
b. Only statement I is true d. Both statements are false

6. An enterprise has a total sale of Php1,050,000 with a cost of sales

amounting to Php560,000. During the conduct of business, it has incurred
an operating expense amounting to Php375,000. How much is the net
income of the enterprise?
a. Php1,050,000 c. Php490,000
b. Php115,000 d. Php675,000

7. Aling Puring’s owner’s equity is Php215,000 and asset amounting to

Php920,000. How much is the total liabilities of the business?
a. Php1,135,000 c. Php705,000
b. Php215,000 d. Php750,000

8. Mang Donald’s business has an economic resource amounting to

Php2,500,000, its residual interest amounted to Php550,000. What is the
amount of its economic obligations?
a. Php1,950,000 c. Php1,590,000
b. Php5,190,000 d. Php9,150,000
c.
9. Jolly Bebs has an economic obligation amounting to Php675,000 and its
residual interest is Php585,000. How much is the economic resources of
the company?
a. Php2,160,000 c. Php1,260,000
b. Php2,610,000 d. Php1,620,000
c.
10. Mang Ihaw-Ihaw has a total sale of Php1,350,000 and a cost of sales
amounting to Php695,000. What is the gross profit of the business?
a. Php655,000 c. Php556,000
b. Php605,500 d. Php550,600

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VIII. Assignments:

Based on the trial balance of Excellent Service owned and managed by

Hyzel, as of December 31, 2019, prepare the income statement and balance
sheet using the prescribed format.

Mayumi Laundry
Service Trial Balance
December 31, 2019

Cash on hand Php 365,000

Accounts Receivable 115,000
Notes Receivable 85,000
Laundry Equipment 950,000
Office Equipment 430,000
Laundry Supplies 125,000
Accounts Payable Php 47,000
Notes Payable 36,000
Interest Payable 1,500
Mayumi, Capital 1,550,000
Mayumi, Drawing 25,000
Service Income 573,500
Rent Expense 15,000
Laundry Supplies Expense 18,000
Utilities Expense 23,000
Salaries and Wages 35,000
Gasoline and Oil 12,000
Repair and Maintenance 8,000
Interest Expense 2,000
TOTALS Php 2,208,000 Php 2,208,000

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References:

Aduana, N. (2017). Entrepreneurship in Philippine Setting for Senior High

School. Quezon City, Philippines: C & E Publishing, Inc.

Ong, Flocer L. (2016). Fundamentals of Accountancy, Business &

Management 1 for Senior High School. Quezon City, Philippines: C & E
Publishing, Inc.

Florendo, Joselito G. (2016). Fundamentals of Accountancy, Business &

Management 1. Manila, Philippines: Rex Book Store.

https://www.google.com/imgres=two+column+general+journal+template&hl=e
nPH&source=sh/x/im

https://www.beginner-bookkeeping.com

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