Asynchronous Activity

3
Sorsogon National High School April 22, 2021

SENIOR HIGH SCHOOL DEPARTMENT

FABM 2
Name: __________________________________________________________________________________________
Louise Joseph G. Peralta
Grade & Section: __________________________________,
11 - Fairness Date Accomplished: _________________________

Modality: ONLINE Type: Synchronous and Asynchronous Platform: Google Meet/Classroom G-Meet Link: meet.google.com/pad-ybnu-bcn

FABM 2 – April,22
1st Quarter; School Year 2020-2021

Practice Task 1: Let’s Identify

Joana had the following expense accounts for the year ended December 1, 2016:
General and Administrative Expense 1. Salaries of admin personnel
General and Administrative Expense 2. Salaries of Janitors
Selling Expense 3. Salaries of sales agents
General and Administrative Expense 4. Utilities of home office
General and Administrative Expense 5. Rent of office building
General and Administrative Expense 6. Depreciation of office equipment

Sales P 500,000

Sales returns (P 30,000)

Sales discounts (P 10,000) P 40,000

Net Sales P 460,000

Purchases P 100,000

Purchase returns (P 20,000)

Purchase discounts (P 10,000) P 30,000

Net Purchases P 130,000

Selling Expense 7. Depreciation of delivery van
Selling Expense 8. Advertising Practice Task 2: Solve
for the Following:
1. Alpha Merchandising’s Sales amounted to P 500,000. Sales returns and sales discounts amounted to P
30,000 and P 10,000 respectively. Purchases of the company totaled P 100,000 while purchase returns
and purchase discounts amounted to P 20,000 and P 10,000 respectively. How much is the company’s
Net Sales? Net purchases?
Sales = P 500,000
Sales returns = P 30,000
 Sales discounts = P 10,000
Purchases = P 100,000
Purchase returns = P 20,000
Purchase discounts = P 10,000
2. Gross profit of Tripe Star Trading amounted to P 175,000. Beginning Inventory totaled P 250,000.
Ending Inventory amounted to P 50,000 while Net Cost of Purchases totaled P 85,000. Compute for the
Net Sales.
Gross Profit = P 175,000
Beginning Inventory = P 250,000
Ending Inventory = P 50,000
Net Cost of Purchases = P 85,000
Net Sales =?
Beginning Inventory P 250,000

Net Cost of Purchases P 85,000

P 335,000

Ending Inventory (P 50,000) (P 285,000)

P 175,000

Net Sales P 285,000 + P 175,000 = P 460,000

3. Compute for the Cost of Goods Sold using the following:

Sales – 15,000
Purchases – 2,000
Purchase returns – 200
Purchase discounts – 200
Freight in – 100
Beginning inventory – 1,000
Ending inventory – 500
 Purchases 2,000
Purchase returns (200)
Purchase discounts
Net Purchases

-COGS-
Beginning inventory 1,000
Net purchases 1,600
Freight In 100

Goods Available for Sale 2,700

Cost of Goods Sold 2,200

*The Cost of Goods Sold is P 2,200

Practice Task 3: Prepare a multistep Statement of Comprehensive Income using the following:
Sales – 20,000
Cost of Goods Sold – 10,000
General and Administrative expenses – 4,000
Selling expenses – 2,000
*You can use any business name and the end of the current year for the heading.
NACARIO’S COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR AUGUST 31, 2021
Sales P 20,000
Cost of Goods Sold P 10,000

Gross Profit P 10,000

General and Administrative Expenses P 4,000

Selling Expenses P 2,000 2,000

Net Income P 8,000