Asynchronous Activity

3
Sorsogon National High School May 6 , 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 – Summative Test

1st Quarter; School Year 2020-2021

A. Prepare the following financial statements from the adjusted trial balance of
Peter's Car Wash:

a. Statement of Financial Position

PETER’S CAR WASH
STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2017
Assets
Current Assets
Cash P 45,250.00
Account Receivable 6,000.00
Prepaid Rent 20,000.00
Car Wash Supplies 4,000.00
Office Supplies 2,000.00
Total Current Assets P 77,250.00

Noncurrent Assets Car

Wash Equipment P 55,000.00
Accumulated Depreciation (916.67)
Total Noncurrent Assets 54,083.33
Total Assets P 131,333.33

Liabilities
Current Liabilities
Accounts Payable P 41,250.00
Interest Payable 171.88
Total Current Liabilities 41,421.88
Total Liabilities P 41,421.88

Owner’s Equity
Owner’s Equity P 89,911.45
Total Owner’s Equity P 89,911.45
Total Liabilities and Owner’s Equity P 131,333.33
 b. Statement of Changes in Equity.
PETER’S CAR WASH
STATEMENT OF CHANGES IN OWNER’S EQUITY
FOR THE MONTH ENDED OF JUNE 30, 2017
Juan, Capital, June 1, 2017 P 100,000.00
Less:
Withdrawals 3,000.00
Net Loss 7,088.55
Total Decrease in Capital 10,088.55
Peter, Capital, June 30, 2017 P 89,911.45
c. Statement of Comprehensive Income.
PETER’S CAR WASH
STATEMENT OF COMPREHENSIVE INCOME
FOR THE MONTH ENDED OF JUNE, 2017
Revenues: P 35,000.00
Car Wash Revenue Total P 35,000.00
Revenues

Expenses:
Rent Expense P 10,000.00
Salary Expense 18,000.00
Office Supplies Expense 500.00
Car Wash Supplies Expense 3,500.00
Utilities Expense 4,000.00
License Expense 5,000.00
Depreciation Expense 916.67
Interest Expense Total 171.88
Expenses P 42,088.55
Net Loss P 7,088.55

B. Complete the Cash Flow Statement given the transaction of Peter’s Car
Wash for the No portion of this activity learning sheet may be reproduced
without the expressed consent of the writer, and of Sorsogon National High
School. March 15, 2021 month of June, 2017.
 PETER’S CAR WASH
Statement of Cash Flow
For the month of June, 2017
Cash Flow from Operating Services
Cash Received form the Customers P 39,000.00
Cash Payment of Expenses 67,000.00
Net Cash Outflow from Operating Activities (P 28,000.00)

Cash Flow from Investing Services

(P 13,750.00)
Cash Payment of Purchased Equipment
(P 13,750.00)
Net Cash Outflow from Investing Activities

Cash Flow from Financing Services

P 100,000.00
Cash Investment from Owner
(3,000.00)
Cash Withdrawal of the Owner
P 97,000.00
Net Cash Inflow from Financing Activities
P 55,250.00
Net Increase in Cash
P0
Cash Balance(Beginning)
P55,250.00
Cash Balance (End)