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Activity 5 – Balance Sheet Accounts/Terms - Identification
Direction: Give the accounting term that describes each statement
Assets Note
Current Assets
Cash Php
Trade and Other Receivable 1
Prepaid Expenses 2
Total Current Assets
Non-Current Assets
Property, Plant and Equipment 3
Total Assets 524,700.00
_________________ 2. Represents the cost of merchandise inventory sold by the business to its
customers.
_________________ 3. The main source of revenue in a merchandising business.
_________________ 7. Income derived from sources other than the company’s main line of business.
_________________ 8. Amount of receivables charged as expense for the period because they are
estimated to be doubtful of collection.
_________________ 9. Purchases less purchases returns and allowances and purchase discount
Note
Net Sales 1 Php
Cost of Sales 2
Gross Profit Php
Other Income 3
Total Income Php
Operating Expenses
Distribution Expenses 4 Php
Administrative Expenses 5
Other Expenses 6
Finance Cost 7
Net Income Php
Note 1 - Net Sales
Gross Sales Php
Less: Sales Returns and Allowances Php
Sales Discount
Net Sales Php
Activity 2 –
Refer to activity 1, assume that instead of a net income of P91,500, the business incurred a net loss in
the amount of P35,000. Prepare the statement of changes in owner’s equity.
Activity 3
Comprehensive Problem - Financial Statement (Service Concern Business)
Presented is the trial balance of Niko Ong Art Gallery. From the information given,
prepare the following by completing the incomplete statements and the accompanying
notes to financial statements:
1. Income Statement 3. Statement of Changes in Owner's Equity
2. Statement of Financial Position
Assets Note
Current Assets
Cash Php
Accounts Receivable
Prepaid Expenses 1
Total Current Assets Php
Non-Current Assets
Property, Plant and Equipment 2
Total Assets Php
Liabilities
Current Liabilities
Trade and Other Payables 3 Php
Owner's Equity
Ong, Capital
Total Liabilities and Owner's Equity Php