CITY COLLEGE OF CALAMBA

Department of Business and Accountancy

Bachelor of Science in Accountancy

Lesson 2 Exercise 01

Financial Accounting and Reporting

Submitted by:

Beja, Ma. Rica Joy D.

1 A2

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 CITY COLLEGE OF CALAMBA
Department of Business and Accountancy
Bachelor of Science in Accountancy

Problem #2A
Elements of Financial Statements
Assets Liabilities Owner's Equity
a. 760,000 360,000 400,000
b. 860,000 268,000 592,000
c. 868,000 108,000 760,000
d. 626,600 376,240 250,360
e. 700,000 800,000 (100,000)

Problem #2B

Asset Liabilities Owner's Equity

a. Jimmy Delgado Pest Control 600,000 150,000 450,000
b. Margie Clavano Realtors 940,000 530,000 410,000
c. Marko Fuentes Plumbing Contractor 473,000 153,700 319,300
d. Ryan Morales Acting Studio 383,500 147,000 236,500
e. Fely Monarca Dance 624,000 237,000 387,000

Problem #2C
Asset= Liabilities + Owner's Equity
a. Cleofe Arib Services
Beginning of the Year 360,000 160,000 200,000
During the year 120,000 20,000 100,000
End of the Year 480,000 180,000 300,000
Answer: 300,000 owner’s equity

b. Cora Gabayan Calling Station

Beginning of the Year 196,000 100,000 96,000
During the year 40,000 (30,000) -
End of the Year 206,000 70,000 166,000
Answer: 166, 000 owner’s equity

c. Lenore Loqueloque Company

1
n = n + 240,000
3
1
n- n = 240,000
3
2
n = 240,000
3

2 2
3 3
n = 360,000 (assets)
1
360,000 x 3 = 120,000 (liabilities)
Answer: 120,000 liabilities

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 CITY COLLEGE OF CALAMBA
Department of Business and Accountancy
Bachelor of Science in Accountancy