SENIOR HIGH

SCHOOL TASK

PERFORMANCE

Fundamentals of Accountancy, Business and Management 2

Name : Cenidoza Emanuel

Section : ABM 301 Date : 16/11/2020

1. P580,000
340,000 + 100,000 + 240,000 – 560,000 = 580,000

2. P290,000
650,000 + 20,000 – 340,000 = 290,000

3. 180,000
4. H
5. P2,000,000

Net Income – 2,500,000

Cash dividend – 500,000
2,500,000 – 500,000 = 2,000,000

6. P1,450,000

Cash – 200,000
Prepaid Rent – 100,000
Inventory – 800,000
Accounts Receivable – 350,000

200,000 + 100,000 + 800,000 + 350,000 = 1,450,000

7. P2,650,000
Accounts Payable – 1,500,000
Dividends Payable – 800,000
Accrued Expenses – 350,000

1,500,000 + 800,000 + 350,000 = 2,650,000

 8. P2,650,000

Accounting and legal fees – 250,000

Insurance – 850,000
Officer’s salaries – 1,500,000
250,000 + – 850,000 + 1,500,000 = 2,600,000

9. P4,750,000
1,600,000 + 5,300,000 – 2,150,000 = 4,750,000

10. P350,000,000
1,900,000 + 500,000 + 900,000 + 200,000 = 3,500,000
ABM HARDWARE
STORE

Statement of Comprehensive

Income For the Year Ended

December 31,2018

Sales P 253,121 11.

(Sales Discount) (712)

(Sales Return and Allowances) (844)

Net Sales 251,565 12.

Less: Cost of Sales

Merchandise Inventory 79,280

Purchases 198,121

Freight In 1,742

(Purchase Discount) (981)

(Purchase Returns and Allowances) (3,121)

Total Goods Available for Sale - 275,041

13.
176,918
(Merchandise Inventory, Ending) (98,123) 14.

Gross Profit 74,647 15.

Less: Operating Expenses

 Depreciation Expenses P 12,987

Interest Expenses 7,939

Salaries Expense 12,012

Utilities Expense 9,651

Advertising Expenses 3,812

Rent Expenses 4,918

Other Expense 5,111

56 , 430 16.
Net Profit P 18,217