MISAMIS ORIENTAL INSTITUTE OF SCIENCE AND TECHNOLOGY

Sta. Cruz, Cogon, Balingasag, Misamis Oriental

SENIOR HIGH SCHOOL DEPARTMENT

FABM 2 FINAL EXAM

NAME: VALERIO, WARREN, NAHIAL TEACHER: Ms. Cyndi Umaran

COURSE / YEAR: Grade 12 SECTION: Chastity

Read each item very carefully before answering. (1 pt each)

1.Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets
for the year totaled Php 76,000. How much is the company’s total assets?
ANSWER: Php 176,000

2.Happy Selling Company’s total liabilities amounted Php 10,000. Total equity had an ending
balance of Php 20,000. How much is total assets?
ANSWER: Php 30,000

3.Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid Expense and
Unearned Income totaled Php 30,000 and Php 10,000 respectively. Cash balance amounted
to Php 100,000 while Accounts Payable and Inventory totaled to Php 20,000 and Php 10,000
respectively. How much is the company’s current assets? Current liabilities?
ANSWER: Assets: Php 640,000
Liabilities: Php 30,000

4.Company’s Total Liabilities and Equity amounted to Php 285,000. Total noncurrent assets
ended at Php 85,000. Cash totaled Php50,000. Inventory amounted to Php100,000.
Assuming the company had no other assets, how much is Accounts Receivable?
ANSWER: Php 50,000

5.Total assets amounted to Php575,000. Total equity amounted to Php 250,000. Accounts
Payable amounted to Php 50,000 while Unearned Income totaled Php 85,000. Assuming
there are no other current liabilities, compute for the company’s noncurrent liabilities.
ANSWER: Php 190,000

6.If assets are Php17,000 and owner’s equity is Php10,000, liabilities are
___________________.
ANSWER: Php 7,000

7.At the end of the first month of operations for Juana’s Delivery Service, the business had
the following accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500;
Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following
creditors: Nena’s Supply Company, Php12,000; Maria’s Equipment, Php9,500. The current
assets for the Juana’s Delivery Service are _________.
ANSWER: Php 54,350
8.At the end of the first month of operations for Juana’s Delivery Service, the business had
the following accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500;
Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following
creditors: Nena’s Supply Company, Php12,000 (due in 6 months); Maria’s Equipment, Php9,500
(due after 2 years). Current liabilities are _________.
ANSWER: Php 12,000

9. If during the year total assets increase by Php75,000 and total liabilities decrease by
Php16,000, by how much did owner’s equity increase/decrease?
ANSWER: Php 91,000

10.Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for
the year totaled Php 76,000. How much is the company’s net income for the year?
ANSWER: Php 24,000

11.Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of
accountants amounted to Php 20,000. No other expenses were incurred. How much is the
company’s general and administrative expense?
ANSWER: Php 20,000

12.Happy Selling’s beginning inventory amounted to 250,000. Net purchases amounted to

70,000. Freight In totaled 15,000. Compute for the company’s cost of goods available for
sale.
ANSWER: Php 335,000

13.At the end of the first month of operations for Juan’s Service Company, the business had
the following accounts: Cash, Php19,000; Prepaid Rent, Php500; Equipment, Php5,000 and
Accounts Payable Php2,000. By the end of the month, Jackson’s had earned Php20,000 of
Revenues, Php1,000 of Utilities Expenses and Php1,500 of Salaries Expenses. Calculate the
net income to be reported by the company for this first month.
ANSWER: Php 17,500

14.During October, a sari-sari store had the following transactions involving revenue and
expenses. Did the firm earn a net income or incur a net loss for the period? What was the
amount? Paid Php1,200 for rent. Provided services for Php2,750
ANSWER: Php 1,175