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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MANAGEMENT 2

NAME ____________________________________________________ SCORE___________________ RATING __________________

GRADE/SECTION ___________________________________________ DATE _____________________________

COMPLETION 5. Total current liabilities

6. Total noncurrent liabilities
ASSETS LIABILITIES EQUITY 7. Mariko’s capital as of December 31, 2019
1. 250,000 280,000
2. 750,000 170,000 PROBLEM 2
3. 600,000 300,000 Beginning Inventory P 400,000
4. (500,000) 200,000 Add: Purchases ?
5. (1,000,000) 350,000 Freight-in 15,000
Less: Purchase Discount ( 50,000 )
PROBLEM 1 Purchase Return & Allowances ( 35,000 )
Mariko has the following account balances as of December 31, 2019: Cost of Goods Available for Sale ?
Cash P 400,000 Ending Inventory ?
Accounts Receivable P 1,000,000 Cost of Goods Sold ?
Inventory P 700,000
Property, Plant and Equipment P 1,500,000  Purchases for the year are four times as larger as beginning inventory.
Intangible Assets P 100,000  Purchases for the year are two times larger as ending inventory.
Accounts Payable P 1,000,000
Notes Payable P 1,200,000 8. Purchases for the year
9. Cost of goods available for sale
Adjustments: 10. Ending inventory
 Cash account includes non-sufficient check worth P 20,000. 11. Cost of goods sold
 Included in the Accounts Receivable account is the P 200,000 cash collected
during March 1, 2019. PROBLEM 3
 40% of the inventories are sold during the year. It is not yet reflected in the  Nadine invested P 400,000 cash, P 2,000,000 equipment and P 600,000
books of the company. machinery in the business.
 The property, plant and equipment are depreciated over 10 years of useful life  Nadine paid one-month rent of P 15,000 and registration in BIR worth P 20,000.
and with a residual value of P 50,000. The company did not record depreciation  Nadine purchased furnitures and fixtures on account, P 400,000.
for this year.  Nadine loaned from BDO, a note payable due 3 years, P 1,000,000.
 Intangible assets are amortized over 10-year period. The company did not  Nadine billed customers for professional services rendered, P 500,000.
record amortization for this year.  Nadine rendered services for cash customers, P 475,000.
 50% of the trade and accounts payable during the year was paid and not yet  Nadine paid salaries, P 20,000 each for three sales clerks in the business.
reflected in the books.  Nadine paid utilities worth P 60,000 and advertising expense worth P 100,000.
 Notes payable is due on December 31, 2024.  Nadine collected 60% from the credit customers.
 Nadine paid 40% of the accounts payable during the year.
1. Depreciation expense for the year 2019
2. Amortization expense for the year 2019 Prepare journal entries to record the transactions.
3. Total current assets Prepare unadjusted trial balance.
4. Total noncurrent assets