NAME: Date:

Instructor: Course: Score:

QUIZ NO. 2

Mathematics:

1. For each of the given cases, compute for the unknown. (2 points each)
Case 1 Case 2 Case 3
Assets 252,090 85,451 ?
Liabilities 135,000 ? 135,980
Owner’s Equity ? 38,774 204,781

2. For each of the given cases, compute for the unknown. (2 points each)
Case 1 Case 2 Case 3
Income (revenues and gains) 978,000 825,434 ?
Expenses and losses 722,501 ? 356,830
Profit (loss) ? 98,211 (44,501)

3. For each of the given cases, compute for the unknown. (2 points each)
Case 1 Case 2 Case 3 Case 4 Case 5
Owner’s equity, beginning 245,678 498,765 347,852 244,558 ?
Additional investment 55,000 80,100 100,001 ? 120,000
Withdrawals for personal use (75,001) (144,000) ? (120,001) (90,001)
Profit (loss) 85,000 ? 120,369 (75,632) (45,369)
Owner’s equity, ending ? 523,654 465,798 247,856 465,998

Enumeration

1 – 3 Balance Sheet accounts

4 – 5 Income Statement accounts
6 – 10 Complete Set of Financial Statements
11 – 23 Steps in Accounting Cycle
24 – 25 Types of Transactions
 4. In which financial statement or statements will you find each given item? Your answer or answers
could be any of the following: (Write the corresponding acronym only)
IS Income statement
BS Balance sheet
SCF Statement of cash flows
SCOE Statement of changes in owner’s equity
BS Heading As part of heading of financial statement of Balance sheet
As part of heading of financial statement of Income statement, Statement of
OFS Heading
changes in owner’s equity, or Statement of cash flows

a.
b. Service revenues n. Mortgage payable
c. Depreciation Expense o. Total assets
d. As of December 31, 2018 p. James Garcia, Capital, end.
e. Notes payable q. Interest receivable
f. Net Income (Loss) r. Mortgage payable
g. James Garcia, Drawing s. Building
h. Total liabilities and Owner’s Equity t. Gains from Sale of Land
i. Salaries and wages u. Rent Expense
j. Salaries and wages payable v. Rent Income
k. Loss from sale of assets w. Cash flow from operating activities
l. For the year ended Dec. 31, 2018 x. Unused supplies
m. Cash balance at the end of the period

5. INSPIRATION Delivery, a single proprietorship, owned by Mr. Motivated was formed in June 2018. The
following transactions occurred during the month:

June 1 – Mr. Motivated invested cash amounting P250,000 in his business

June 2 – Purchased a brand new delivery motorcycle for P80,000 cash from Motortrade, Inc.
June 3 – Paid P20,000 rental for the office space.
June 5 – Spent P20,000 for furniture and fixtures in the office.
June 8 – Rendered services to his client on account, P12,500.
June 13 – Paid P1,500 to PLDT for installation of landline telephone.
June 17 – Received a bill from Meralco for the June 2018 electric consumption, P800.
June 20 – Earned P10,000 cash and P3,000 receivables for the services rendered.
June 23 – Paid the Meralco bill.
June 26 – Invested additional equipment worth P50,000 for the business.
June 29 – Purchased office supplies on account worth P5,000.
June 30 – Mr. Motivated withdrew cash amounting to 5,500 for his personal use.

REQUIRED: Analyze the effect of each transaction. Use the following account titles: Cash; Accounts
Receivable; Office Supplies; Equipment; Delivery Motorcyle; Furniture and Fixtures; Accounts Payable;
Utility Payable; Mr. Motivated, Capital; Mr. Motivated, Drawing; Service Revenue; Rent Expense; and
Utilities Expense.