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    Classroom Exercises 1 - Statement of Financial Position and Comprehensive Income

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    Bianca Joven
    This document contains 20 multiple choice and problem solving questions about financial statements, including statements of financial position and comprehensive income. The questions assess understanding of key financial statement elements and calculations, such as identifying the components of a complete set of financial statements, distinguishing between current and non-current assets/liabilities, calculating changes in equity and assets, determining revenues, expenses, costs of goods sold, and net income based on financial data, and preparing a statement of financial position by calculating totals for current assets, non-current assets, current liabilities, non-current liabilities, total assets, and total equity.

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    Classroom Exercises 1 - Statement of Financial Position and Comprehensive Income

    Uploaded by

    Bianca Joven
    268 views2 pages
    This document contains 20 multiple choice and problem solving questions about financial statements, including statements of financial position and comprehensive income. The questions assess understanding of key financial statement elements and calculations, such as identifying the components of a complete set of financial statements, distinguishing between current and non-current assets/liabilities, calculating changes in equity and assets, determining revenues, expenses, costs of goods sold, and net income based on financial data, and preparing a statement of financial position by calculating totals for current assets, non-current assets, current liabilities, non-current liabilities, total assets, and total equity.

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    Classroom_Exercise_1_(SFP_and_SCI)

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    This document contains 20 multiple choice and problem solving questions about financial statements, including statements of financial position and comprehensive income. The questions assess understanding of key financial statement elements and calculations, such as identifying the components of a complete set of financial statements, distinguishing between current and non-current assets/liabilities, calculating changes in equity and assets, determining revenues, expenses, costs of goods sold, and net income based on financial data, and preparing a statement of financial position by calculating totals for current assets, non-current assets, current liabilities, non-current liabilities, total assets, and total equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    268 views2 pages

    Classroom Exercises 1 - Statement of Financial Position and Comprehensive Income

    Uploaded by

    Bianca Joven
    This document contains 20 multiple choice and problem solving questions about financial statements, including statements of financial position and comprehensive income. The questions assess understanding of key financial statement elements and calculations, such as identifying the components of a complete set of financial statements, distinguishing between current and non-current assets/liabilities, calculating changes in equity and assets, determining revenues, expenses, costs of goods sold, and net income based on financial data, and preparing a statement of financial position by calculating totals for current assets, non-current assets, current liabilities, non-current liabilities, total assets, and total equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Classroom Exercises 1 - Statement of Financial Position and Comprehensive Income

    TRUE OR FALSE.

    Classroom Exercise 1-1. (10 pts.)

    1. Financial statements that are prepared in accordance to the standards issued by the IASB is
    presumed to have fair representation.
    2. A set of financial statement is complete if it has the Statement of Financial Position, Statement
    of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow.
    3. All financial statements are applying the accrual accounting principle.
    4. The primary users of the financial statements are management of the company and the
    shareholders.
    5. Comparing the company’s current financial information with the previous years is an example of
    intra-comparability.
    6. Financial statements represent both past and future financial information.
    7. When assets are realized within normal operating cycle but more than 12 months after the
    reporting period, it is considered as current assets.
    8. According to IAS 1, non-current asset/liabilities may be presented before current
    assets/liabilities.
    9. Current and non-current portion of assets and liabilities shows the assumption of going concern
    principle.
    10. Service type of business may also use Multi-Step format of the income statement.

    PROBLEM SOLVING

    Classroom Exercise 1-2.


    At the beginning of the year, the company have assets worth P700,000 while liabilities is 25% of its
    equity. There was a decrease in liabilities worth P49,500 and a net increase of P152,780 for the equity.

    1. How much is the equity at the beginning of the year? (2 pts.)


    2. How much are the assets at the end of the year? (2 pts.)
    3. How much was the change in asset? Indicate if it is a decrease or an increase. (2 pts.)

    Classroom Exercise 1-3.


    A company incurred a net loss of P49,000 for the current period. Assume that expenses are worth
    P693,160.

    4. How much was the revenue for the year? (2 pts)

    Classroom Exercise 1-4.


    The following are the accounts of Vela Merchandising for December 31, 2019:

    Sales Php 3,000,000


    Salaries Expense 80,000
    Supplies Expense 120,000
    Depreciation Expense 96,000
    Utilities Expense 64,000
    Insurance Expense 32,000
    Rent Expense 144,000
    Beginning Inventory 6,250
    Purchases 187,500
    Ending Inventory 12,500
    Sales Discount 625

    Accordingly, 25% of rent, depreciation and utility expenses pertain to the sales office while the rest
    pertains to the corporate office.

    5. How much is the net sales? (2 pts)


    6. How much is the cost of goods sold? (2 pts)
    7. How much is the gross profit for the year? (2 pts)
    8. How much is general and administrative expenses? (2 pts)
    Classroom Exercises 1 - Statement of Financial Position and Comprehensive Income

    9. How much is the selling and distribution expenses? (2 pts)


    10. How much is the net income? (2 pts)

    Classroom Exercise 1-5.


    Below are the accounts of Celestina Trading for the year ended December 31, 2019.

    Accounts Payable 2,000,400


    Accounts Receivables 2,000,000
    Accumulated Amortization – Patents 100,000
    Accumulated Amortization – Trademarks 100,000
    Accumulated Depreciation - Fixtures 100,000
    Accumulated Depreciation - Vehicles 200,000
    Advances to Employees 23,000
    Allowance for doubtful accounts 145,000
    Cash Equivalents 100,000
    Cash in Banco de Plata 8,000,000
    Cash in Metro Pacific Bank 2,000,000
    Celestina, Capital ?
    Change Cash Fund 25,000
    Due to suppliers 45,000
    Finished Goods 1,000,000
    Fixtures 1,000,000
    Income Tax Payable 590,000
    Interest Payable 145,000
    Land 1,000,000
    Land Held for fair value appreciation 8,900,000
    Long-term Debt 2,300,000
    Notes Payable (short-term) 890,000
    Notes Receivables 200,000
    Patents 1,000,000
    Petty Cash Fund 50,000
    Prepaid Expenses 14,500
    Raw Materials 600,000
    Trademarks 1,000,000
    Vehicles 2,000,000
    Work in Progress 400,000

    11. How much is the total cash and cash equivalent? (2 pts)
    12. How much is the total inventories? (2 pts.)
    13. How much is the total property, plant and equipment? (2 pts.)
    14. How much is the total intangible assets? (2 pts.)
    15. How much is the total current assets? (2 pts).
    16. How much is the total non-current assets? (2 pts)
    17. How much is the total current liabilities? (2 pts)
    18. How much is the total non-current liabilities? (2 pts)
    19. How much is the total assets? (2 pts)
    20. How much is the total equity? (2 pts)

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