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    Practice Set 1 (Basic Accounting)

    Uploaded by

    Maica Lagare
    Here are the steps to solve each problem: 1. Supplies used during the year: Beginning supplies: P11,000 Purchases: P5,000 Ending supplies: P9,000 So supplies used = Beginning + Purchases - Ending = P11,000 + P5,000 - P9,000 = P7,000 2. Total expenses for the year: Given expenses (excluding supplies): P6,000 Supplies used: P7,000 So total expenses = P6,000 + P7,000 = P13,000 3. Service revenues for the year: Net income: P8,000 Plus expenses:

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    Practice Set 1 (Basic Accounting)

    Uploaded by

    Maica Lagare
    310 views3 pages
    Here are the steps to solve each problem: 1. Supplies used during the year: Beginning supplies: P11,000 Purchases: P5,000 Ending supplies: P9,000 So supplies used = Beginning + Purchases - Ending = P11,000 + P5,000 - P9,000 = P7,000 2. Total expenses for the year: Given expenses (excluding supplies): P6,000 Supplies used: P7,000 So total expenses = P6,000 + P7,000 = P13,000 3. Service revenues for the year: Net income: P8,000 Plus expenses:

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    Here are the steps to solve each problem: 1. Supplies used during the year: Beginning supplies: P11,000 Purchases: P5,000 Ending supplies: P9,000 So supplies used = Beginning + Purchases - Ending = P11,000 + P5,000 - P9,000 = P7,000 2. Total expenses for the year: Given expenses (excluding supplies): P6,000 Supplies used: P7,000 So total expenses = P6,000 + P7,000 = P13,000 3. Service revenues for the year: Net income: P8,000 Plus expenses:

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    310 views3 pages

    Practice Set 1 (Basic Accounting)

    Uploaded by

    Maica Lagare
    Here are the steps to solve each problem: 1. Supplies used during the year: Beginning supplies: P11,000 Purchases: P5,000 Ending supplies: P9,000 So supplies used = Beginning + Purchases - Ending = P11,000 + P5,000 - P9,000 = P7,000 2. Total expenses for the year: Given expenses (excluding supplies): P6,000 Supplies used: P7,000 So total expenses = P6,000 + P7,000 = P13,000 3. Service revenues for the year: Net income: P8,000 Plus expenses:

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Awarded No.

    1 with Most

    College of Business Administration Number of Accredited Programs for

    Practice Set No. 1

    Name: MAICA P. LAGARE


    Course and Section: BSCA 1-A

    A. Classify each of these items as an asset (A), liability (L), or owner’s equity (E).
    A 1. Accounts receivable
    L 2. Accounts payable
    E 3. Bonds, Capital
    A 4. Office supplies
    L 5. Utilities expense
    A 6. Cash
    L 7. Note payable
    A 8. Equipment
    A 9. Prepaid expense
    A 10. Accrued Income

    B. Find what is asked on the problems (3 points each.)

    I. At the beginning of the year, Yates Company had total assets of P 550,000 and total
    liabilities of P 200,000. Answer the following questions viewing each situation as
    being independent of the others (3 points each.)

    1. If total assets increased P 200,000 during the year, and total liabilities decreased P 75,000,
    what is the amount of owner's equity at the end of the year?
    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY
    1. Beginning P550, 000 P200, 000
    2. Change 200, 000 (75, 000)
    3. Ending P750, 000 - P125, 000 = P625, 000

    2. During the year, total liabilities increased P 230,000 and owner's equity decreased P
    90,000. What is the amount of total assets at the end of the year?
    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY
    1. Beginning P550, 000 P200, 000 P350, 000

    2. Change 230, 000 (90, 000)


    3. Ending P690, 000 = P430, 000 + P260, 000
    4. If total assets decreased P 40,000 and owner's equity increased P 130,000 during the
    year, what is the amount of total liabilities at the end of the year?

    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY


    1. Beginning P550, 000 P200, 000 P350, 000

    2. Change (40, 000) 130, 000


    3. Ending P510, 000 = P30, 000 + P480, 000

    II. At the beginning of 2008, Clemens Company had total assets of P 550,000 and total
    liabilities of P 330,000. Answer each of the following questions.
    1. If total assets increased P 60,000 and owner's equity decreased P 90,000 during the year,
    determine the amount of total liabilities at the end of the year.
    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY
    1. Beginning P550, 000 P330, 000 P220, 000
    2. Change 60, 000 (90,000)
    3. Ending P610, 000 = P480, 000 + P130, 000

    2. During the year, total liabilities decreased P 75,000 and owner's equity increased P 50,000.
    Compute the amount of total assets at the end of the year.
    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY
    1. Beginning P550, 000 P330, 000 P220, 000
    2. Change (75, 000) 50, 000
    3. Ending P525,000 = P255, 000 + P270, 000

    4. If total assets decreased P 100,000 and total liabilities increased P 55,000 during the year,
    determine the amount of owner's equity at the end of the year.
    TOTAL ASSETS TOTAL LIABILITIES OWNER’S EQUITY
    1. Beginning P550, 000 P330, 000
    2. Change 100, 000 55, 000
    3. Ending P450, 000 - P385, 000 = P65, 000
    III. Presented below is a balance sheet for Francis Aaron Lawn Service at December 31, 2020.

    FRANCIS AARON LAWN SERVICE


    Balance Sheet
    December 31, 2020

    Assets Liabilities and Owner’s Equity


    Cash P 13,000 Accounts Payable P 8,000
    Accounts Receivable 6,000 Notes Payable 15,000
    Supplies 9,000 Total Liabilities 23,000
    Equipment 11,000 Francis Aaron, Capital 16,000
    Total Assets 39,000 Total Owner’s Equity 16,000

    The following additional data are available for the year which began on January 1: All expenses
    (excluding supplies expense) total P 6,000. Supplies on January 1, were P 11,000 and P 5,000
    of supplies were purchased during the year. Net income for the year was P 8,000 and drawings
    were P 6,000.

    Instructions

    Determine the following: (Show all computations.)

    1. Supplies used during the year.


    2. Total expenses for the year.
    3. Service revenues for the year.
    4. Francis Aaron capital balance on January 1.

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