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FDNACCT - Quiz #1 - Solutions To PS - Set C

The document contains 12 problem solving questions involving accounting transactions. The questions calculate financial metrics like revenues, expenses, net income, assets, liabilities, equity and capital for various businesses and accounting periods. Formulas are provided to prove the solutions are correct based on the accounting equation that assets must equal liabilities plus equity.

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leshamunsay
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39 views2 pages

FDNACCT - Quiz #1 - Solutions To PS - Set C

The document contains 12 problem solving questions involving accounting transactions. The questions calculate financial metrics like revenues, expenses, net income, assets, liabilities, equity and capital for various businesses and accounting periods. Formulas are provided to prove the solutions are correct based on the accounting equation that assets must equal liabilities plus equity.

Uploaded by

leshamunsay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Quiz #1

Solutions to Problem Solving


Set C
1 Accounting Revenues ₱ 900,000
Interest Income 8,000 ₱ 908,000
Transporation Expenses ₱ 130,000
Supplies Expense 70,000
Salaries Expense 305,000
Rent Expense 117,000
Utilities Expense 165,000 - 787,000
Net income ₱ 121,000

2 Capital, Beg ₱ 230,000


Additonal Investment 223,000
Net income 430,000
Owners Drawing - 102,000
Capital, End ₱ 781,000

3 Accounts Payable ₱ 24,530


Salaries and Wages Payable 25,140
Unearned Service Income 85,150
Current liabilities ₱ 134,820

4 Accounts Receivable ₱ 16,500


Cash 27,000
Office Furniture 42,250
Total assets ₱ 85,750

5 Accounts Receivable ₱ 75,000


Cash 66,000
Office Supplies 14,000
Prepaid Expense 23,000
Current assets ₱ 178,000

6 Current assets ₱ 200,000


Non-current assets 700,000
Total assets ₱ 900,000
Equity, end - 300,000
Current liabilities - 200,000
Non-current liabilities ₱ 400,000

7 Capital, End ₱ 430,000


Net income - 38,000
Additional investment - cash - 50,000
Additional investment - laptop - 20,000 at fair market value
Capital, Beg ₱ 322,000
8 Capital, Beg ₱ 120,000
Revenues 60,000
Expenses - 44,000
Drawings - 2,000 supplies
Capital, End ₱ 134,000

9 Assets Increased by ₱ 60,000


Liabilities decreased by 40,000
Increase in equity ₱ 100,000

Proof:
Acounting Equation A L OE
60,000 = - 40,000 + 100,000
60,000 = 60,000

10 Revenue received in cash ₱ 80,000


Revenue on account 70,000
Revenues ₱ 150,000

11 Rent Expense ₱ 110,000


Salaries Expense 196,000
Electricity Expense 124,500
Expenses ₱ 430,500

12 Increase in Capital ₱ 168,000


Additional investment - 57,000
Withdrawal 43,000 at original cost
Net income ₱ 154,000

Proof:
Net income ₱ 154,000
Additional investment 57,000
Withdrawal - 43,000
Increase in Capital ₱ 168,000

Note: The expense is a dummy variable.

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