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Accounting Practice Set The supporting documents for the business transactions during the month of December 20x1 are as follows: RAKN KOLL Learning Competencias The leamers should be able to 1. Perform the steps in the accounting cycle from preparation of documents to the preparation, analysis, and interpretation of financial statements 2008 OFFICIAL RECOM Band in the 23 mm BARA Practice Set The November 30, 20x1 trial balance of Rak N' Koll Co, a call center business, shows the following information: EK RAK N' KOLL Trial Balance November 30, 2011 Debit 340,000 Credit SALLRA DAN RAKN KOLL 2007 1,400,000 Part 12 ACCOUNTS Cash Accounts receivable Prepaid insurance Computer equipment Accumulated depreciation Loans payable Owner's equity Owner's drawings Service fees Salaries expense Rent expense Utilities expense Office supplies expense Insurance expense Totals 240,000 1,000,000 1,254,000 OFFICIAL RECEPT C. IN ADWAL SUR. 3.300.000 4,890,000 A DO 990,000 1,100.000 165,000 84,000 5,000 7.384.000 ZA 7,384,000 RAKN KOLL RAKN KOLL CHECK DISBURSEMENT VOUCHER OFICIAL 2018 20 Pod THLERLALLAS un PIN Horora Buliding REGRESA. 15 One Hundred Thousand Pess DONNE SERRE MINE 000 Het RAKN KOLL 2009 OCIALMENT M BR WAZA KROM TIME dh BMW RAKN CHECK DISBURSEMENT VOUCHER 19/02 KOLL TALLIC Aber Tresna 2.TRAVKA Twenty Thousand pesos ERICH Fax Note: All collections are deposited intact within 1 to 2 days from date of receipt Lobo RAKN KOLL CHECX DISBURSEMENT VOUCHER ARAOKE ULKS RAKN CHECK DISBURSEMENT VOUCHER KOLL 12/05/20 OVE 054 CladB MS. Kaye Here Company Treasure FRANZ. DOIRANKOS Forty Five Thousand Pesos Mang Benny CAPAIKI MESTO Fiften Thousand Pesos BERG 2015. des CON som INNAT prA ART 2 602 wa 3 L. INDAH EL.000 LESTEROCINIO TRASHEET DEL OS 2000 * RAKN CHECK DISBURSEMENT VOUCHER 12/1yK KOLL 1458 DES Pong Cuters Computers HUL KISSENARRADERLECHE One Hundred fifty Thousand Pesos INCOME 5.000.00 w 8.48 WK HOLL COMPANY NON KAYE HRA SIBINTI PAYB TAWSAN PISOS BANK OF THE PHILIPPINE ISLANDS KULOT CURLY BRANCH UNTIT, CORNERODA KROTOTY 9000 30008LOW ON RONNI aptopOWARKIZZER UTAMU IDEA RANDO LADO CANCELLEDY/ 100.00000000 Note: Check F0811188 was cancelled because it contains errors. Banks do not accept checks with errors, erasures or corrections. This check was replaced by Check #0511189 ad RAKN CHECY DISBURSEMENT VOUCHER 42/22/20 KOLL 460 and 25 Ms. Kaye Here - Company Treasure FANG DERRINHKOLL Seventy Five Thousand Pesos RAKN CHECK DISBURSEMENT VOUCHER 1/ 320K KOLL 362 Gede 0515 Ms. kay! Here Company Treasurer FANGADORIRKOU Forty-Five Thousand pesos ORANGE TON 25000 DERE SAMANA LINEN 200 1125.000 NEW 12 RAKN CHECK DISBURSEMENT VOUCHER KOLL 12 BOKS 02161 BASERRIA PINE INSURGE CO MINISTRIMI MELILLA Five Thousand pesos Notes: 134 month pay is chargeable to "salaries expense account Use the prepaid insurance account to record the prepayment of insurance CZE FOTO OTA 5.2002 G App Bank statement it. L. BANK OF THE PHILIPPINE ISLANDS Account Number AccountType Branch + Period Cowww 1 123-6006-48 EPI Checking Account KULOT CURLY BRANCH 12/1/2011 - 12/11/ deposited to the Company's account on the first week of January 20x2. Unused office supplies on December 31, 20x1 amount to 29,000 The laptop computers acquired in December have an estimated useful life of 2 years with no residual value. The Company recognizes full-month depreciation in the month of acquisition. The annual depreciation for the existing equipment (excluding the newly acquired laptop computers) is P120,000. The loan payable pertains to a 12% bank loan taken on November 30, 20x1. The principal on the loan is due after five years but monthly interests are due at the beginning of each month starting January 1, 20x2. Although no bills have yet been received, Rak N Koll wants to accrue 17,500 for unpaid utilities used from December 16 to 31, 20x1. Rat Delit iv. 100,000.00 023 0511189 10 Maket Cly V. 15,000.00 Dute Description BEGINNING BALANCE 1272/2011 CHECKENCASHMENT 12/8/201 GEOX DEPOSIT 12/15/d CEO ENCASHMENT 12/15/2004 OED DEPOSIT 12/11/2011 OEKENCASHMENT 12/14/201 OECKENCASHMENT 12/22/2014 CHECK ENCASHMENT 12/23/01 CASH DEPOST 12/27/2014 CHECKENCAMENT 122 CHECK DEPOSIT 12/30/2011 CHECKENCASHMENT 045 00 0511155 1999 y 090 011187 010 011186 2 O 51118 066 Kuket Oy 067 00651119 2 City 0011191 15,000.00 15000.00 20,000.00 Balance 340,000.00 240,000.00 232,000.00 $2,000.00 857,200.00 50,000.00 517,200.00 $12.900.00 152.000.00 32,000.00 17,000.00 1,000.00 294,000.00 56,000 750,000.00 305,000.00 7,000.00 5,000.00 Additional information Bank reconciliation Roof Solar, Inc, a customer, has informed the Company of a deposit amounting to P56,000 for call services rendered in December. No Official Receipt has yet been issued to the customer. Requirements: a. Analyze the supporting documents and record them in the Joumal in a chronological order (ie., arranged by date). b. Post the transactions in the Ledger (use T-accounts). c. Prepare the unadjusted trial balance columns of the December 31, 20x1 worksheet. d. Prepare the bank reconciliation for the month of December 20x1. e. Prepare the year-end adjusting entries including the reconciling item(s) from Requirement d'above. 1. Complete the remaining columns of the December 31, 20x1 worksheet up to the balance sheet columns. & Prepare the closing entries. h. Prepare the 20x1 statement of financial position, statement of comprehensive income, statement of changes in equity, Additional information: Adjusting entries Hedge Fund, Inc., a customer, has been billed for call services rendered in December 20x1 amounting to P34,000. Hedge informed the Company that the check for the said amount is still being processed and is expected to be statement of cash flows and selected notes. (See Particulars below.) Particulars: 1. Base your presentation on the illustrative financial statements in Chapter 1 to 4. 2. Use a classified and a report fornat presentation for the statement of financial position. Make proper cross- referencing to the following 'Notes': 2 Quick (Acid-test) ratio 3. Working capital 4. Debt ratio 5. Equity ratio 6. Debt-to-equity ratio 7. Net profit ratio 8. Return on assets 9. Return on equity (Return on net assets) Line items Notes Cash and cash equivalents Trade and other receivables Prepaid assets Property, plant & equipment Trade and other payables Long-term borrowing 3. Provide additional narrative description in Note 6 for the long-term borrowings 4. Use the following additional information to complete the statement of cash flows. Use the indirect method of presenting cash flows from operating activities Line items Dec. 31, 2020 Cash and cash equivalents M67.500 Trade and other receivables Prepaid assets 34,000 Trade and other payables 7,500 Loans payable 1. Compute for the following financial ratios: 1. Current ratio Accounting Practice Set The supporting documents for the business transactions during the month of December 20x1 are as follows: RAKN KOLL Learning Competencias The leamers should be able to 1. Perform the steps in the accounting cycle from preparation of documents to the preparation, analysis, and interpretation of financial statements 2008 OFFICIAL RECOM Band in the 23 mm BARA Practice Set The November 30, 20x1 trial balance of Rak N' Koll Co, a call center business, shows the following information: EK RAK N' KOLL Trial Balance November 30, 2011 Debit 340,000 Credit SALLRA DAN RAKN KOLL 2007 1,400,000 Part 12 ACCOUNTS Cash Accounts receivable Prepaid insurance Computer equipment Accumulated depreciation Loans payable Owner's equity Owner's drawings Service fees Salaries expense Rent expense Utilities expense Office supplies expense Insurance expense Totals 240,000 1,000,000 1,254,000 OFFICIAL RECEPT C. IN ADWAL SUR. 3.300.000 4,890,000 A DO 990,000 1,100.000 165,000 84,000 5,000 7.384.000 ZA 7,384,000 RAKN KOLL RAKN KOLL CHECK DISBURSEMENT VOUCHER OFICIAL 2018 20 Pod THLERLALLAS un PIN Horora Buliding REGRESA. 15 One Hundred Thousand Pess DONNE SERRE MINE 000 Het RAKN KOLL 2009 OCIALMENT M BR WAZA KROM TIME dh BMW RAKN CHECK DISBURSEMENT VOUCHER 19/02 KOLL TALLIC Aber Tresna 2.TRAVKA Twenty Thousand pesos ERICH Fax Note: All collections are deposited intact within 1 to 2 days from date of receipt Lobo RAKN KOLL CHECX DISBURSEMENT VOUCHER ARAOKE ULKS RAKN CHECK DISBURSEMENT VOUCHER KOLL 12/05/20 OVE 054 CladB MS. Kaye Here Company Treasure FRANZ. DOIRANKOS Forty Five Thousand Pesos Mang Benny CAPAIKI MESTO Fiften Thousand Pesos BERG 2015. des CON som INNAT prA ART 2 602 wa 3 L. INDAH EL.000 LESTEROCINIO TRASHEET DEL OS 2000 * RAKN CHECK DISBURSEMENT VOUCHER 12/1yK KOLL 1458 DES Pong Cuters Computers HUL KISSENARRADERLECHE One Hundred fifty Thousand Pesos INCOME 5.000.00 w 8.48 WK HOLL COMPANY NON KAYE HRA SIBINTI PAYB TAWSAN PISOS BANK OF THE PHILIPPINE ISLANDS KULOT CURLY BRANCH UNTIT, CORNERODA KROTOTY 9000 30008LOW ON RONNI aptopOWARKIZZER UTAMU IDEA RANDO LADO CANCELLEDY/ 100.00000000 Note: Check F0811188 was cancelled because it contains errors. Banks do not accept checks with errors, erasures or corrections. This check was replaced by Check #0511189 ad RAKN CHECY DISBURSEMENT VOUCHER 42/22/20 KOLL 460 and 25 Ms. Kaye Here - Company Treasure FANG DERRINHKOLL Seventy Five Thousand Pesos RAKN CHECK DISBURSEMENT VOUCHER 1/ 320K KOLL 362 Gede 0515 Ms. kay! Here Company Treasurer FANGADORIRKOU Forty-Five Thousand pesos ORANGE TON 25000 DERE SAMANA LINEN 200 1125.000 NEW 12 RAKN CHECK DISBURSEMENT VOUCHER KOLL 12 BOKS 02161 BASERRIA PINE INSURGE CO MINISTRIMI MELILLA Five Thousand pesos Notes: 134 month pay is chargeable to "salaries expense account Use the prepaid insurance account to record the prepayment of insurance CZE FOTO OTA 5.2002 G App Bank statement it. L. BANK OF THE PHILIPPINE ISLANDS Account Number AccountType Branch + Period Cowww 1 123-6006-48 EPI Checking Account KULOT CURLY BRANCH 12/1/2011 - 12/11/ deposited to the Company's account on the first week of January 20x2. Unused office supplies on December 31, 20x1 amount to 29,000 The laptop computers acquired in December have an estimated useful life of 2 years with no residual value. The Company recognizes full-month depreciation in the month of acquisition. The annual depreciation for the existing equipment (excluding the newly acquired laptop computers) is P120,000. The loan payable pertains to a 12% bank loan taken on November 30, 20x1. The principal on the loan is due after five years but monthly interests are due at the beginning of each month starting January 1, 20x2. Although no bills have yet been received, Rak N Koll wants to accrue 17,500 for unpaid utilities used from December 16 to 31, 20x1. Rat Delit iv. 100,000.00 023 0511189 10 Maket Cly V. 15,000.00 Dute Description BEGINNING BALANCE 1272/2011 CHECKENCASHMENT 12/8/201 GEOX DEPOSIT 12/15/d CEO ENCASHMENT 12/15/2004 OED DEPOSIT 12/11/2011 OEKENCASHMENT 12/14/201 OECKENCASHMENT 12/22/2014 CHECK ENCASHMENT 12/23/01 CASH DEPOST 12/27/2014 CHECKENCAMENT 122 CHECK DEPOSIT 12/30/2011 CHECKENCASHMENT 045 00 0511155 1999 y 090 011187 010 011186 2 O 51118 066 Kuket Oy 067 00651119 2 City 0011191 15,000.00 15000.00 20,000.00 Balance 340,000.00 240,000.00 232,000.00 $2,000.00 857,200.00 50,000.00 517,200.00 $12.900.00 152.000.00 32,000.00 17,000.00 1,000.00 294,000.00 56,000 750,000.00 305,000.00 7,000.00 5,000.00 Additional information Bank reconciliation Roof Solar, Inc, a customer, has informed the Company of a deposit amounting to P56,000 for call services rendered in December. No Official Receipt has yet been issued to the customer. Requirements: a. Analyze the supporting documents and record them in the Joumal in a chronological order (ie., arranged by date). b. Post the transactions in the Ledger (use T-accounts). c. Prepare the unadjusted trial balance columns of the December 31, 20x1 worksheet. d. Prepare the bank reconciliation for the month of December 20x1. e. Prepare the year-end adjusting entries including the reconciling item(s) from Requirement d'above. 1. Complete the remaining columns of the December 31, 20x1 worksheet up to the balance sheet columns. & Prepare the closing entries. h. Prepare the 20x1 statement of financial position, statement of comprehensive income, statement of changes in equity, Additional information: Adjusting entries Hedge Fund, Inc., a customer, has been billed for call services rendered in December 20x1 amounting to P34,000. Hedge informed the Company that the check for the said amount is still being processed and is expected to be statement of cash flows and selected notes. (See Particulars below.) Particulars: 1. Base your presentation on the illustrative financial statements in Chapter 1 to 4. 2. Use a classified and a report fornat presentation for the statement of financial position. Make proper cross- referencing to the following 'Notes': 2 Quick (Acid-test) ratio 3. Working capital 4. Debt ratio 5. Equity ratio 6. Debt-to-equity ratio 7. Net profit ratio 8. Return on assets 9. Return on equity (Return on net assets) Line items Notes Cash and cash equivalents Trade and other receivables Prepaid assets Property, plant & equipment Trade and other payables Long-term borrowing 3. Provide additional narrative description in Note 6 for the long-term borrowings 4. Use the following additional information to complete the statement of cash flows. Use the indirect method of presenting cash flows from operating activities Line items Dec. 31, 2020 Cash and cash equivalents M67.500 Trade and other receivables Prepaid assets 34,000 Trade and other payables 7,500 Loans payable 1. Compute for the following financial ratios: 1. Current ratio