test 7-12

1-6 Lydia Morales Co. showed the following account balances. Determine the unknowi. accrolling i potwes in four (4) separate cases: Case 1 Cash in Bank Accounts Recelvable Estimated Uncollectible Accounts Prepaid Expenses Supplies Inventory p 70,000 180,000 ( 3,000) 10,000 15,000 How much is Owner's Equity balance? cs 2 Cash in Bank Accounts Receivable Estimated Uncollectible Accounts Prepaid Expenses Supplies Inventory Accounts Payable Unearned Income P 70,000 180,000 ( 3,000) 10,000 15,000 40,000 25,000 How much is Owner's Equity balance? CASE 3 Cash in Bank Accounts Receivable Estimated Uncollectible Accounts Prepaid Expenses Supplies Inventory L. Morales, Capital P70,000 180,000 3,0) 7112 15,000 207.000 How much is Liabilities? CASE 4 Accounts Payable Unearned Income L Morales, Capital P40,000 25,000 207,000 How much is Assets? From the list of account balance, complete the missing accounting values in each of the ga 44 1-7 cases: Determination of the Unknown Current Asset Accounts CASE 1 Building Acc. Dep'n. - Building Accounts Receivable Estimated Uncollectible Accounts Cash In Bank Accrued Income Prepaid Expenses P1,000,000 ( 150,000) 300,000 ( 3,000) 120,000 50,000 15,000 P How much is the total current assets account? CASE 2 Determination of the Unknown Cost of Property and Equipment Land Franchise Building Copyright Delivery Equipment Acc. Dep'n. - Delivery Eqpt. Cash and Cash Equivalent Patents P1,500,000 600,000 1,200,000 300,000 650,000 65,000) 850,000 1,350,000 ( How much is the cost of property and equipment? CASE 3 Determination of total asset accounts Trademarks Land Cash and Cash Equivalents Building Acc. Dep'n.- Building Accounts Receivable Prepaid Expenses Unused Supplies Accounts Payable P 500,000 1,000,000 650,000 1,500,000 140,000) 200,000 20,000 ( 10,000 35,000 How much is total assets? P. Introduction to Accounting CASE 4 Determination of Unknown Liability Accounts Unearned Income Accounts Payable Accrued Expenses Accrued Income Accrued Receivable Prepaid Expenses Cash and Cash Equivalents 50,000 100,000 25,000 10,000 210,000 30,000 300,000 How much is total liability accounts? CASE 5 Determination of Unknown Owner's Equity Cash and Cash Equivalent Prepaid Expense Accrued Income Accrued Expense Accounts Receivable Accounts Payable Unearned Income P360,000 50,000 18,000 35,000 130,000 180,000 20,000 How much is total Owner's Equity? CASE 6 Determination of Unknown Expense Accounts Prepaid Expense Uncollectible Accounts Expense Accrued Expense Depreciation Expense Taxes and Licenses Salaries Expense Supplies Used Accounts Receivable Estimated Uncollectible Accounts P 35,000 3,500 16,000 17,000 15,000 20,000 10,000 25,000 ( 3,000) How much is the total expenses? P CASE 7 Calculation of Unknown Revenue Accounts Estimated Uncollectible Account Commission Income Utilities Expense Interest Income Unearned Interest Income Accrued Income Miscellaneous Income (3,000) 75,000 9,000 35,000 10,000 20,000 5,000 How much is the total revenue? Calculation of the Unknown Amount of Profit If owner's equity, end is the same as owner's equity, beginning, 46 CASE 8 P Uncollectible Account Expense Other Income Accrued Rent Expense Unearned Service Revenue Accrued Interest Income Depreciation Expense Delivery Equipment Taxes and Licenses Service Revenue 8,000 20,000 15,000 20,000 9,000 30,000 450,000 7,000 100,000 How much is the amount profit from operations? CASE 9 Calculation of the Unknown Amount of Loss Estimated Uncollectible Account Employees' Benefits Salaries and Wages Uncollectible Accounts Expense Professional Income Depreciation Expense Accrued Taxes and Licenses Repairs and Maintenance ( P4,000) 30,000 120,000 15,000 150,000 18,000 20,000 9,000 How much is the amount loss from operation? CASE 10 - Profit Withdrawal Additional Investment 10,600 20,000 30,000 If owner's equity, beg. was P80,000, how much would be the Owner's Equity end? P CASE 11 Owner's Equity, Beg. Withdrawal during the period Additional Investment P100,000 50,000 30,000 how much profit generated at the end of the period? P 1-8 Change in Accounting Elements Mrs. Rizalina Justol made the following investments on Jan 1, 20A Cash in Bank-BDO P350,000 Office Equipment 120,000 At the end of the 1st quarter, total income earned and total expenses incurred by totaled to P180,000 and P95,000 respectively. Assuming that income and expe accounted for cash and the incurrence of a liability of P50,000 was due to the Office Furniture and Fixtures. Answer the following questions 1. How much was the owner's equity balance of Mrs. Justol at the beginning of th a. P470,000 C. P700,000 b. P650,000 d. P850,000 2. a. How much was profit earned at the end of the quarter? P 85,000 P140,000 b. P135,000 d. P150,000 C. 3. How much was the total assets after considering the transactions for the quar a. P470,000 C. P605,000 b. P555,000 d. P700,000 4. How much was the calculated owner's equity balance of Mrs. Justol at quarter? a. P500,000 C. P605,000 b. P555,000 d. P700,000 + OE + 5. How will you state the owner's equity? A L a. P470,000 50,000 b. P555,000 50,000 C. P605,000 50,000 d. P700,000 50,000 + 111111 420,000 505,000 555,000 650,000 + + The following data were taken from the Statement of Financial Position of Rustics Bernacer Company, a client of Lisa Delmonte & Co. CPAs for its first month of operation 48 1.9 Unknown Accounting Values Liabilities Accounts Payable Notes Payable P 70,000 Assets Cash In Bank Accounts Receivable Prepaid Rental Office Equipment P150,000 90,000 20,000 100,000 Owner's Equity R. Bernacer, Capital 290,000 P360,000 Total Assets P360,000 Consider the following additional transactions: a. 30% were collected from Accounts Receivable b. 40% of Accounts Payable was paid c. additional cash investment of Mr. R. Bernacer, P50,000 d purchase of office supplies for cash, P15,000 e. borrowed money from a bank and issued a note, P50,000 Answer the following questions: 1. How much is cash in bank balance? a. P219,000 b. P234,000 c. P257,000 d. P260,000 2. How much is total assets? a. P432,000 b. P458,000 c. P460,000 d. P470,000 3. How much is total liabilities? a. P 42,000 b. P 70,000 C. P 92,000 d. P112,000 4. How much is owner's equity balance? a. P270,000 b. 280,000 C. P290,000 d. P340,000