Accounting Answers

STATEMENT OF CHANGES IN EQUITY  

1. The Multitude Company has the following changes in equity items in year-end 2020.  
2. Kindly prepare the SCE of the company which is owned by Ms. Alilio. 

Beginning balance of OE ₱ 1,850,000 

Comprehensive Income ? 

Ending balance of OE        690,000 

Investments by the owner (Alilio, Capital)     2,560,000 

Alilio, Withdrawals      3,000,000 

STATEMENT OF CHANGES IN EQUITY  

1. The Multitude Company has the following changes in equity items in year-end 2020.  
2. Kindly prepare the SCE of the company which is owned by Ms. Alilio. 

Beginning balance of OE ₱ 1,850,000 

Comprehensive Income ? 

Ending balance of OE        690,000 

Investments by the owner (Alilio, Capital)     2,560,000 

Alilio, Withdrawals      3,000,000 

STATEMENT OF COMPREHENSIVE INCOME 

a. COGS (Cost of Good Sold)

b. NET INCOME

C. COMPREHENSIVE INCOME

1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020.

 2. Always apply the income tax expense as 25% of operating profit. 

Gross Sales = ₱ 3,822,300 

Sales Returns= ₱ 219,700 

Gross Purchases = ₱ 1,000,000 

Purchase Discounts = ₱ 180,000 

Beginning Inventories = ₱ 920,500

 Ending Inventories = ₱ 450,800

 Distribution Expenses = ₱ 760,200

 Administrative Expenses = ₱ 440,900 

Other Comprehensive Income = ₱ 210,000

STATEMENT OF COMPREHENSIVE INCOME 

a. COGS (Cost of Good Sold)

b. NET INCOME

C. COMPREHENSIVE INCOME

1. The Swift Company presented the balances of each income and expense account and you are tasked to make its expanded income statement for the year ended 2020.

 2. Always apply the income tax expense as 25% of operating profit. 

Gross Sales = ₱ 3,822,300 

Sales Returns= ₱ 219,700 

Gross Purchases = ₱ 1,000,000 

Purchase Discounts = ₱ 180,000 

Beginning Inventories = ₱ 920,500

 Ending Inventories = ₱ 450,800

 Distribution Expenses = ₱ 760,200

 Administrative Expenses = ₱ 440,900 

Other Comprehensive Income = ₱ 210,000

STATEMENT OF FINANCIAL POSITION  

PRACTICE SET 5 

1. The Creep Company has the following accounts in year-end 2020.  
2. Kindly prepare the SFP in both report and account forms. 

Accounts Payable ₱    600,000 

Unearned Revenue 1,210,000 

Salaries Payable- current 120,000 

Owner’s Withdrawals   280,000 

Owner’s Capital 1,500,000 

Comprehensive Income  3,000,000  

Total Current Assets 80% of total liabilities  

Cash 250,000 

Inventories 480,000 

Prepaid Expenses 600,000 

Property, Plant and Equipment ? 

Accounts Receivable ? 

STATEMENT OF COMPREHENSIVE INCOME

Practice Set 12

1. The Swift Company presented the balances of each income and expense account and you are tasked to make its EXPANDED INCOME STATEMENT for the year ended 2020.

2. Always apply the income tax expense as 25% of operating profit.

Gross Sales = ₱ 3,822,300

Sales Returns= ₱ 219,700

Gross Purchases = ₱ 1,000,000

Purchase Discounts = ₱ 180,000

Beginning Inventories = ₱ 920,500

Ending Inventories = ₱ 450,800

Distribution Expenses = ₱ 760,200

Administrative Expenses = ₱ 440,900

Other Comprehensive Income = ₱ 210,000

HOW TO PREPAIR WORKSHEETS

The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 27 March 2020, the partners approved sponsoring the tuition fees of a newly registered legal student from a rural area. An amount of R6 900 for the first semester tuition fees was paid to SA University via an EFT. The entry on 27 March 2020 in a book of first entry will be: 

A. Choose the letter that corresponds to the correct answer. (Refer to the information below)

(Murayta Enterprises

Statement of Comprehensive Income

For the period ended, December 31, 2020

-Sales - 52,352.50

-Cost of Goods Sold - 16,137.50

-Gross Profit - 36,215.00

-Selling Expenses - 17,662.50

-General and Admin Expenses - 6,407.50

-Operating Income - 12,145.00

-Interest Expense - 525.00

-Net Income - 11,620.00)

1.) Using the vertical analysis, the company's cost of sales is:

A. 31%

B. 22%

C. 1%

D. 100%

2.) Using the vertical analysis, the company's:

A. Operating Expenses is 46%

B. Operating Profit is 23%

C. Other Expense is 1%

D. All are correct

3.) Common-size SCI of Murayta Enterprises provides:

A. 70% gross profit

B. 30% cost of goods sold

C. 22% net income

D. 13% general and andministrative expenses