Maceda, Eunice L.
12 ABM-Cojuangco
FABM2 | Mr. Raul Dela Cruz
Week 1 – 2
Activity 1: “HULA ME”
Directions: 1. Guess the account title being described in each sentence.
2. Identify what element of SFP (Assets, Liabilities or Equity) it is
listed/included.
3. Write your answers in separate paper intermediate pad.
Description Account title SFP Element
1. I am used as a medium of exchange in business transactions. I may be held on
hand or put in banks for safekeeping.
Answer: CASH ASSETS
2. I can be in the form of cash or other assets invested by the owner to start- up a
business.
3. I am items held for resale.
4. I am expenses paid in advance.
5. I am expenses incurred but not yet paid.
6. I am amounts due to suppliers for the purchase of goods or services received on
account.
7. I am an amount taken by the owner from the business for personal use.
8. I am an account due with supporting promissory notes.
9. I am an account due from customers as a result of sale of goods or for services
rendered.
10. I have a long- life and acquired for use in business operations.
Activity 2 : Let’s Classify
Direction : Determine the classification of the following accounts as to ASSET, LIABILITY, and
EQUITY. For asset and liability account, determine also how long it is treated as to CURRENT and
NON-CURRENT.
Account Title Account Classification
1. Cash
2. Furniture and Fixtures
3. Land
4. Notes Payable
5. Notes Receivable
6. DSD, Capital
7. Accounts Receivable
8. Vehicle
9. Building
10. Taxes Payable
11. Mortgage Payable
12. DSD, Drawing
13. Prepaid Rent
14. Utilities Payable
15. Marketable Securities
Activity 3: “PRAKTISADO AKO 1”
Directions:
1. Prepare a properly classified Statement of Financial Position using the report form.
2. Write your answers in separate paper (JOURNAL PAPER)
Rubrics:
a. Neat (no erasure) -------------------------------------------- 30 %
b. Proper (follow the given format/template,
use proper accounts title) -------------------------------- 40 %
c. Complete ( heading, body of SFP, peso sign,
double rule etc.) ---------------------------------------------- 30 %
Mr. Dale Ramos, owned a plant shop named Dale’s Gardens. He hired you to prepare his plants
shop’s Statement of Financial Position for the year 2019. The following shows the assets and
liabilities of Mr. Ramos:
a. His plant shop has cash in bank account amounting to P150,000.
b. His plant shop has uncollected sales from customers amounting to P125,000.
c. The total amount of garden supplies and materials after inventory showed P80,000 on hand.
d. He already paid one year’s advertisement in advance in a local newspaper amounting to
P12,000
e. Total value of all the shop’s garden tools and equipment amounted to P150,000
f. He bought garden supplies and materials on account from his supplier amounting to P155,000
to be paid within three months after the year- end.
g. Salaries unpaid to his three employees totaled P21,000.00.
h. Utilities amounting to P6,000.00 remained unpaid as of year- end.
i. His outstanding loan balance amounted to P45,000 will be paid within 5 years.
Activity 4: “PRAKTISADO AKO 2”
Directions:
1. Using the same data in Activity 3, prepare a properly classified Statement of
Financial Position using the account form.
2. Write your answers in separate paper ( SHORT BOND PAPER)
Rubrics:
d. Neat (no erasure) -------------------------------------------- 30 %
e. Proper (follow the given format/template,
use proper accounts title) -------------------------------- 40 %
f. Complete ( heading, body of SFP, peso sign,
double rule etc.) ---------------------------------------------- 30 %
Activity 5: “PROBLEM MO, SOLVE KO”
Directions:
A. Analyze the given situations, solve and give the appropriate
answers.
Show solution..
B. Use a separate sheet of short bond paper.
1. Wash and Wear Laundry has current assets amounting to Php 300,000.
Noncurrent assets for the year totaled Php 89,000. How much is the laundry’s
total assets?
2. Read Me Book Shop has assets of Php 2,000,000.00 and owner’s equity of
Php
600,000.00. How much is the book shop’s total liabilities?
3. No Melt Ice Cream parlor has liabilities of Php 395,000.00 and assets of Php
524,000.00. How much is the ice cream parlor owner’s equity?
4. Everyday Bake Shop has total liabilities amounting to Php 35,000. Total
equity
had an ending balance of Php 42,000. How much is total assets?
5. Choose Me Boutique had the following accounts at year
end:CashPhP250,000,
Accounts Payable-PhP70,000, Prepaid Expense-PhP15,000. Compute for the
company’s current assets.
6. A hotel company has owner’s equity of PhP 5,000,000.00 and liabilities of
PhP
2,560,000.00. How much is the company’s total assets?
7. At the beginning of the year, the assets of Dale’s Services were PhP
560,000.00
and its Owner’s Equity was PhP 250,000.00. During the year, assets were
increased by PhP 120,000.00 and liabilities increased by PhP 20,000.00. What
was the owner’s equity at the end of the year?
8. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid
Expenseand Unearned Income totaled Php 30,000 and Php 10,000
respectively. Cash balance amounted to Php 100,000 while Accounts Payable
and Inventory totaled to Php 20,000 and Php 10,000 respectively. How much is
the company’s current assets? Current liabilities?
9. Company’s Total Liabilities and Equity amounted to Php 285,000. Total
noncurrent assets ended at Php 85,000. Cash totaled Php 50,000. Inventory
amounted to Php100,000. Assuming the company had no other assets, how
much is Accounts Receivable?
10. Total assets amounted to Php575,000. Total equity amounted to Php
250,000. Accounts Payable amounted to Php 50,000 while Unearned Income
totaled Php 85,000. Assuming there are no other current liabilities, compute
for the company’s noncurrent liabilities.
Activity 7: PROBLEM SOLVING AND ANALYSIS
Direction: From these randomly ordered accounts of Josh Trading prepare a
properly classified Balance Sheet (in report form). The balances shown are as of
12/31/2019.
Sales Returns and Allowances Php11,000.00
Accumulated Depreciation 50,000.00
Merchandise Inventory, December 31, 2019 80,000.00
Sales 1,050,000.00
Merchandise Inventory, January 1, 2019 100,000.00
Purchases 400,000.00
Selling Expenses 190,000.00
Accounts Payable 100,000.00
Purchase Returns and Allowances 2,000.00
Cash 50,000.00
Office Equipment 220,000.00
Withdrawals 50,000.00
Sales Discounts 29,000.00
Transportation-In 10,000.00
General and Administrative Expense 200,000.00
Office Supplies 30,000.00
Accounts Receivable 220,000.00
Notes Payable 200,000.00
Prepaid Rent 100,000.00
Josh, Capital, Jan. 1, 2019 200,000.00
Purchase Discounts 8,000.00
Net Income from operation 200,000.00
Rubrics:
a. Neat (no erasure) -------------------------------------------- 30 %
b. Proper (follow the given format/template,
use proper accounts title) -------------------------------- 40 %
c. Complete ( heading, body of SFP, peso sign,
double rule etc.) ---------------------------------------------- 30 %
