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1. Thef ol l owi ngi sal i stofaccount sappeari ngi nt hebooksofMondayMachi neWo Wor ks.The fir m i son i t ssecond yearofoper at i on endi ngDe Decemb mber31,2012. I dent i f yt hefinanci al st at eme mentandt hesect i onwher et heyshoul dappearbyusi ngt hef ol l owi ngl et t erc hoi ces: a.bal anceshee t cur r entass e t s e.bal anceshee t owner ’ seq ui t y b.bal ancesheet noncur r ent–asse t s f .i ncome mest at eme ment r eve nues c.bal anceshee t cur r entl i abi l i t i es g.i ncome mest at eme ment expenses d.bal anc es he e t no nc ur r e ntl i abi l i t i e s h.c api t als t at e me me nt
G 2) Fi ve ye ar ,10% BondsPay abl eD 14)No t esRec e i v a bl e A 3) Mac hi ner i es B 15)Not esPayabl edueApri l30,2015 C 4) Repai rFee sRev e nue F 16)Ut i l i t i e sEx pe ns e G 5) Mar ket abl eSecuri t i es A 17)GasandOi lExpense G 6) Suppl i esExpe nse 18)Trucks G B 7) Account sPay abl e 19)Sal aryExpense C G 8) Sal ar i esandWag es G 20)Pr of essi onalFeesRevenue F 9) Mar quez ,Capi t al Januar y1,2012 E21)TaxesPayabl e C 10)Cas hOn OnHa HandandI nBank 22)Not esRece i vabl edueDec emb mber31,2012 A A 11)De Deposi tf orCont ai ner s 23)Account sRecei vabl e A A 12)Pre pai dI nsur ance A 24)Comm mmi ss i onFee sRev enue F 13)RentExpense 25)Mar quez ,Dr awi ng G E 1) I nsurancee xpe nse
2. Tr i pl eSt r i ke,ownedandma managedbyM Mr r .Br ookshowedowner ’ sequi t yasatJan.1,2012of P100, 000. At De Dec . 31, 2012 t ot al asse t s amo mount ed t o P320, 000 and t ot al l i abi l i t i es amo mount edt oP160, 000. a. How muc h wasne ti ncome meornetl ossi fBr ookdi dnotmakeanyaddi t i onali nves t ment orwi t hdr awal ?60, 000 b. How muc h wasne ti ncomeorne tl ossi fBr ook madea cas h wi t hdr awalofP25, 000? 85, 000 c. How muc h was ne ti ncome me or ne tl os si fBr ook made an addi t i onali nve s t mentof P80, 000?20, 000NetLoss d. How muc h was ne ti ncome me or ne tl os si fBr ook made an addi t i onali nve s t mentof P50, 000andacashwi t hdrawalofP30, 000?40, 000 Uset hef o l l o wi ngf o r ma ma tasg ui de .Fi l li nt hekno wn wni t e ms ms ,s o l vef ort hemi mi s s i ngi t e ms ms : a) b) c) d) Br ook,Capi t alJan1 100, 000 100, 000 100, 000 100, 000 Addi t i onali nv es t me nt 0 0 80, 000 50, 000 AddNe tI ncome( Les sNe tLoss) 60, 000 85000 ( 20, 000) 40, 000 Tot al 160, 000 185000 160, 000 190, 000 LessDr awi ngs ( 0) ( 25000) ( 0) ( 30, 000) Br ook,Capi t alDec31 160, 000 160, 000 160, 000 160, 000 3. Thef ol l owi ngaresel ect edfinanci ali nf orma mat i onf orMi Mi l kyWa WayasofDec.31,2013:
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a .l i a bi l i t i e sP340, 000ofwhi c hP220, 000i sev i de nc e dbyat hr e ey e a rno t e ; b. equi t y ,P560, 000ofwhi c hP300, 000i si ncash,t hebal ancei nequi pme nt c. asse ti smadeupofcash ? ,Duef r om cust omer sP25, 000andSuppl i esP15, 000. Requi r ed:Pr eparet hebal ances heetasofDec.31,2013. 4. I dent i f yhow each oft hef ol l owi ngt r ansact i onsaffectt hefinanci alst at ement s.Decr eases shoul dbei nopenandcl oseparentheses.Thefirstt r ansact i oni sshownasagui de. Income Balance Sheet Statement Cash Flow Transactions
$ "wner invests %&'''' cash in business )* Receives cash o+ %&''' +or services rovi,e,* - %ays cash +or emloyee wa#es $&'' . Incurs le#al exenses on cre,it %)'''* & Borrows cash by si#nin# lon#/ term note ayable %&'''' 0 "wner with,raws cash %1&'' 1* Buys +urniture an, si#ns a note a+ter &'2 ,own ayment o+ %$''''* 3 %rovi,es services on cre,it %3'''* 4 Buys o5ce equiment +or cash %$)''' $' Collects &'2 cash +rom cre,it o+ clients* Totals
Total Assets
Total Liabiliti es
&''''
Total Equity
Revenu es (Exens es!
"eratin # Activitie s
Investin # Activitie s
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Financin # Activitie s &''''
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5. Thef ol l owi ngar et hebal ancesoft hel edgeraccount sofMar cel oTr ansportSer vi cesowned andoper at edbyRonni eMar cel o,af t erayearofoper at i onendi ngMarc h31,2013: Suppl i esExpense P 8, 000 PassengerFar esEar ned P2, 460, 000 Tr anspor tBuses 17, 300, 000 Ut i l i t i esExpense 140, 000 Cash 153, 500 Tool s 875, 000 Gas& Oi lExpe nse 150, 000 Pr epai dI nsur ance 115, 000 Account sPayabl e 23, 400 Car goFar esEar ned 125, 900 Not esPayabl e( due2018) 2, 550, 000 RentExpense 120, 000 Depr eci at i on Expe ns es 585, 400 Mar cel o,Capi t alApr i l1,2012 4, 647, 700 Mor t gagePayabl e( due2020) 9, 885, 000 Sal ar yExpense 450, 000 Sal ar i esPayabl e 4, 500 I nt er es tExpense 70, 000 Repai r s& Mai nt enance 88, 000 I nsur anceExpense 11, 250 Mar cel o,Dr awi ng 15, 000 Tool sExpense 14, 750 Fur ni t ur e& Fi xt ur es 180, 500 OfficeSuppl i esUnused 5, 500 Requi r ed:Pr epar eani ncomes t at ement ,St at ementofChangesi nEqui t yandBal anceShee t 6.KeyFi nanci alfigur esf orCr i spyFr i esfiscalyearendedJune30,2013f ol l ow: I nThousands Li abi l i t i e s P210, 487
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Ne ti ncome Rev enues Owner ’ sEqui t y
33, 478 491, 549 300, 000
Requi r ed: a. Whati st het ot alamountofasset si nvest edi nCr i spyFri es? Ans:510, 487 b. Whati si t sr e t ur n on asse t s?I t sasse t satJune30,2013equalP553, 000andowner ’ s equi t yequalP250, 000.??? c. How muchar et ot alexpense sf orCr i spyFr i es? Ans:458, 071
7. Mr s.Gal l ar do es t abl i shed her busi nes s on Januar y 1, 2011. The I nf or mat i on bel ow pert ai nst oherbusi nes sonDec ember31,2011,AHG Tr ave lAgency . Cash 200, 000 Account sRecei v abl e 200, 000 Not esRecei vabl e 25, 000OfficeSuppl i es 25, 000 Eq ui pment 40, 000Fur ni t ur eandFi xt ur es 25, 000 Account sPayabl e 20, 000Sal ar i esandwagesPayabl e 10, 000 Ut i l i t i esPayabl e 42, 000LoansPayabl e 103, 000 Mor t gagePayabl e 110, 000 AHG,Capi t al 100, 000 AHG,Wi t hdr awal s 65, 000AgencySer vi ceFee 490, 000 RentEx pense 75, 000Adv er t i si ngEx pense 25, 000 Sal ar i esandwages 175, 000 Ut i l i t i ese xpense 30, 000 1) Whati st hene ti nco meofAHG Tr av elage ncyonDec ember31,2011? Ans:A A. 185, 000 B.175, 000 C.155, 000 D.165, 000 2) Whati st heEndi ngBal anceofCapi t alonDec ember31,2011? Ans :A ( 35, 000 based on comput at i on) A. 220, 000 B.210, 000 C.190, 000 D.200, 000 3) Whati st het ot alcur r entasse tonDece mber31,2011 ?Ans :A A. 450, 000 B.355, 000 C.345, 000 D.350, 000 4) Whati st het ot alasse tofAHG Tr ave lAgency?Ans:A A. 515, 000 B.490, 000 C.480, 000 D.485, 000 5) Whati st het ot alcurr entl i abi l i t yofAHG TravelAgency? Ans:A A. 72, 000 B.68, 000 C.58, 000 D.62, 000 6) Whati tt het ot alnoncurr entl i abi l i t yandcapi t alofAHG TravelAgency? Ans:A ( 313, 000 basedon comput at i on) A. 213, 000 B.212, 000 C.232, 000 D.223, 000 7) Whati st het ot all i abi l i t yofAHG TravelAgency ?Ans :D A. 295, 000 B.280, 000 C.290, 000 D.285, 000
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No3.Answer Asse t : Cash AR Suppl i es Equi pment Li abi l i t y AP NP Equi t y
Mi l kyWay
Bal anc eShee t
900, 000 600, 000 25, 000 15, 000 260, 000 900, 000 120, 000 220, 000 340, 000 560, 000
Asse t s Cash 600, 000 AR 25, 000 Suppl i es 15, 000 Equi pment 26, 000 Tot alAsse t s:900, 000 Li abi l i t i es Account sPayabl e Not esPayabl e
Equi t y Mi l kyway ,Capi t al
120, 000 220, 000 340, 000
560, 000
Tot alLi abi l i t yandEqui t y900, 000
No.5Answer Marcel oTr ansportServi ces St at ementofCompr ehensi veI ncome Revenue Pa sseng erFar esEar ne d Car goFar esEar ned
Expense s: Suppl i esExpense GasandOulExpense
2, 460, 000 125, 900 2, 585, 900
8, 000 150, 000
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Repai r sandMai nt enanc e Ut i l i t i esExpense RentExpense Sal ar yExpense I nt er es tExpense I nsuranceExpense Tool sExpense De pr eci at i onExpense Ne tI ncome
88, 000 140, 000 120, 000 450, 000 70, 000 11, 250 14, 750 585, 400
1, 637, 400 948, 500
Bal anceShee t Asse t s: Cur r entAsse t s Cash Pr epai dI nsur ance OfficeSuppl i esUnus ed Tot alCur r entAsse t s: NonCur r entAsse t s Fur ni t ur esandFi xt ur e Depr eci at i onExpens e Tr anspor tBuses Tool s Tot alNonCur r entAsse t s Tot alAsse t s
153, 500 115, 000 5, 500 274, 000
180, 000 ( 585, 400) 17, 300, 000 875, 000 17, 770, 100 18, 355, 500 18, 044, 100
Li a bi l i t i e sa ndOwne r sEq ui t y Cur r entLi abi l i t i es Account sPayabl e 23, 400 Sal ar i esPayabl e 4, 500 Tot alCur r entLi abi l i t i es 27, 900
No n Cur r e ntLi a bi l i t i e s Not esPayabl e( Due2018) Mor t gag ePay abl e( Due2020) Tot alNCL: Tot alLi abi l i t i es
2, 550, 000 9, 885, 000 12, 435, 000 12, 462, 900
Equi t y Mar cel o,Capi t alApr i l1,2012 4, 647, 700 Less:Mar cel o,Dr awi ng ( 15, 000) Tot alEqui t y: 4, 632, 700 I ncome: 948, 500 Tot alLi abi l i t i esandEqui t y 18, 044, 100
