ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY-BALIWAG BRANCH

SENIOR HIGH SCHOOL

FUNDAMENTALS OF ABM II (KEY TO CORRECTION)
STATEMENT OF FINANCIAL POSITION MR. JOMAR V. VILLENA, CPA

Name: __KEY TO CORRECTION_______________________ Score: ___________________

C/Y/S: ____________________________________________ Date: _________________

PROBLEM 1 and 2

1) Balance Sheet
2) Checks
3) Cash Equivalents
4) Net Book Value
5) Prepaid Expenses
6) Capitalization
7) Amortization
8) Depreciation
9) Financial Statement
10) Equity
11) Accounts Payable
12) Notes Payable
13) Intangible Assets
14) Long Term Liability
15) Accounts Receivable
16) 0
17) 188,000
18) 60,000
19) 1,900,000
20) 40,000
21) 3,000
22) 9,000
23) 1,900,000
24) 50,000
25) 4167
26) 35,000
27) 1,226,000
28) 1,595,833
29) 2,821,833
30) 2,000,000

1ST PERIODICAL EXAM Page 1 of 4

ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY-BALIWAG BRANCH
SENIOR HIGH SCHOOL
FUNDAMENTALS OF ABM II (KEY TO CORRECTION)
STATEMENT OF FINANCIAL POSITION MR. JOMAR V. VILLENA, CPA

Cash 100,000
Zia Capital 100,000

Cash on hand 50,000

Check A. 30,000 Account Receivable
Check B. 50,000 Cash on hand

Investment 1,900,000 (900,000 is current asset)

Zia Capital 1,900,000
Prepaid Insurance 12,000
Cash 12,000
Equipment 600,000 Annual Depreciation=
(600,000-100,000)/10= 50,000
Monthly Depreciation=50,000
/ 12= 4167
Accounts Receivable 30,000
Note Receivables 40,000
Inventory =30,000-10,000+ 15,000 = 35,000

1ST PERIODICAL EXAM Page 2 of 4

ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY-BALIWAG BRANCH
SENIOR HIGH SCHOOL
FUNDAMENTALS OF ABM II (KEY TO CORRECTION)
STATEMENT OF FINANCIAL POSITION MR. JOMAR V. VILLENA, CPA

PROBLEM 3
Miras Store
Statement of Financial Position
As of December 31, 20x4
ASSETS
Current Assets
Cash P44,535
Accounts Receivable 575
Inventory 15,345
Prepaid Rent 5,000
Total Current Assets 65,455
Non Current Assets
Property, plant and equipment 30,000
Accumulated Depreciation (500)
Net book value 29,500
Total Assets P94,955
LIABILITIES AND OWNERS EQUITY
Current liabilities
Accounts payable P8,110
Salaries payable 1,000
Utilities payable 4,000
Unearned income 1,395
Total current liabilities 14,505
Non-current liabilities
Long-term note payable 23,000
Total liabilities
Owners equity
Mira, campital 57,450
Total liabilities and equity P94,955

Mira, Capital

Withdrawal 15,000 Beg Balance P 0

Contribution 30,000
Additional Contribution 5,000
Net Income ?
Ending Balance P 57,450

Based on the above T-account, it can be determined that the net income of Miras Store for 20X4
is P 37,450.

1ST PERIODICAL EXAM Page 3 of 4

ASIAN INSTITUTE OF SCIENCE AND TECHNOLOGY-BALIWAG BRANCH
SENIOR HIGH SCHOOL
FUNDAMENTALS OF ABM II (KEY TO CORRECTION)
STATEMENT OF FINANCIAL POSITION MR. JOMAR V. VILLENA, CPA

1ST PERIODICAL EXAM Page 4 of 4