ACTIVITY PROBLEM IN FABM 2

General Instruction: Craft a Statement of Financial Position (SFP) and a Statement of

Comprehensive Income (SCI) from the following details cascaded about Camila Sardines. Please
be minded that a Statement of Changes in Equity have to be established first from the SCI before
you can establish the account titles and its corresponding amounts of the SFP.

Camila Sardines owned by Robert Mondragon, established on June 1, 2019, was able to compute
the following amounts as of/for the quarter-ended August 31, 2019:

Statement of Comprehensive Income

1. Camila Sardines was able to generate sales amounting to Php 12,250, with a Php 41.50 cost
for every 1 out of 400 cans of sardines produced at the end of the quarter.
2. Its selling expenses had the following itemization of sub-expenses: Php 4,500 for
depreciation expense of vehicles, Php 1,000 for utilities expense, Php 500 for salaries
expense, and Php 250 for miscellaneous expense.
3. Its general and administrative expenses amounted includes Php 1,000 depreciation expense
of equipment, Php 500 for rent expense, Php 600 for salaries expense, and Php 300 utilities
expense.

Statement of Financial Position

1. Its cash amounted to Php 182, 250, while the revenues unearned by the business due to
staggered services amounted to Php 11,250.
2. The payable of the business to its employees, its capital, and equipment amounted to Php
1,600, Php 450,000, and Php 54,000 respectively.
3. The vehicles of the business used in transporting goods amounted to Php 300,000.
4. Its short-term obligations to its suppliers (no notes issued) amounted to Php 1,000.
5. Mr. Mondragon withdrew money from the business amounting to Php 5,000 for his daughter,
Cassandra Mondragon’s personal expenses.
6. An interest payable was recorded in the business accounting department amounting to Php
1,400, while the business’s collectibles from customers amounted to Php 10,000.
7. Its inventories at the end of the year amounted to Php 500.
8. Its long-term obligations to its suppliers (with notes issued) amounted to Php 100,000, its
Prepaid Insurance Php 22,000, and Prepaid Rent Php 14,000.
9. Camila Sardines also recorded a mortgage payable amounting to Php 30,000.
10. Accumulated depreciation of the business’ equipment and vehicles amounted to Php 1,000
and Php 4,500 respectively.

Created by

Sapsal, Cabatuan, Pojaras, Baunding, and Miano

Group 2
 ANSWER KEY

CAMILA SARDINES
Statement of Comprehensive Income
For the quarter-ended August 31, 2019

SALES Php 12,250

Cost of Goods Sold (16,600)
Gross Profit Php (4,350)
Selling Expenses
Salaries Expense Php (500)
Depreciation Expense – Vehicle (4,500)
Utilities Expense (1,000)
Miscellaneous Expense (250) Php (6,250)
General and Administrative Expenses
Salaries Expense Php (600)
Rent Expense (500)
Depreciation Expense - Equipment (1,000)
Utilities Expense (300) Php (2,400)
Net Loss Php (13,000)

CAMILA SARDINES
Statement of Changes in Equity
For the quarter-ended August 31, 2019

MONDRAGON, CAPITAL (6/1/19) Php 450,000

Less: Net Loss Php (13,000)
Mondragon, Withdrawals (5,000) Php (18,000)
Mondragon, Capital (8/31/19) Php 432,000
 CAMILA SARDINES
Statement of Financial Position
For the quarter-ended August 31, 2019

ASSETS
Current Assets
Cash Php 182,250
Accounts Receivable 10,000
Prepaid Insurance 22,000
Prepaid Rent 14,000
Inventories 500
Total Current Assets Php 228,750
Non-current Assets
Equipment Php 54,000
Less: Accum. Depreciation – Equipt. (1,000) Php 53,000
Vehicle Php 300,000
Less: Accum. Depreciation – Vehicle (4,500) Php 295,500
Total Non-current Assets Php 348,500
Total Assets Php 577,250

LIABILITIES & OWNER’S EQUITY

Current Liabilities
Accounts Payable Php 1,000
Salaries Payable 1,600
Interest Payable 1,400
Unearned Revenues 11,250
Total Current Liabilities Php 15,250
Non-current Liabilities
Long-term Notes Payable Php 100,000
Mortgage Payable 30,000
Total Non-current Liabilities Php 130,000
Total Liabilities Php 145,250
Owner’s Equity
Mondragon, Capital (8/31/19) Php 432,000
Total Liabilities and Owner’s Equity Php 577,250

Created by

Sapsal, Cabatuan, Pojaras, Baunding, and Miano

Group 2