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28. General Purpose financial statements are one type of financial accounting report that is
distributed to:
a. Internal Users b. Stakeholders c. External Users d. All of them
29. Financial statements are prepared at the end of every accounting period, a typical example
of which will include
a. Balance Sheet b. Income statement c. Notes to financial statements d All of them
C. Effect of transactions on accounting equation. State the effect whether increase by how
much, decrease by how much or no effect, A vacant lot acquired for 100,000 is sold for
P350,000 in cash
4. What is the effect of the sale on the total amount of the seller's asset
5. What is the effect of the sale on the total amount of the seller's liabilities?
6. What is the effect of the sale on the total amount of the seller's owner's equity?
D. On June 1, the cash account balance was P17,200. During June, cash payments totaled
P178,300 and the June 30 balance was P23,900.
7. Determine the cash receipts during June.
E. 8. The income statement of a proprietorship for the month of December showed a net income
of P120,000. During the same period, the owner withdrew P130,000 in cash from the business
for personal use.
8. Would it be safe to say that the business incurred a net loss of P10,000 during the
month? Yes or No
F. As of January 1, Barut Capital has a credit balance of P125,000. During the year,
withdrawals was totalled P7,000 and the business incurred a loss of P130,000.
9. Compute the balance of Barut Capital as of the end of the year
G. On March 1,2018, Renart Sese established Marine Beauty Queen Realty, which completed
the following transactions during the month:
a.) Transferred cash from personal bank to an account to be used for the business, P18,000
b.) Purchased supplies on account P1,200
C.) Earned sales commissions receiving cash, P14,000
d.) Paid rent on office and equipment for the month, P3,000(Use an expense account)
e.) Paid creditor on account, P750
f.) Withdrew cash for personal use, P2,000
g.) Paid automobile expense including rental charger for month P 1,500 and miscellaneous
expense P400
h.) Paid office salaries expense P2,800
i.) Made additional investment of P8,000
10.What is the unadjusted trial balance total?
11. What is the amount of total revenues recorded in the ledger?
12. What is the amount of total expenses recorded in the ledger?
13. What is the amount of net income (loss) for March 2018?
14. How much is the increase or decrease in the owner's equity for March?
H. Items 15-21 Compute the missing items from the independent cases.
CASE Asset Liability Owner’s Equity
A 10,000 2,000 (15)
B 31,000 (16) 20,000
C (17) 20,000 80,000
D 36,000 48,000 (18)
E (19) 60,000 (11,500)
F 14,600 (20) (34,000)
G 56,000 (21) 56,000
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