Scribd
Upload
73 views1 page

Directions: Write Your Answer On A Separate Paper. Problem 1

This document contains 3 practice problems for accounting students. Problem 1 provides financial information for NFJPIA Trucking Company as of June 30, 2019 and requires preparing a statement of comprehensive income and statement of changes in owner's equity. Problem 2 provides an adjusted trial balance for Planetshakers Service Company as of May 31, 2018 and requires preparing 3 financial statements. Problem 3 provides account balances for Speedy Trucking Company as of March 31, 2018 and requires preparing 4 financial statements. The problems are assessments to test accounting skills.

Uploaded by

Gio Santos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
73 views1 page

Directions: Write Your Answer On A Separate Paper. Problem 1

This document contains 3 practice problems for accounting students. Problem 1 provides financial information for NFJPIA Trucking Company as of June 30, 2019 and requires preparing a statement of comprehensive income and statement of changes in owner's equity. Problem 2 provides an adjusted trial balance for Planetshakers Service Company as of May 31, 2018 and requires preparing 3 financial statements. Problem 3 provides account balances for Speedy Trucking Company as of March 31, 2018 and requires preparing 4 financial statements. The problems are assessments to test accounting skills.

Uploaded by

Gio Santos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

SAN MATEO MUNICIPAL COLLEGE

COLLEGE OF BUSINESS AND ACCOUNTANCY

ASSESSMENT ACTIVITY # ___________


NAME: ___________________________________________________ SCORE: __________________
YR/SEC: ___________________________________________________ DATE: __________________

Directions: Write your answer on a separate paper.

PROBLEM 1
The following information is available from the books of NFJPIA Trucking Company as of June 30,
2019, the end of its accounting period:
NFJPIA Capital, June 30, 2017 P 500,000
NFJPIA Personal 25,000
Trucking Services Income 267,000
Rent 48,000
Repairs & Maintenance 36,000
Utilities 12,450
Gas & Oil 76,000
Insurance 25,000
Rental Income 12,000
Taxes & Licenses 8,450
Note: An additional investment of P 20,000 was made during the year.
Requirements: Prepare the Statement of Comprehensive Income and the Statement of Changes in
Owner’s Equity

PROBLEM 2
The following is the adjusted trial balance of Planetshakers Service Company for the fiscal year
ending May 31, 2018:
Cash P 40,860 Mortgage Payable P 120,000
Notes Receivable 4,000 P, Capital 75.000
Accounts Receivable 57,880 P, Drawing 20,000
Allow. for Doubtful Accts. 3,280 Service Income 204,500
Prepaid Advertising 10,000 Rental Income 22,000
Unexpired Insurance 6,000 Interest Income 40
Supplies Inventory 1,260 Salaries Expense 114,600
Interest Receivable 40 Rent Expense 30,000
Furniture & Fixtures (F&F) 36,800 Utilities Expense 8,250
Accum. Depr- F&F 1,840 Supplies Expense 4,160
Office Equipment 50,000 Advertising Expense 40,000
Accum. Depr- Office Eqpt. 2,500 Insurance Expense 24,000
Notes Payable(short-term) 2,000 Taxes & Licenses 12,000
Accounts Payable 24,250 Interest Expense 200
Utilities Payable 4,250 Impairment Loss 280
Interest Payable 10 Depreciation- F & F 840
Unearned Rental 2,000 Depreciation- Office & Eqpt. 500
Requirements: Prepare the Statement of Comprehensive Income, Statement of Changes in Owner’s
Equity, and Statement of Financial Position

PROBLEM 3
Kisapmata is the owner of Speedy Trucking Company. On March 31, 2018, after three months of
operations, the following balances were obtained from the trial balance.
K, Capital P 280,000 Salaries Expense P 15,000
Office Equipment 48,290 Gas & Oil Expenses 6,190
Loan Payable 16,600 Supplies Expense 3,150
Cash 18,540 Receivable from Employee 360
Tools 21,500 Telephone Expense 1,250
K, Drawing 10,000 Truck 284,700
Trucking Service Fees 145,000 Taxes & Licenses 4,010
Furniture & Fixtures 28,900 Miscellaneous Expenses 210
All transactions were purely on a cash basis. Loan Payable is short-term.
Requirements: Prepare the Statement of Comprehensive Income, Statement of Changes in Owner’s
Equity, Statement of Financial Position, and Statement of Cash Flow.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy