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    Key To Correction FABM2

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    Jomar Villena
    This document contains a key to corrections for an exam on statements of financial position. It includes definitions of accounting terms like balance sheet, cash equivalents, net book value, and depreciation. It also provides sample problems with solutions, including a balance sheet for Zia Capital with assets of $2.82 million and liabilities of $2 million. Another problem shows the statement of financial position for Mira's Store with total assets of $94,955 and owner's equity of $57,450. The document serves as an answer key to help grade exams on accounting principles for financial statements.

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    Key To Correction FABM2

    Uploaded by

    Jomar Villena
    618 views4 pages
    This document contains a key to corrections for an exam on statements of financial position. It includes definitions of accounting terms like balance sheet, cash equivalents, net book value, and depreciation. It also provides sample problems with solutions, including a balance sheet for Zia Capital with assets of $2.82 million and liabilities of $2 million. Another problem shows the statement of financial position for Mira's Store with total assets of $94,955 and owner's equity of $57,450. The document serves as an answer key to help grade exams on accounting principles for financial statements.

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    Key to Correction FABM2

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    This document contains a key to corrections for an exam on statements of financial position. It includes definitions of accounting terms like balance sheet, cash equivalents, net book value, and depreciation. It also provides sample problems with solutions, including a balance sheet for Zia Capital with assets of $2.82 million and liabilities of $2 million. Another problem shows the statement of financial position for Mira's Store with total assets of $94,955 and owner's equity of $57,450. The document serves as an answer key to help grade exams on accounting principles for financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    618 views4 pages

    Key To Correction FABM2

    Uploaded by

    Jomar Villena
    This document contains a key to corrections for an exam on statements of financial position. It includes definitions of accounting terms like balance sheet, cash equivalents, net book value, and depreciation. It also provides sample problems with solutions, including a balance sheet for Zia Capital with assets of $2.82 million and liabilities of $2 million. Another problem shows the statement of financial position for Mira's Store with total assets of $94,955 and owner's equity of $57,450. The document serves as an answer key to help grade exams on accounting principles for financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    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

    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

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