Accounting Performance Task 1

Outflow of assets that are needed to operate the business?

(a)  

Also known as Balance Sheet, is one of the

financial reports that a business should prepare at the end of a specific period in which lists

the balances of assets, liabilities, and owner’s equity?

(a)  

Assets that are expected to be converted to cash within a year, for

instance, cash, accounts/notes receivable, inventory, and prepaid expenses?

• revenue

• current asset

• bad debt

• multi step

Solve the problem below and prepare the SCI of the name of the company

and period of your choice.

A business generated the total revenue amounting to ₱126,000 where rent income has

its 34%, 15% commission income and the rest is coming from service rendered. On the same

period, expenses incurred are salaries expense - ₱25,800, utilities expense - ₱10,450,

advertisement expense - ₱10,500, and Depreciation expense of equipment - ₱5,500.

Prepare a multi-step Statement of Comprehensive Income of company

and period of your choice using the following:

Freight in-5,000

Depreciation Expense-1,200

Sales – 120,000

Cost of Goods Sold – 110,000

General and administrative expenses – 4,000

Selling expenses – 2,000

1.It contains the name of the company, name of

the statement and the period.

2. This account is used to record returns of customers or allowances for such returns.

3. Refers to amount of goods bought during the current accounting period.

4. This account is used to record early payments by the company to the suppliers of

merchandise

5. Account used to record transportation costs of merchandise purchased by the

company.

6. Refers to total cost of inventory unsold at the end of the accounting cycle.

The following balances were retrieved from the records of Juan’s Janitorial Services for the

year ended December 31, 2016:

a. Capital, January 1, 2016 P500,000

b. Withdrawals P100,000

c. Additional Investments P50,000

d. Net Loss P45,000

Controlled resources resulted from past transactions and events in

which are expected to have economic benefits that flows in the business?

• Assets

• Liabilities

• Capital

• debt