BMSH2003

NAME: D a p h n e C h l o e V i d u y a SECTION: S H S 1 2 1 A B M SCORE:

QUIZ
Instructions: Prepare a statement of financial position using the given below. Write your answers
on a separate sheet of paper. (4 items x 10 points)
1. From the post-closing trial balance of Ochoa Enterprises, prepare a statement of financial
position using account form and report form.
Ochoa Enterprises
Post-Closing Trial Balance
December 31, 201A
Debit Credit
Cash in bank P 345,000
Petty Cash Fund 10,000
Accounts Receivable 350,000
Allowance for Bad Debts P 28,00
0
Prepaid Supplies 270,000
Prepaid Insurance 5,000
Prepaid Rent 250,000
Office Equipment 140,000
Accumulated Depreciation - Office Equipment 14,00
0
Laboratory Equipment 800,000
Accumulated Depreciation - Laboratory 80,00
Equipment 0
Accrued Expenses 6,600
Accounts Payable 140,00
0
Notes Payable 200,00
0
SSS, PhilHealth, HDMF Payable 10,40
0
Withholding taxes Payable 29,00
0
R. Ochoa, Capital 1,912,00
0
R. Ochoa, Drawings 250,000
P 2,420,000 P 2,420,000
ACCOUNT FORM:
Ochoa Enterprises
Statement of Financial Position
December 31, 201A
ASSETS LIABILITIES
Current Assets Current Liabilities
Cash in bank 345,000 Accrued expenses 6,600
Petty Cash Fund 10,000 Accounts payable 140,000
Accounts Receivable, net 322,000 Notes payable 200,000
Prepaid Supplies 270,000 SSS, PhilHealth, HDMF Payable 10,400
Prepaid Insurance 5,000 Withholding taxes Payable 29,000
Prepaid Rent 250,000 Total Liabilities 386,000
Total Current Assets 1,202,000
OWNER'S EQUITY
Non-Current Assets R. Ochoa, Capital 1,912,000
Office equipment, net 126,000 R. Ochoa, Drawings -250,000
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Laboratory equipment, net 720,000 Total Owner's Equity 1,662,000

Total Non-Current Assets 846,000

TOTAL ASSETS 2,048,000 TOTAL LIABILITIES AND OWNER'S EQUITY 2,048,000

REPORT FORM:
Ochoa Enterprises
Statement of Financial Position
December 31, 201A

ASSETS
Current Assets
Cash in bank 345,000
Petty Cash Fund 10,000
Accounts Receivable, net 322,000
Prepaid Supplies 270,000
Prepaid Insurance 5,000
Prepaid Rent 250,000
Total Current Assets 1,202,000

Non-Current Assets
Office equipment, net 126,000
Laboratory equipment, net 720,000
Total Non-Current Assets 846,000

TOTAL ASSETS 2,048,000

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accrued expenses 6,600
Accounts payable 140,000
Notes payable 200,000
SSS, PhilHealth, HDMF Payable 10,400
Withholding taxes Payable 29,000
Total Liabilities 386,000

OWNER'S EQUITY
R. Ochoa, Capital 1,912,000
R. Ochoa, Drawings -250,000
Total Owner's Equity 1,662,000

TOTAL LIABILITIES AND OWNER'S EQUITY 2,048,000

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2. From the post-closing trial balance of Lexus Service Company as of December 31,
201A, prepare a statement of financial position using account form and report form.
Lexus Service Company
Post-Closing Trial Balance
December 31, 201A
Debit Credit
Cash in bank P 250,000
Accounts Receivable 720,000
Allowance for Bad Debts 36,000
Prepaid Rent 20,000
Office Equipment 900,000
Accumulated Depreciation - Office 90,000
Equipment
Salaries Payable 40,000
Accounts Payable 334,000
L. Reyes, Capital 1,390,000
P 1,890,00 P 1,890,000
0
ACCOUNT FORM:

Lexus Service Company

Statement of Financial Position
December 31, 201A
ASSETS LIABILITIES
Current Assets Current Liabilities
Cash in bank 250,000 Accounts payable 334,000
Accounts Receivable, net 684,000 Salaries payable 40,000
Prepaid Rent 20,000
Total Current Assets 954,000 Total Liabilities 374,000

Non-Current Assets OWNER'S EQUITY

Office equipment, net 810,000 R. Ochoa, Capital 1,390,000

TOTAL LIABILITIES AND OWNER'S

TOTAL ASSETS 1,764,000 EQUITY 1,764,000

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REPORT FORM:
Lexus Service Company
Statement of Financial Position
December 31, 201A

ASSETS
Current Assets
Cash in bank 250,000
Accounts Receivable, net 684,000
Prepaid Rent 20,000
Total Current Assets 954,000

Non-Current Assets
Office equipment, net 810,000

TOTAL ASSETS 1,764,000

LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Accounts payable 334,000
Salaries payable 40,000
Total Liabilities 374,000

OWNER'S EQUITY
L. Reyes, Capital 1,390,000

TOTAL LIABILITIES AND OWNER'S EQUITY 1,764,000

Rubric for problem-solving:

Performance Indicators Points
Correct accounts and amounts used 6
Computed final amounts are correct/balanced 4
Total 10

02 Quiz 1 *Property of STI

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