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Fabm 2 Week 1- Module 1.docx - FUNDAMENTALS OF ACCOUNTANCY,...

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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2WEEK 1 – MODULE 1JUMPSTARTActivity 1: Read me! Understand me!Directions:Choose your answer from the given choices. Use separate paper.BQ1. What element of the SFP are debts and obligations of the company to another entity?AQ2. What basic financial statement is also called a Balance Sheet?CQ3. What element of SPF is the net assets of the company?BQ4. Which of the followingISNOTan element of SPF?DQ5. What is the residual interest of the owner of the business?
Enrichment Activity 1: HERE WE GO A-CCOUNTINGThe following items are taken from the records of XYZ Company. Classify whether they are belong to theAssets, Liabilities, Owner’s Equity of the business m Use separate sheet for your answers.1.Assets11.Assets21.Liabilities2.Assets12.Assets22.Liabilities3.Assets13.Assets23.Liabilities4.Assets14.Assets24.Assets5.Liabilities15.Assets6.Assets16.Owner’s Equity7.Assets17.Assets8.Assets18.Assets9.Assets19.Assets10. Assets20.LiabilitiesAssessment 1: COUNT ME IN!Directions:Use a separate sheet for your answers. With the same information above (Enrichment 1), fillthe amounts of the following SPF elements:Current Assets: ₱ 338,300Noncurrent Assets: ₱ 161,600Current Liabilities: ₱ 81,100Noncurrent Liabilities: ₱ 1,200Owner’s Equity: ₱ 499,900
Activity 2: AN ALPHABET OF NUMBERSThe following were taken from XYZ Company. Use separate sheet for your answers. Arrange the followingusing the Report form of SFP.XYZ COMPANYStatement of Financial PositionAssetsCurrent Assets:Cash₱ 97,000Accounts Receivable₱ 66,000Notes Receivable₱ 344,000Prepaid Expenses₱ 66,700Inventory₱ 257,840Intangible Assets₱ 224,500₱ 1,056,040Noncurrent Assets:Property, plant, and Equip.₱ 850,000Accumulated Dep.₱ 200,000Total Assets₱ 2,106,040Liabilities and Owner’s EquityCurrent Liabilities:Accounts Payable₱ 75,000Notes Payable₱ 220,000Accrued Expense₱ 47,890Unearned Income₱ 25,345₱ 368,235Noncurrent Liabilities:Long-term Payable₱ 600,000Total Liabilities₱ 968,235XYZ Capital 200x₱ 1,137,805Total Liabilities and Owner’s Equity₱ 2,106,040
DEEPENComprehensive Problem: Walang Oras StoreWALANG ORAS STOREState of Financial PositionAs of December 31, 20x1AssetsLiabilitiesCurrent Assets:Current Liabilities:Cash52,556.5Accounts Payable87,075Accounts Receivable3,446.5Notes Payable87,500Salaries expense13,950Salary Payable900Walang Oras Withdrawals20,000Utilities Expense5,600181,075Bank Deposit15,000Noncurrent Liabilities:Prepaid Rent4,500Walang Oras Capital42,535Rent Expense49,500Total Liabilities:223,610Merchandise Inventory25,275Telephone Expense1,200Owner’s Equity:Sales Collection28,018Walang Oras Store, Capital (12/31/20x1)46,670Depreciation Expense917214,363Total Liabilities and Owner’s Equity:270,280Noncurrent Assets:Furniture and Fixtures55,000Accumulated Depreciation917Total Assets:270,280GAUGEANSWER ME, PLEASE?

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Owner s Equity, XYZ Company, Walang Oras Store

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