ABM2 Q1.c.docx - Republic of the Philippines JOSE RIZAL MEMORIAL STATE UNIVERSITY The Premier University in Zamboanga del Norte Main Campus Dapitan city

ABM2 Q1.c.docx - Republic of the Philippines JOSE RIZAL...

This preview shows page 1 - 2 out of 4 pages.

Republic of the Philippines JOSE RIZAL MEMORIAL STATE UNIVERSITY The Premier University in Zamboanga del Norte Main Campus, Dapitan city SENIOR HIGH SCHOOL- ABM STRAND FUNDAMENTALS OF ABM 2 NAME: DATE: PROGRAM & YEAR: GENDER: M( );F( );L( );G( );B( );T( ) GENERAL INSTRUCTION: Apply everything that you have learned from the previous discussion. Understand carefully each question and answer it with strict diligence. Use only ball pen, of any color, in answering. Make your answer clean and sure. Any mark of alteration/s will invalidate your answers. The trial balance of Aubrey Lynn Enterprise on December 31, 2018 shows the following information:Debits Credits Cash on hand 60,000Cash in bank 1,000,000Accounts receivable 2,000,000Allowance for doubtful accounts 300,000Advances to employees 40,000Advances to suppliers 30,000Inventories 1,200,000Prepaid insurance800,000Land 2,200,000Building 3,400,000Accumulated depreciation - Bldg. 2,000,000Accounts payable 720,000Accrued liabilities 80,000Income tax payable 500,000Loans payable (due in 20x3) 3,000,000Discount on loan payable 870,000Interest payable (due in 20x2) 340,000Owner's Capital4,660,000Totals 11,600,00011,600,000Requirements:a.Prepare the statement of financial position of Aubrey Lynn as of December 31, 2018 by completing all therequired information in the pro-forma statement of financial position provided below, including a properheading for the statement. Use Report Form.Hint: “Discount on loans payable” is a contra-accountto loans payable.b.Prepare a partial “notes” showing the breakdowns of the selected line items.
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read all 4 pages?

  • Spring '18
  • Balance Sheet, Generally Accepted Accounting Principles, statement of financial position of Aubrey Lynn

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture