1 which of the following will you expect to find in

_______1. Which of the following will you expect to find in an income statement?
A. Accounts Payable B. Professional fees
C. Prepaid Rent Expense D. Equity
_______2. One of the following is found in the heading of an income statement _______3. Which statement does not correctly describe net income?
_______4. Which of the following is NOT an element of statement of comprehensive income? _______5. Which of the following is classified as selling expense?
A. Salaries of the president B. Salaries of sales executives
C. Depreciation of administration building. D. Depreciation of office equipment
Performance Task. (See assessment rubrics on page 2 – Preparation of Statement of
Comprehensive Income for Service Business)
Presented below are the income statement accounts for Mike Auto Repair
Shop for the year ended December 31, 2020. Prepare a single-step income
statement for Mike Auto Repair Shopin good form. Use yellow paper if
needed. (15 points)
Supplies Expense P400
Bad Debts Expense 4,900
Taxes & Licenses 7,250
Depreciation Expense 9,750
Insurance Expense 10,000
Salaries Expense 45,000
Utilities Expense 46,750
Rent Expense 55,000
Repair Income 275,000
Income Tax 30% of income before tax
Property of Pampanga High School - DepEd City of San Fernando (P)

PAMPANGA HIGH SCHOOL
FUNDAMENTALS OF ABM 2 - 12
WEEK 3 – MODIFIED ASSESSMENT
FIRST QUARTER – SY 2021-2022
Name:__________________________ Date: ________________________
Grade & section: __________________ Parent’s signature:______________
Written Work.
Instruction: Identify the effect of each element in the Statement of Changes in Equity
(SCE). Write INC, if it increases SCE or DEC, if it decreases SCE. (10 points)
1. Net Loss
2. Withdrawal
3. Investment
4. Net Income
See performance task to answer question no. 5
________5. How much is Mr. Delta Withdrawal for 2018?
Performance Task (15 points): Write your answers on a yellow paper.
Instruction: Prepare a Statement of Changes in Owner’s Equity for Stay-safe Trading.
Stay-safe Trading is owned by Mr. Delta Ocampo. As at January 1,
2018, Mr. Delta’s capital balance is P 475,000. Mr. Delta also invested
additional inventories of P150,000 during the year. Stay-safe Trading earned
a net income of P160,500. As of December 31, 2018. Mr. Delta’s capital
balance amounted to 695,500. How much is Mr. Delta’s withdrawal for 2018?
Property of Pampanga High School - DepEd City of San Fernando (P)

PAMPANGA HIGH SCHOOL
FUNDAMENTALS OF ABM 2 - 12
WEEK 4 – MODIFIED ASSESSMENT
FIRST QUARTER – SY 2021-2022
Name:__________________________ Date: ________________________
Grade & section: __________________ Parent’s signature:______________
Written Work.