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1 which of the following will you expect to find in

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_______1. Which of the following will you expect to find in an income statement?A. Accounts PayableB. Professional feesC. Prepaid Rent ExpenseD. 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 presidentB. Salaries of sales executivesC. Depreciation of administration building.D. Depreciation of office equipment
Performance Task. (See assessment rubrics on page 2Preparation of Statement ofComprehensive Income for Service Business)Presented below are the income statement accounts for Mike Auto RepairShop for the year ended December 31, 2020. Prepare a single-step incomestatement for Mike Auto Repair Shopin good form. Use yellow paper ifneeded. (15 points)Supplies ExpenseP400Bad Debts Expense4,900Taxes & Licenses7,250Depreciation Expense9,750Insurance Expense10,000Salaries Expense45,000Utilities Expense46,750Rent Expense55,000Repair Income275,000Income Tax30% of income before taxProperty of Pampanga High School - DepEd City of San Fernando (P)
PAMPANGA HIGH SCHOOLFUNDAMENTALS OF ABM 2 - 12WEEK 3MODIFIED ASSESSMENTFIRST QUARTERSY 2021-2022Name:__________________________Date: ________________________Grade & section: __________________Parent’ssignature:______________Written Work.Instruction: Identify the effect of each element in the Statement of Changes in Equity(SCE). WriteINC,if it increases SCE orDEC,if it decreases SCE. (10 points)1. Net Loss2. Withdrawal3. Investment4. Net IncomeSee 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 inOwner’sEquity for Stay-safe Trading.Stay-safe Trading is owned by Mr. Delta Ocampo. As at January 1,2018, Mr. Delta’scapital balance is P 475,000. Mr. Delta also investedadditional inventories of P150,000 during the year. Stay-safe Trading earneda net income of P160,500. As of December 31, 2018. Mr.Delta’scapitalbalance amounted to 695,500. How much is Mr.Delta’swithdrawal for 2018?Property of Pampanga High School - DepEd City of San Fernando (P)
PAMPANGA HIGH SCHOOLFUNDAMENTALS OF ABM 2 - 12WEEK 4MODIFIED ASSESSMENTFIRST QUARTERSY 2021-2022Name:__________________________Date: ________________________Grade & section: __________________Parent’s signature:______________Written Work.

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Term
Summer
Professor
Steph Padilla
Tags
Balance Sheet, Income Statement, Generally Accepted Accounting Principles, Pampanga High School

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