Assignment-5-Single-Entry-Method-students-DAVID Final

GIVEN:
THE FOLLOWING DATA WERE TAKEN FROM THE INCOMPLETE ACCOUNTING RECORDS MAINTAINED BY F. G COMPANY,
A SOLE PROPRIETORSHIP ENGAGE IN MERCHANDISING BUSINESS.
12/31/2019
Cash 14,040.00
Notes Receivable 36,000.00
Accounts Receivable 12,000.00
Interest Receivable 960.00
Inventories 54,000.00
Prepaid Insurance 1,500.00
Land 150,000.00
Building and Equipment 420,000.00
Accumulated Depreciation (187,500.00)
Total Assets 501,000.00
Accounts payable 28,200.00

Salaries payable 3,300.00
Unearned rent 1,800.00
Total Liabilities 33,300.00
FG, Capital 467,700.00

Total Liabilities and Equity 501,000.00
TRANSACTIONS PER CASH BOOK DURING 2020
CASH RECEIPTS
Collections on Accounts Receivable 105,000.00
Cash Sales 126,000.00
Interest revenue 1,620.00
Rent Revenue 10,800.00 243,420.00
CASH PAYMENTS
Accounts payable for merchandise 160,200.00
Insurance premiums 2,820.00
Salaries 32,100.00
Other Operating Expenses 9,000.00
Withdrawals by the owner 18,000.00 222,120.00
OTHER INFORMATION:
Sales Returns and Allowances 5,400.00

Cash Discounts taken by customers 1,800.00
Accounts receivable written-off as worthless 900.00
Cash discounts taken on purchases 3,300.00
Purchase returns and allowances 2,910.00 14,310.00
Balances taken on 12/31/20 from supplementary analysis:
Cash veriified through cash counts and bank recon 35,340.00

Notes receivable no change in 2020 36,000.00
Accounts receivable 22,800.00
interest receivable 1,590.00
Inventories 75,000.00
Prepaid Insurance 2,100.00
Buildings and equipment(net of accumulated depreciation) 194,100.00
Accounts payable 25,500.00
Salaries payable 5,700.00
Unearned rent 1,350.00 399,480.00
Additional Information:
No acquisition or disposal of plant assets were made in 2019
Payroll taxes and witholding taxes are ignored
The direct write-off method is used to record bad debts
REQUIREMENT
1) COMPUTE FOR THE SALES

2) COMPUTE FOR THE COST OF SALES
3)COMPUTE FOR THE TOTAL OPERATING EXPENSES
4)COMPUTE FOR THE OTHER REVENUES
6) COMPUTE FOR THE PROFIT OR LOSS FOR 2020 STATEMENTOF COMPREHENSIVE INCOME
Schedule
GROSS SALES
Cash sales
Collections on Accounts receivable 105000.00

Add: Accounts receivable, end 22800.00
Accounts receivable written-off as worthless 900.00
Sales Returns and Allowances 5400.00
Cash Discounts taken by customers 1800.00
TOTAL 135900.00
Less: Accounts receivable, beg. 12000.00
Gross Sale
Less: Sales Returns and Allowances 5400.00
Sales Discount 1800.00
Net Sales
₱ 126,000.00
123900.00
₱ 249,900.00
7200.00
₱ 242,700.00
Schedule
GROSS PURCHASES
Accounts payable for merchandise
Add: Accounts payable, end 25,500.00
Cash discounts taken on purchases 3,300.00
Purchase returns and allowances 2,910.00
Total 31,710.00
Less: Accounts Payable, beg 28,200.00
Gross Purchases
Less: Purchase returns and allowances 2,910.00
Purchase Discount 3,300.00
Net Purchase
Inventory, Beg
Purchase 163,710.00
Less: Purchase returns and allowances 2,910.00
Purchase Discount 3,300.00
Cost of Goods Available for Sale
Less: Inventory, end
Cost of Sales
₱ 160,200.00
3,510.00
163,710.00
6,210.00
157,500.00
54,000.00
157,500.00
211,500.00
75,000.00
136,500.00
Schedule
CASH OPERATING EXPENSES

Cash payments this year
Add: Expenses incurred this year
Prepaid , beg 1500.00
Payable , end
Bad Debts Expense 900.00
Depreciation Expense 38400.00
Salaries Payable 5700.00
Less: Expenses for next year
Prepaid, end 2100.00
Payable, beg.
Depreciation Expense 0.00
Salaries Payable 3300.00
Operating Expenses
NON CASH OPERATING EXPENSE

Accumulated depreciation, beg 225900.00
Accumulated depreciation, end 187500.00
Increase (decrease) 38400.00
Add: accumulated depreciation of asset disposed 0.00
Depreciation Expenses 38400.00
₱ 43,920.00
46500.00
5400.00
₱ 85,020.00
Schedule
OTHER REVENUES
Cash receipts
Add: Revenue earned this year
Unearned rent , beg 1800.00
Interest receivable , end 1590.00
Less: Revenue received this year
Unearned rent, end 1350.00
Interest receivable, beg. 960.00
Interest/Rent Income
₱ 12,420.00
3390.00
2310.00
₱ 13,500.00
F.G. COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 12/31/2020
NET SALES 242700.00

LESS: COST OF SALES 136500.00
GROSS PROFIT 106200.00
ADD: OTHER INCOME - RENT 13500.00
119700.00
LESS: OPERATING EXPENSES 85020.00
TOTAL OPERATING INCOME 34680.00
PROFIT (RECONCILED WITH OUR SCHEDULE) 34680.00

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GIVEN:

Accounts payable 28,200.00

FG, Capital 467,700.00

TRANSACTIONS PER CASH BOOK DURING 2020

Sales Returns and Allowances 5,400.00

Cash veriified through cash counts and bank recon 35,340.00

1) COMPUTE FOR THE SALES

Collections on Accounts receivable 105000.00

CASH OPERATING EXPENSES

NON CASH OPERATING EXPENSE

NET SALES 242700.00

PROFIT (RECONCILED WITH OUR SCHEDULE) 34680.00

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