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    Exercise in SCI

    Uploaded by

    Rizty Cabibil
    The document contains three exercises related to accounting for Covidy Store: 1) Classifying expense accounts as general/administrative or selling expenses. 2) Calculating the cost of goods sold for Covidy Store using financial data for 2019. 3) Preparing a statement of comprehensive income for Covidy Store for May 2020 using a multi-step approach and given account amounts.

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    Exercise in SCI

    Uploaded by

    Rizty Cabibil
    48 views2 pages
    The document contains three exercises related to accounting for Covidy Store: 1) Classifying expense accounts as general/administrative or selling expenses. 2) Calculating the cost of goods sold for Covidy Store using financial data for 2019. 3) Preparing a statement of comprehensive income for Covidy Store for May 2020 using a multi-step approach and given account amounts.

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    The document contains three exercises related to accounting for Covidy Store: 1) Classifying expense accounts as general/administrative or selling expenses. 2) Calculating the cost of goods sold for Covidy Store using financial data for 2019. 3) Preparing a statement of comprehensive income for Covidy Store for May 2020 using a multi-step approach and given account amounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views2 pages

    Exercise in SCI

    Uploaded by

    Rizty Cabibil
    The document contains three exercises related to accounting for Covidy Store: 1) Classifying expense accounts as general/administrative or selling expenses. 2) Calculating the cost of goods sold for Covidy Store using financial data for 2019. 3) Preparing a statement of comprehensive income for Covidy Store for May 2020 using a multi-step approach and given account amounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Name: Cabibil, Rizty Vallery Section: 12-ABM-Commitment

    Subject: FABM2 Date: September 25,2022

    Exercises

    A. Directions: Using the following expense accounts of Covidy Store for the year end December 31, 2019,
    identify if it is part of general or administrative expenses or selling expense.

    Expense Account Classification

    1. Salaries of admin personnel General and Admin


    2. Salaries of janitors General and Admin
    3. Salaries of sales agents Selling Expense
    4. Utilities of home office General and Admin
    5. Rent of office building General and Admin
    6. Depreciation of office equipment General and Admin
    7. Depreciation of delivery van Selling Expense
    8. Advertising Selling Expense
    9. Cost of merchandise sold during the year General and Admin

    B. Direction: Compute for the Cost of Goods Sold of Covidy Store using the following amounts:

    Sales – Php 150,000


    Purchases – 20,000
    Purchase returns – 2,000
    Purchase discounts – 2,000
    Freight-in – 1,000
    Beginning Inventory – 10,000
    Ending Inventory – 5,000

    Computation:

    Beginning Inventory ₱10,000


    Purchases ₱20,000
    Purchases Returns ₱2,000
    Purchases Discounts ₱2,000
    Net Purchases ₱16,000
    Freight In ₱1,000
    Net cost of Purchase ₱17,000
    Cost of Goods for sale ₱27,000
    Ending Inventory ₱5,000
    Cost of Good Sold ₱22,000
    C. Directions: The following are the accounts of Covidy Store for the month of May 2020.
    Prepare its Statement of Comprehensive Income for the period using multi- step approach.

    Covidy store
    Statement of Comprehensive Income
    For the month of May 2020.

    Net sales
    Sales ₱50,000
    Sales Returns 3,000
    Sales Discount 1,000
    ₱46,000
    Cost of Goods Sold
    Beginning Inventory ₱10,000
    Purchases 2,000
    Purchase Discount 1,000
    Net Purchase 7,000
    Freight in 1,500
    Net Cost of Purchase 8,500
    Cost of Goods Available for Sale 33,500
    Ending Inventory 5,000
    Cost of Goods Sold ₱28,500
    Selling Expense
    Salaries expense ( 3,000 x 40%) ₱1,200
    Rent expense (2,300-800) 1,500
    Depreciation expense (1,700 – 1,000) 700
    Utilities expense (1,100 – 600) 500
    Selling Expense ₱3,900
    General and Administrative Expense
    Salaries expense ( 3,000 x 60%) ₱1,800
    Rent expense (office space) 800
    Depreciation expense (office equipment) 1,000
    Utilities expense (admin office) 600
    Miscellaneous expense 100
    General and Administrative expense ₱4,300

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