Chapter 1

Fill in the Blanks

True or False Multiple Choice
1. summanizing; imterpreting
1. T 6. 11. T 16. T T 1. C 6. C

Bie s ML |

o
2. business transaction
2. T 7. 12. T 17. T F 2. C 7. D

o
R
3. monetary
3. T 8. 13. F 18. T F 3. D 8. C

19
4. entity
4, F 9. 14. F 19. T T 4, B 9. A

=~
2
5. objectivity
5. F 10.

o B
15. F 20. T 5. C 10. B
6. historical cost

Multiple Choice Multiple Choice

1. B 6. 1. B 6. A 11. A 16. D 21. 26. D 31.
No

2. A 7.

e
2. E 7. A 12. A 17. E 22. 27. A 32.
3. A 8 3. B 8. D 13. A 18. D 23. 28. B
o

ooeE
4, A 4. D 9. C 14. G 19. A 24 29. C
S. C 5. C 10. C 15. A 20. A 25. 30. B

Chapter 2

Fill in the Blanks Fill in the Blanks

1. assets 6. equal: two 11. Accounts Receivable 16 . bookkeeping 1. debit, debit. credit
2. decrease 7. credit 12. withdrawals 17 . Liabilities 2. credit, credit, debit
3. debit 8. cash 13. debit side 18 . capital 3. credit. credit, debit
4. exchange 9. ledger account 14. debits 19 . balance sheet 4. credit. credit. debit
5. debit; credit 10. expenses 15. debuts 5. debit, debit, credit

Fill in the Blanks

1. recording 6. credited 11. owner’s equity capital
2. classifying 7. debited 12. liability debit side
3. ummarizing 8. owner's equity 13. cash credit side
4, interpreting 9. transactions 14. accounts payable 19. debited
5. credited 10. assets 15. owner's equity credited

True or False Multiple Cheice

1. T 6. 11. T 1. C 6. D C
2. T 7. 12. F 2. A 7. D A
3. F 8. 13. T 3. C 8. C
T

4. F 9. 14. T 4. A 9. A
S. T 10. 15. T 5. A 10. C
-
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000°Ls- + = - - + 000°Ls- L 'sasuadxa pred §
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2B2100] VS i + 000°0T = + 000°0T + T
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g/ B/ - q 01 J S VS q v P q q 10 P
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e e/ q q L d T o v 2 Vs B | ) I B
2B2100] VS e v 9 J 1 C# Wapqoig F# wajqosg

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+ 000 = + - + 000°T

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£ 008T = + 0 008T - -

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Problem #15
a. Cash Asset Increase Debit
Service Revenues Revenue Increase Credit

b. Salaries Expense Expense Increase Debit

Cash Asset Decrease Credit

] Cash Asset Increase Debit

Accounts Receivable Asset Decrese Credit

d. Ruben. Withdrawals Owner's With. Increase Debit

Cash Asset Decrease Credit

e. Supplies Asset Increase Debit

Accounts Payable Liability Increase Credit

f. Accounts Receivable Asset Increase Debit

Savice Revenues Revenue Increase Credit

g. Accounts Payable Liability Decrease Debit

Cash Asset Decrease Credit

Problem #16
Prepaid Prepaid Spray Service Aguilar,
Cash AR + Supplies + Rent + Inswance + Equpment + Vehicle - AP + Capital

a. 60,000 + + + - + 60,000 |
b. -22.500 + + + 112.500 90,000 +
C. + + + + 18.000 + 18.000 +
d. -5.600 + + 5600 ~+ + + = +
¢ -5.760 + + - 5.760 + + - +
f. 21.750 + + + + + - + 21.750 R
g. -5.730 + 5.730 + + + + - +
h. 4440 + + + + + = + 4440 R
1. -960 + + + + + = + 960 E
J. + + + + + = 3270 + -3.270 E
k. 16.420 + + + + + - + 16.420 R
l. -10.500 + + + + + = + -10.500 W
m. -20.400 + + + + + - + 20400 E
26.720 4440 + 5.730 =+ 5600 + 5.7 -~ 18.000 + 112500 = 111.270 + 67.480
178.750 = 178,750
Problem #17

Cash Office Equipment Consulting Revenues

a 150.000 b 7.500 f 55.000 d 10.500
d 10,500 c 26,000 g 39.500 ¢ 12.750
h 7,000 f 27.500 94,500 k 10,250

m
k 10.250
6.000
g
j
9.500
32.500
1__11.500_
45,000
n 4.000 Accounts Payable
0 2.250 n 4.000 f 27.500 Salaries Expense
P 2.500 g 30,000 32.500
q 10.000 i 8,000
183.750 121.750 4.000 65.500 32,500
2,000 ___61.500
Rent Expense
Accounts Receivable Tria, Capital 7.500
¢ 12,750 h 7.000 a 150,000 7.500
1 11.500 m 6.000 150,000
24.250 13.000
11,250 Tra. Withdrawals Utilities Expense
q_ _ 10.000 2.250
Office Fumiture 10,000 2.500
¢ 26.000 4,750
i 8.000 Check Figures:
34,000 256.500 256.500

Problem #18

1 .
Transaction d should have been recorded as an increase to Accounts Payable. not a decrease to Cash.
2 .
Transaction f should have been recorded as a decrease to Cash and an increase. to Telephone Expense.
3 .
Transaction g should have been recorded as an increase to Abelinde. Capital. not a decrease to Cash.
4 .
Transaction 1 should have been recorded as a decrease to Accounts Payable and a decrease to Cash, not an increase to
Advertising Expense or an increase to Cash.
q
. Transaction k should have been recorded as a decrease to Abelinde. Capital. and labeled Withdrawals. not an increase to Salaries Expense.
6 . Transaction | should have been recorded as a decrease to Accounts Receivable. not an increase to Delivery Revenues.
Chapter 3
Fill in the Blanks
1. accounts 11. slide
2. footings 12. journalizing
3. chart of accounts 13. chronological order
4. expense 14. book of final entry
5. journal 15. interim statements
6. posting 16. normal balance
7. ledger (general) 17. credit; debit
8. trial balance 18. compound joumal entry
9. fiscal year 19. asset
0. cross-reference

True or False Multiple Choice Multiple Choice

1. F 11. F 21. T 1. D 11. D 21 D 1. D 11. 21.

nogogoaonngy
O0O00OU0U0OREO
2. T 12. T 22. T 2. B 12. C 22. A 2. D 12. 22
3. T 13. F 23. T 3. D 13. B 23. A 3. C 13. 23.
4. T 14. T 24. F 4. B 14. A 24, B 4. B 14. 24.
5. F 15 T 25. T 5. C 15. B 25. D 5. D 15. 25.
6. F 16. F 26. F 6. C 16. C 6. D 16. 26.
7. F 17. T 27. T 7. A 17. D 7. D 17. 27.
8. T 18. F 8. B 18. B 8. A 18. 28
9. T 19. F 9. C 19. A 9. A 19.

e
10. F 20. F 10. D 20. C 10. A 20.

Multiple Choice Multiple Choice

1. C 6. C 1. C 6. A
2. A 7. A 2. A 7. A
3. D 8. D 3. D 8. B
4. C 9. D 4. B 9. A
5. D 10. A 5. C 10. B
Problem #1
Debit Credit Problem #2
a. 7 1 Accounts Elements of accounting Increase Decrease
b. 2 10 a. Service Revenue Income Credit Debit
c. 11 1 b. Withdrawal Expense Debit Credit
d 3 7 ¢. Utilities Expense Expense Debit Credit
e. 1 10 d. Rent Expense Expense Debit Credit
£ 5 7 ¢. CashinBank Asset Debit Credit
g 12 7 f. Trade Payables Liability Credit Debit
h 7 5 g. Salaries Expense Expense Debit Credit
i 1 2 h. Office Equipment Asset Debit Credit
J- 7 1 i. Fixtures and Fittings Asset Debit Credit
k. No entry j. Interest Expense Expense Debit Credit
L 12 1 k. Loans Payable Liability Credit Debit
m. 9 1 . Capital Equity Credit Debit

Problem #3
Transaction Debit Effect Credit Effect
a. Invested P140,000 i the firm. Cash Increase Capital Increase
b. Acquired vehicles for cash, P100.000. Service Vehicles Increase Cash Decrease
¢. Acqured vehicles on account, P60,000. Service Vehicles Increase Accounts Payable Increase
d. Puwchased supplies P2.,000. Supplies Increase Cash Decrease
¢. Received P10,000 cash revenues., Cash Increase Revenues Increase
f. Pad salaries. P3.000. Salaries Expense Increase Cash Decrease
g. Paid rent. P5,000. Rent Expense Increase Cash Decrease
h. Withdrawals by owner, P1.000. Withdrawals Increase Cash Decrease
i. Payment on account, P20.000. Accounts Payable Decrease Cash Decrease
). Pad for repairs on vehicles P3,000, Repairs Expense Increase Cash Decrease
Problem #4
Arib Consultancy
Chart of Accounts
Balance Sheet Accounts Income Statement Accounts
Assets Revenues
110 Cash 410 Consulting Revenues
120 Accounts Receivable 420 Referral Revenues
130 Office Supplies
140 Prepaid Rent Expenses
150 Land 510 Salaries Expense
160 Building 520 Office Supplies Expense
165 Accu. Depreciation 530 Rent Expense
170 Fumiture and Fixtures 540 Inswrance Expense
175 Accu. Depreciation 550 Depreciation Expense-Building
Liabilities 560 Depreciation Expense-Furniture and Fixtures
210 Notes Payable 570 Miscellaneous Expense
220 Accounts Payable 580 Interest Expense
230 Interest Payable
240 Uneamned Consulting Revenues
Owner's Equity
310 Anb, Capital
320 Anb. Withdrawals
330 Income Summary
Problem #5
Type of Account Normnal Balance
Owner’s Equity (mcreases balance)
Figueroa, Figueroa,
Item Asset Liability Capital Withdrawals Revenue Expense Debit Credit
a / /
b. / /
C. / /
d. / /
€. / /
f. / /
g / /
h. / /
1. / /
]. / /
K. / /
1. / /
m. / /
n / /
0. / /
p. / /
Q. / /
I. / /
S. / /
L / /
u / /
V. / /
/
Problem #7
Cash Accounts Payable Supplies Expense
a 250,000 b 6,700 h 7,000 c 3.250 C 3.250
f 19.250 d 5,750 m 2,750 e 80.000
i 12,350 e 35.000
g 5.600 Rent Expense
h 7,000 d 5.750
i 2.080 9.750 83.250 3,750
k 7.400 73,500
1 5.000 Utilities Expense
m 2,750 i 2.080
n 2.800 Evangelista, Capital
281.600 80.080 a 250.000 2,080
201,520
Miscellaneous Expense
Prepaid Insurance n 2.800
Evangelista, Withdrawals 2,800
g 5.600 1 5.000
5,600 5,000

Laundry Revenue Self-Service L ammdry

Equipment f 19.250 Trial Balance
e 115000 ) 12.350 May 31. 2021
1,600 Cash 201.520
115,000 Prepaid Insurance 5.600
Salaries Expense Equipment 115.000
Fumiture and Fixtures k 7.400 Fumniture and Fixtures 6.700
b 6.700 Accowunts Payable 73.500
6,700 7,400 Evangelista, Capital 250.000
Evangelista, Withdrawals 5.000
Laundry Revenue 31.600
Salanes Expense 7.400
Supplies Expense 3.250
Rent Expense 5.750
Trial Balance Totals: Utilities Expense 2.080
355.100 355,100 Miscellancous Expense 2.800
355.100 355.100
Problem #8

Cash Accounts Payable

a 180,000 d 4.620 3.260 3,260
j 6.900 ¢ 7.400 8.000
m 2.420 f 990
h 1.800 11.260
i 910 8,000
k 3.260
1 5,000 Gamolo, Capital
n 8.250 180,000
0 11.500 72.000
189,320 43,730 252,000
145,590 Gamolo, W ithdrawals
11.500
Accounts Receivable 11,500
g 16.120 i 6.900 Service Revenues
16.120 6.900 16,120
9220 2.420
18,540
Office Equipment
3.260 Salaries Expense
4.620 8.250
15,400 8,250
23,280 Rent Expense
Medical Equipment 5,000
b 72.000 5,000
72,000 Utilities Expense
990
Trial Balance Totals: 910
278.540 278.540 1,900
Miscellaneous Expense
h 1,800
1,800
Problem £10
May 3 Advertisng Expense 18.500 29 Salanes Expense
Accounts Payable Cash
6 Supplies Expense 8.800 30 Cash
Accounts Payable Delivery Revenues
15 Office Equipment 52.500 31 Accounts Receivable
Boron. Capital Delivery Revenues
17 Cash 61.800 31 Gas and Oil Expense
Accounts Receivable Cash
22 Repair Expense 8.500 31 Boron. Withdrawals
Accounts Payable Cash
26 Accounts Payable 8.800
Cash

Problem £11
Oct. 1 Cash 50,000 21 Java. Withdrawals 8.000
Java, Capital 50,000 Cash 8.000

2 Prepaid Insurance 14.500 24 Gas and O1l Expense 1.800

Cash 14.500 Accounts Payable 1.800

3 Advertising Expense 25 Cash 61.400

Accounts Payable 3.200 School Fees 61.400

4 Rent Expense 8.900 27 Salaries Expense 12.000

Cash 8.900 Cash 12.000

7 Repair Expense 28 Equipment 7,500

Accounts Payable 2.880 Accounts Payable 7.500

10 Cash 29 Cash 7.000

School Fees Accounts Receivable 7.000

11 Telecomm. Expense 30 Utlities Expense 3,600

)

g
2

Cash Cash 3.600

15 Furniture 18.800 31 Miscellaneous Expense 620

Cash Cash 620
Accownts Payable
31 Equpment 12.300
18 Accounts Payable 3.200 Java, Capital 12.300
Cash 3.200
Problem #13
1.
Apr. 2 Painting Equipment 12.300 Apr. 15 Maintenance Expense 400
Cash 71.000 Cash
Villanueva. Capital 83.300 18 Accounts Payable 3.200
3 Service Vehicle 80,000 Cash 3,200
Cash 50,000 20 Pamting Equipment 6.000
Notes Payable 30.000 Pamting Supplies 2.900
4 Pamting Supplies 3.200 Accounts Payable 8.900
Accounts Payable 3.200 22 Unlines Expense 600
5 Accounts Receivable 4.800 Accounts Payable
Painting Revenues 4.800 23 Cash 3.300
7 Cash 1.500 Accounts Receivable 3.300
Painting Revenues 1.500 24 Villanueva. Withdrawals 3.000
10 Painting Supplies 1.600 Cash 3.000
Cash 1.600
11 Cash 4.800 25 Cash 3.600
Accounts Receivable 4,800 Painting Revenues 3.
12 Prepaid Insurance 4,000 27 Notes Payable 2.000
Cash 4.000 Cash 2.000
13 Accounts Receivable 6.200 29 Wages Expense 1.800
Painting Revenues 6.200 Cash
14 Wages Expense 1.500
Cash 1.500

3. Villanueva Painting Contractor

Tnal Balance Problem #14
April 30, 2021
Cash 16,700
Accounts Receivable 2.900
Painting Supplies 7,700 a. carrectly stated
Prepaid Insurance 4,000 L oversiaied
Painting Equipment 18.300 C. understated
Service Vehicle 80.000 d understated
Notes Payable 28.000 ' .
Accounts Payable 9,500 ¢ 938200
Villanueva, Capital 83,300
Villanveva. Withdrawals 3.000
Painting Revenues 16.100
Wages Expense 3.300
Utilities Expense 600
Maintenance Expense 400
136.900 136.900
Problem #16

Unadjusted TB Adjustments Adjusted TB

Debit Crednt Debit Credit Debit Credit
Cash 44.800 10,000 34.800
Accounts Receivable 189.600 46.800 142.800
Supplies 70.800 70.800
Equpment 560.000 560,000
Accounts Payable 72.600 9.900 15.800
46.000
900
Brillantes, Capital 513.000 513.000
Brillantes, Withdrawals 50,000 100,000 50,000
Revenues 371,600 7.600 379,200
Salaries Expense 35.000 35,000
Rent Expense 10.000 20,000 10,000
Utilities Expense 6.400 1,800 4,600
916,600 1,017,200 176,800 66.200 908,000 908,000

True or False
2 1. F 11. T 41.

oS
Chapter 4 2. F 2. T 42.

™
e
B
O
43,

S B
L 3. T 13. F

T
R
Fill z;: the Blanks n T 14 T

S5 R

IR
T
5 2021; 2022 5 F 15 T

e
BV I
NN

T
2. accrual: matching

SO T
3. accrual 6. T 16. F

T
S I
4. December: January 7. T 17. T

T o
I
5. eamed: incurred 8. T 18. T

o P
[ 5° I 5
6. matching;: accrual 9. F 19. T
7. General Ledger: balances: credit: debit 10. F 20. F

e
v
e
Matching Type Matching Type Matching Type
a. 1 f 3 a. 4 1.

O ~AUCT
oA P

© % o
b. 2 g. 2 b. 3 2.
c 4 h. 1 C. 2 3.
d. 3 d. 1 4.

-
e. 1 5.
—
Multiple Choice Multiple Choice
l. C 11.

no»0n
00
e
2 D 12.

i
3 D

En®
1 D

>0
5 D 10.

Multiple Choice Multiple Choice

1. B 11. O 21.

WoUoww
2. D 12. 22.

Al
S

SR
WA
OWWE

3. B 13. 23.

Y
4. A 14 24.

BB OE
5. C 15. 25.

L
6. D 16. 26.
7. A 17. 27.
28.
LAY

8. A 18. PO
9. B 19. 29.
10. A 20.

Chapter 5
Fill in the Blanks
1. debit 11, ustorical cost
2. balance sheet credit column 12. mcome statement
3 . credit 13, Accumulated Depreciation
4 . statement ot changes m equuty 14. balance sheet
5 . balance sheet 1>, accumulated depreciation
O . mtormal 16. mternal
/. tmancial statements 1/ credit
h . Income statement 15, adjustients
Y . used up
) . balance sheet
True or False Multiple Choice Multiple Choice
11. 21. 11. 11.
12. 22. 12. 12.
13. 23. 13. 13.
14. 24. 14. 14.
15. 25. 15. 15.
16. 26. 16. 16.
17. 27. 17. 17.
18. 28. 18. 18.
19. 29. 19.
10. 20. 30. 10. 20. 10.
Problem #1
Classification Normal Bal.

oo
Accounts Receivable debit
OB

Depreciation Expense debit

O~
Accounts Payable credit
a0

Supplies debit
Computer Equipment debit
"m0

Biore, Capital credit

Accum. Depreciation credit
Biore, Withdrawals debit
-

W—~U
Consulting Revenues credit
—

Prepaid Insurance debit

| S

Problem #2
Permanent Temporary Yes No IS
Rent Expense X
Prepaid Insurance
Accounts Recetvable
Supplies Expense
Accum. Depreciation-F/F
Interest Payable
Service Revenues
Notes Payable
Depreciation Expense-F/F
e

Problem #3
11. 16.
NnoOwmeEn
N

C»=OUnN
Lo ~No
NO»nn

oCwNn

12. 17.
13. 18.
14. 19.
15. 20.
S
Problem #4
Ily Abella Surveyors
Worksheet
For the Month Ended May 31, 2021
Unadjusted TB Adjustments Adjusted TB Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 210,000 210.000 210.000
Accts. Receivable 930.000 930.000 930.000
Prepaid Advertising 360,000 140,000 220.000 220.000
Eng'g Supplies 270,000 180,000 90,000 90.000
Survey Equipment 1.890,000 1,890,000 1,890,000
Accum. Depn. 640,000 160,000 800,000 800,000
Accounts Payable 190,000 190.000 190,000
Unearned SR 120.000 40.000 80.000 80,000
Notes Payable 500,000 500,000 500,000
Abella, Capital 1.120.000 1.120.000 1,120,000
Abella, Withd'ls 700.000 700,000 700,000
Survey Revenues 6.510.000 40,000 6,550,000 6,550,000
Salaries Expense 3,270,000 140,000 3,410,000 3,410,000
Rent Expense 960,000 960,000 960,000
Insurance Expense 250,000 250,000 250,000
Utilities Expense 160.000 160.000 160.000
Misc. Expense 80,000 80,000 80,000
Totals 9,080,000 9.080,000
Advertising Expense 140,000 140,000 140,000
Supplies Expense 180,000 180.000 180.000
Depreciation Expense 160,000 160.000 160,000
Salaries Payable 140,000 140,000 140,000
Interest Expense 60,000 60.000 60,000
Interest Payable 60.000 60.000 60.000
720,000 720.000 9.440.000 9,440,000 5400000 6,550,000 4,040,000 2.890.000
Profit 1.150.000 1.150.000
Totals 6,550,000 6,550,000 4,040,000 4,040,000
Problem #5
Unadjusted Adjustments Adjusted
Debit Credit Debit Credit Debit Credit
Cash 45,000 45,000
Notes Receivable 360,000 360,000
Accounts Receivable 156,000 156,000
Interest Receivable 24,000 24,000
Office Supplies 63,000 42,000 21,000
Land 300.000 300,000
Building 1.590.000 1,590,000
Accumulated Depreciation-Building 254.000 38,000 292.000
Equipment 2,150,000 2,150,000
Accumulated Depreciation-Equipment 612.000 123.000 735.000
Accounts Pavable, 213,000 213,000
Salaries Payable 14,000 14,000
Unearned Consulting Revenues 450,000 150,000 300,000
Santiago, Capital, beg. 2.655.000 2.655.000
Santiago, Withdrawals 600,000 600,000
Consulting Revenues 2,108,000 150,000 2,258,000
Interest Income 24.000 24.000
Salaries Expense 875,000 14.000 889.000
Repairs Expense 116,000 116.000
Office Supplies Expense 42,000 42,000
Depreciation Expense-Building 38,000 38,000
Depreciation Expense-Equipment 123.000 123.000
Miscellaneous Expense 37,000 37.000
Totals 6,292,000 6,292,000 391,000 391,000 6,491,000 6,491,000

Problem #6
1. 281,500 8. 21.000
Problem #7
2 19.000 9. 8.250
3 8,250 10. 280,250 IS SCE BS IS
4. 22,000 11, 203,000 b. g X
5. 185,250 12. -100.000 C. h. X
6 10,000 13. 170.000 d 1
7 96,250 e X ] X
Problem #9
Maniquiz Real Estate Agency Maniquiz Real Estate Agency
Income Statement Statement of Changes in Equity
Problem #8 For the Month Ended June 30. 2021 For the Month Ended June 30, 2021
Income Cash Real Estate Revenues 1.250.000 Owner's Equity, beg. 123.000
a. 880,000 770.000 Less: Expenses Add: Profit 226.000
b. - 300,000 Commussions Expense 475,000 Additional Investiments 16,000 242,000
. . (27.000) Salaries Expense 264.000 Total 365.000
d (360,000) (300.,000) Advertising Expense 163,000 Less: Withdrawals 250,000
e (25.000) (22.500) Rent Expense 48.000 Owner's Equity, end 115.000
_—_—
£ (210.000) (105.000) Utilities Expense 42.000
Profit 285,000 Office Supplies Expense 27,000
Net Cash Inflow 615,500 Depreciation Expense 5.000 1,024,000
*Factors not given. Profit

Problem #10

Generales Travel Agency

Statement of Changes in Equity
For the Year Ended Dec. 31, 2021

Owner's Cquity, beg. 360,000

Add: Add' Investments 280,000
Profit 430.000 710,000
Total 1,070,000
Less: Withdrawals 420,000
Owner’s Equity, end 650,000

Problem #11
l.a. 215,000 2.a. 125,000 3. 468,750
1.b. 315.000 2.b. 135.000 4. 70,000
l.c 165,000 2.¢. 25,000
Problem #12
Marnel Cullano, CPA Marriel Cullano, CPA
Income Statement Statement of Changes m Equity
For the Year Ended Dec. 31, 2021 For the Year Ended Dec. 31, 2021
Auditing Revenues 1,361,500 Owner's Equity, beg. 1,193,500
Less: Expenses Add: Profit 217.500
Salaries Expense 735.000 Additional Investments 22.000 239500
Office Supplies Expense 96.000 Total 1,433,000
PD Expense 86,500 Less: Withdrawals 165,000
Rent Expense 52,500 Owner's Equuty, end 1,268.000
Travel Expense 41.000
Utilities Expense 18,000
Depreciation-Bldg. 55.000
Depreciation-Off. Eqpt. 60.000 1,144,000
Profit 217,500

Mamiel Cullano, CPA

Balance Sheet
Dec. 31, 2021
Assets Liabilities and Owner's Equity
Cash 118,500 Accounts Payable 63.500
Notes Receivable 60.000 Salaries Payable 30,500
Accounts Receivable 198,000 94.000
Office Supplies 28.000 404.500
Land 75,000
Building (net of P110.000 accum. depn.) 640,000
Off. Eqpt. (net of P120.000 accum. depn.} 242,500 957.500 Cullano, Capital 1,268.000
Total Assets 1.362,000 Total Liabilites and Owner's Equity 1,362.000
s _

Problem #13 Problem #14

a. |1 & [ 1. Profit 330,000
b: O f (o] ) Adjustments:
¢ O g O Dcpreciation Expense 70.000
d 1 h 0 Increase in Accounts Receivable -110,000
Increase in Accounts Payable 50,000
Net Cash Flow from Operating Activities 340,000
e
Problem #15
2. Party Consultants FA

-
Statement of Cash Flows na

EWN
For the Month Ended n'a
OA
Cash Flows from Operating Activities: FA
Cash Received from Clients 350,000 OA

NN
Payments to Suppliers (160,000) OA
Payments for Operating Expenses (12,000) OA
Net Cash Flow from Operating Activities 178,000
Cash Flows from Investing Activities:
Net Cash Flow from Investing Activities
Cash Flows from Financing Activities:
Investments by Owner 180,000
Withdrawals by Owner (30.000)
Net Cash Flow from Financing Activities 150.000
Net Increase (Decrease) in Cash 328,000
Cash, Beg. 0
Cash, End 328.000