Exercise 3-9 - Multiple Choice-Determine The Balances (Huang, Aaron)

Jason Services
Income Statement
For the year Ended September 30,2019
Note
Service Income 1P 892,900
Other Income 87,400
Total Income P 980,300
Expenses
Salaries P 121,000
Supplies 77,400
Depreciation 2 186,000
Bad Debts 22,900
Utilities 45,000
Miscellaneous 40,000
Finance Costs 3 55,800
Repairs and Maintenance Expense 30,000
Insurance Expense 28,000
Total Expenses P 606,100
NET INCOME P 374,200
Jason Services
Statement of Changes in Owner's Equity
Jason, Capital, October 1 ,2018 P 554,900

Add: Net Income 374,200
Sub-Total P 929,100
Less: Jason, Drawing 154,000
Jason, Capital, September 30,2019 P 775,100
Jason Services
Statement of Financial Position
ASSETS Note
Current Assets
Cash 4P 601,600
Short term Investment 288,000
Trade and Other Receivable 5 406,400
Prepaid Expenses 6 24,200
Total Current Assets P 1,320,200
Non-Current Assets
Property, Plant and Equipment 7 929,900
TOTAL ASSETS P 2,250,100
LIABILITIES AND OWNER'S EQUITY

Current Liabilities
Trade and Other Payables 8 P 755,000
Non-Current Liabilities
Loans Payable P 250,000
Mortgage Payable 470,000
Total Non-Current Liabilties 720,000
1,475,000
Owner's Equity
Jason, Capital 775,100
TOTAL LIABILITIES AND OWNER'S EQUITY P 2,250,100

Notes to Financial Statements
Note 1 - Other Income

Interest Income P 52,000
Dividends Income 35,400
Total 87,400
Note 2 - Depreciation Expense

Depreciation Expense- Building 120,000
Depreciation Expense-Equipment 66,000
Total 186,000
Note 3 - Finance Costs

Interest Expense P 55,800
Total 55,800
Note 4 - Cash
Cash on Hand
Cash on Bank
Note 5 - Trade and Other Receivable
Accounts Receivable P 170,700
Less: Allowance for Bad Debts 24,000 P
Notes Receivable
Accrued Interest Income
Employee Advances
Total P
Note 6 - Prepaid Expenses

Prepaid Subscription P
Prepaid Supplies
Total P
Note 7 - Property, Plant and Equipment

Land P
Building P 400,900
Less: Accumulated Depreciation 180,500
Equipment 230,000
Net Book Value P
Note 8 - Trade and Other Payable

Accounts Payable P
Unearned Service Income
Accrued Rent Expense
Rent Payable
Notes Payable
Total P
146,700
170,000
14,000
75,700
406,400
9,000
15,200
24,200
500,000
220,400
209,500
929,900
267,000
99,000
15,000
84,000
290,000
755,000
1. To compute for Net Realizable Value
Accounts Receivable P
Less: Allowance for Bad Debts
Net Realizable value P
2. To compute for Total Prepaid Expenses

Prepaid Subscriptions P
Prepaid Supplies
Total Prepaid Expenses P
3. To compute for Total Trade and Other Receivables

Accounts Receivable P 170,700
Less: Allowance for Bad Debts 24, 000
Notes Receivables
Advances to Employees
Accrued Interest Income
Total Trade and Other Receivable
4. To compute for Net Carrying Value of Property, Plant and Equipment

Land P
Building P 400,900
Equipment 230,000
Net Carrying Value P
5. To compute for the Total Current Assets

Cash P
Trade and Other Receivables
Short Term Investment
Prepaid Expenses
Total Current Assets
6. To compute for Trade and Other Payables

Accounts Payable P
Notes Payable
Rent Payable
Unearned Service Income
Accrued Rent Expense
Total Trade and Other Payable P
7. To compute for Total Non-Current Liabilities

Mortgage Payable P
Loans Payable
Total Non-Current Liabilities P
8. To compute for Total Liabilities P

Total Current Liabilities
Total Non-Current Liabilities
Total Liabilities P
9. Total Service Income
170, 700
24, 000 10. To compute for Total Other Income
146, 700 Dividend Income
Interest Income
Total Other Income
9,000
15, 200 11. Total Depreciation Expense
24, 200 Depreciation Expense - Building
Depreciation Expense - Equipment
Total Depreciation Expense
146,700 12. To compute for Finance Costs

170,000 Interest Expense
75,700 Total Finance Costs
14,000
406,400 13. To compute for Total Revenue
Total Service Income
Total Other Income
500,000 Total Revenues
220,400 14. To compute for Total Expense

Depreciation
209,500 Salaries
929,900 Supplies
Utilities
Repairs and Maintenance
601,600 Insurance
406,400 Bad Debts
288,000 Miscellaneous
24,200 Finance Costs
1,320,200 Total Costs
15. To compute for the Net Income

267,000 Total Revenues
290,000 Less: Total Expenses
84,000 Net Income
99,000
15,000 16. To compute for Owner's Equity, End
755,000 Capital, Beginning
Add: Net Income
Total
470,000 Less: Drawing
250,000 Capital, Ending
720,000
755,000
720,000
1,475,000
P 892,900
P 35,400
52,000
P 87,400
P 120,000
66,000
P 186,000
P 55, 800
P 55, 800
P 892,900
87,400
P 980,300
P 186,000
121,000
77,400
45,000
30,000
28,000
22,900
40,000
55,800
P 606,100
P 980,300
606,100
P 374,200
P 554,900
374,200
P 929,100
154,000
P 775,100

Exercise 3-9 - Multiple Choice-Determine The Balances (Huang, Aaron)

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Jason Services

Jason, Capital, October 1 ,2018 P 554,900

TOTAL ASSETS P 2,250,100

LIABILITIES AND OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY P 2,250,100

Note 1 - Other Income

Note 2 - Depreciation Expense

Note 3 - Finance Costs

Note 6 - Prepaid Expenses

Note 7 - Property, Plant and Equipment

Note 8 - Trade and Other Payable

2. To compute for Total Prepaid Expenses

3. To compute for Total Trade and Other Receivables

4. To compute for Net Carrying Value of Property, Plant and Equipment

5. To compute for the Total Current Assets

6. To compute for Trade and Other Payables

7. To compute for Total Non-Current Liabilities

8. To compute for Total Liabilities P

146,700 12. To compute for Finance Costs

220,400 14. To compute for Total Expense

15. To compute for the Net Income

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