FINANCIAL STATEMENTS
10
STEP 7: PREPARATION OF
LABORATORY EXERCISE 1
Name: RUTHCHELL A. CIRIACO
Score:
Course/Yr/Section: 1 BS ACCOUNTANCY - B
Date:
Write “SCI” if the account is found in the Statement of Comprehensive Income and “SFP” if the
account is found in the Statement of Financial Position on the space provided.
1. Building
SFP
11. Accumulated depreciation
SFP
2. Delivery revenue
SCI
12. Notes receivable
SFP
3. Machinery
SFP
13. Unearned rent revenue
SCI
4. Cash
SFP
14. Rent revenue
SCI
5. Salaries expense
SCI
15. Interest revenue
SCI
6. Supplies expense
SCI
16. Prepaid insurance
SFP
7. Supplies
SFP
17. Amolo, capital
SFP
8. Accounts payable
SFP
18. Accounts receivable
SFP
9. Interest payable
SFP
19. Repair revenues
SCI
10. Interest expense
SCI
20. Depreciation expense
SCI
Learning Module on Basic Financial Accounting and Reporting
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LABORATORY EXERCISE 2
Name: RUTHCHELL A. CIRIACO
Score:
Course/Yr/Section: 1 BS ACCOUNTANCY
Date:
Presented is the ADJUSTED ACCOUNT BALANCES from the Adjusted Trial Balance of Paul
Auditing Firm for the year ending Dec 31, 2019.
Requirements:
• Prepare the Statement of Comprehensive Income for the year ending Dec 31, 2019.
• Prepare the Statement of Changes in equity for the year ending Dec 31, 2019.
• Prepare the Statement of Financial Position as of Dec 31, 2019.
Paul Auditing Firm
ADJUSTED BALANCES
Dec 31, 2019
Accounts payable
63, 500
Accounts receivable
198, 000
Accumulated depreciation – Building
110, 000
Accumulated depreciation – Office equipment
120, 000
Auditing revenues
1, 361, 500
Building
750, 000
Cash
118, 500
Depreciation expense – Building
55, 000
Depreciation expense – Office equipment
60, 000
Paul, capital
793, 500
Paul, withdrawals
165, 000
Land
Learning Module on Basic Financial Accounting and Reporting
75, 000
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Notes receivable (Due in 6 months)
Office equipment
362, 500
Office supplies expense
96, 000
Office supplies
28, 000
Professional Development Expense
86, 500
Rent expense
52, 500
Salaries expense
735, 000
Salaries payable
30, 500
Travel expense
41, 000
Utilities expense
18, 000
Long-term notes payable (Due in 3 years)
•
60, 000
300, 000
Paul made 122, 000 additional investment during the year.
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