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Cardo General Merchandise Worksheet

1) The document provides test questions for a final examination covering accounting concepts. It includes an unadjusted trial balance for Cardo General Merchandise and income statement accounts for Banay-banay General Merchandise. 2) For Cardo, students are asked to prepare a worksheet using the provided trial balance and additional information on expired insurance and ending inventory. 3) For Banay-banay, students must prepare an income statement using the income statement accounts provided and information on beginning and ending inventory amounts.

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Lehnard Delos Reyes Gellor
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41 views4 pages

Cardo General Merchandise Worksheet

1) The document provides test questions for a final examination covering accounting concepts. It includes an unadjusted trial balance for Cardo General Merchandise and income statement accounts for Banay-banay General Merchandise. 2) For Cardo, students are asked to prepare a worksheet using the provided trial balance and additional information on expired insurance and ending inventory. 3) For Banay-banay, students must prepare an income statement using the income statement accounts provided and information on beginning and ending inventory amounts.

Uploaded by

Lehnard Delos Reyes Gellor
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Test I - Adjusted Trial Balance
  • Worksheet for Cardo General Merchandise
  • Test II - Income Statement Preparation
  • Banay-banay General Merchandise Income Statement

FINAL EXAMINATION

Second Semester, SY 2020-2021


May 17-19, 2021

Student Number: _________

Name: ___________________________________________________

Grade and Section: ________________________________________


Score
------------------------------------------------------------------------------------------------------------------------------------------------
General Instructions: Read and analyze each item carefully. Answer the given items by providing the
necessary information asked for.
------------------------------------------------------------------------------------------------------------------------------------------------

Test I. Provided below is the Unadjusted Trial Balance of “Cardo General Merchandise” for the year
ended Dec. 31, 2020.

Cardo General Merchandise


Unadjusted Trial Balance
December 31, 2020

Debit Credit

Cash 100,123
Accounts Receivable 512,698
Merchandise Inventory 278,691
Prepaid Insurance 146,100
Accounts Payable 241,386
Dalisay, Capital 547,854
Dalisay, Withdrawals 100,000
Sales 819,313
Sales Discounts 57,410
Sales Returns and Allowances 5,000
Purchases 249,772
Purchases Discounts 6,193
Purchases Returns and Allowances 8,460
Freight-in 100,258
Utilities Expense 23,154
Insurance Expense 50,000
Total 1,623,20 1,623,206
6

Additional Information:
a Insurance in the amount of P60,875 has expired during the year.
b The December 31 merchandise inventory amounted to P289,636.00.

Required: Prepare worksheet. Use the template provided below. (40 pts.)

Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 1 of 4


Cardo General Merchandise
Worksheet
December 31, 2020

Unadjusted Trial Adjustments Adjusted Trial Income Statement Balance Sheet


Account Titles Balance Balance
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash 100,123
Accounts Receivable 512,698
Merchandise Inventory 278,691
Prepaid Insurance 146,100
Accounts Payable 241,386
Dalisay, Capital 547,854
Dalisay, Withdrawals 100,000
Sales 819,313
Sales Discounts 57,410
Sales Ret. and Allow. 5,000
Purchases 249,772
Purchases Discounts 6,193
Purchases Ret. And Allow. 8,460
Freight-in 100,258
Utilities Expense 23,154
Insurance Expense 50,000
Total 1,623,206 1,623,206
Profit/Loss
Total

Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 2 of 4


Test II. Provided below are income statement accounts taken from the Dec. 31, 2020 worksheet of
Edgardo Banay-banay.

Banay-banay General Merchandise

Debit Credit
Sales 978,000
Sales Discounts 64,150
Sales Returns and Allowances 5,000
Purchases 651,009
Purchases Discounts 10,459
Purchases Returns and Allowances 6,200
Freight-in 100,500
Salaries Expense 124,000
Miscellaneous Expense 50,000
Total 994,659 994,659

Additional Information:
a The beginning and ending merchandise inventory are 400,000 and 678,450 respectively.

Required: Prepare income statement (10 pts). Use the template provided below.

Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 3 of 4


Banay-banay General Merchandise
Income Statement
For the Year Ended December 31, 2020

Net Sales
Sales
Less: Sales returns and Allowances
Sales Discounts
Net sales

Cost of goods sold


Merchandise Inventory, January 1
Purchases
Less: Purchase Returns & Allowances
Purchase Discounts
Net purchases
Add: Freight-in
Cost of goods purchased
Cost of goods available for sale
Less: Merchandise Inventory, December 31
Cost of goods sold

Gross Profit

Operating expenses
Salaries Expense
Miscellaneous Expense
Total operating expense
Net Profit

Fundamentals of Accountancy Business and Management 1 [Lehnard D. Gellor, CPA] Page 4 of 4

FINAL EXAMINATION Second Semester, SY 2020-2021 May 17-19, 2021 Student Number: _________ Score Name: _______________________
Cardo General Merchandise Worksheet December 31, 2020 Account Titles Unadjusted Trial Balance Adjustments Adjusted Trial Bala
Test II. Provided below are income statement accounts taken from the Dec. 31, 2020 worksheet of Edgardo Banay-banay. Banay-ba
Banay-banay General Merchandise Income Statement For the Year Ended December 31, 2020 Net Sales Sales Less: S

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