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    Abm 2 Final Exam 1Q

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    Sarah Mae Aventurado
    This document contains an exam for an accounting class with multiple choice and problem solving questions. The questions calculate financial metrics like cost of goods sold, net income, net sales, expenses, and ending inventory for various hypothetical companies. Students are asked to show their work and solutions. The final question instructs students to prepare a multi-step income statement for a sample company with given sales, cost of goods sold, and expense amounts.

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    Abm 2 Final Exam 1Q

    Uploaded by

    Sarah Mae Aventurado
    81 views1 page
    This document contains an exam for an accounting class with multiple choice and problem solving questions. The questions calculate financial metrics like cost of goods sold, net income, net sales, expenses, and ending inventory for various hypothetical companies. Students are asked to show their work and solutions. The final question instructs students to prepare a multi-step income statement for a sample company with given sales, cost of goods sold, and expense amounts.

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    ABM 2 FINAL EXAM 1Q

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    This document contains an exam for an accounting class with multiple choice and problem solving questions. The questions calculate financial metrics like cost of goods sold, net income, net sales, expenses, and ending inventory for various hypothetical companies. Students are asked to show their work and solutions. The final question instructs students to prepare a multi-step income statement for a sample company with given sales, cost of goods sold, and expense amounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    81 views1 page

    Abm 2 Final Exam 1Q

    Uploaded by

    Sarah Mae Aventurado
    This document contains an exam for an accounting class with multiple choice and problem solving questions. The questions calculate financial metrics like cost of goods sold, net income, net sales, expenses, and ending inventory for various hypothetical companies. Students are asked to show their work and solutions. The final question instructs students to prepare a multi-step income statement for a sample company with given sales, cost of goods sold, and expense amounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    St. Isidore Academy of Trinidad Bohol, Inc.

    Poblacion, Trinidad, Bohol 6324


    Member: Catholic Educational Association of the Philippines
    Bohol Association of Catholic Schools

    FINAL EXAM
    FIRST QUARTER
    ABM 2

    NAME: _____________________________________________ Date: ______________


    YEAR AND SEC.: _____________________________________ Score: _____________

    I. Directions: Solve the following problems and show your solutions. (5pts.)

    1. Happy Selling’s beginning inventory amounted to 250,000. Net purchases amounted to 70,000.
    Freight In totaled 15,000. Compute for the company’s cost of goods available for sale.

    2. Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for the year
    totaled Php 76,000. How much is the company’s net income for the year?

    3. Happy Selling’s Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php
    30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchase
    returns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much is
    the company’s Net Sales? Net Purchases?

    4. Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of accountants
    amounted to Php 20,000. No other expenses were incurred. How much is the company’s general
    and administrative expense?

    5. Company’s Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php
    85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Compute
    for the company’s Ending Inventory.

    III. Directions: Prepare a multi-step Statement of Comprehensive Income for the company. (25 pts.)

    Sales – 20,000
    Cost of Goods Sold – 10,000
    General and administrative expenses – 4,000
    Selling expenses – 2,000
    You can use any business name and the end of the current year for the heading.

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