ANGEL EVANGELISTA

ABM – 12

PRE-TEST Let’s star your journey

Answer the crossword below. In learning more on SCI. I am sure you are
ready and excited to answer the Pretest. Enjoy
answering!

Hint: These are clues for you to be able to

answer the puzzle.

Down

1. This include revenue, sales and

professional fees.
2. Include cost of sales and salaries
and transportation.
3. Earning from selling a
merchandize.
4. These are expenses other than
those attributable to selling
expenses.
5. If expenses are higher than net
income, you will arrive at …..
6. Other term for income Across
7. ____ income include other gains
and losses of current currencies.
8. An approach for a merchandizing
business.
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LOOKING BACK TO YOUR LESSON
Directions: Solve for the net income or net loss for the following independent

cases.

1. If Income is Php20,000.00 and Expenses are

Php15,000 Net income /(Net Loss ) is P5,000.00

2. If Income is Php75,000.00 and Expenses are Php100,000

Net income /(Net Loss ) is P25,000.00

3. If Income is Php85,000.00 and Expenses are Php65,000

Net income /(Net Loss ) is P20,000.00

4. If Income is Php56,000.00 and Expenses are Php100,000

Net income /(Net Loss ) is P44,000.00

5. If Income is Php88,000.00 and Expenses are Php200,000

Net income /(Net Loss ) is P112,000.00

ACTIVIES
Activity 1. Determine whether the account title is general or selling.

1. Salaries of administrative assistant GENERAL

2. Salaries of utility staff GENERAL

3. Salaries of sales agents SELLING

4. Light and water of home office GENERAL

5. Rental of Sales office building SELLING

6. Depreciation of office equipment GENERAL

7. Depreciation of delivery van SELLING

8. Advertising expenses SELLING

9. Commission expense SELLING

10. Sales Commission of Account Executive SELLING

Activity 2. Solve for the elements of Comprehensive Income for the following
Independent Activity:

1. Joy Ride Company’s salaries to sales agents amounted to Php10,000.

Salaries of accountants amounted to Php20,000. No other expenses were

incurred. How much is the company’s general and administrative expense?

P20,000.00 – Company’s General and Administrative

2. Joy Ride’s beginning inventory amounted to Php250,000. Net purchases

amounted to Php70,000. Freight is 15,000. Compute for the company’s

cost of goods available for sale.

Net Purchases Php70,000

Freight Php15,000

Total (Php85,000)

Inventory Amounted Php250,000

Cost Php335,000

3. Joy Ride’s purchases is Php100,000 while purchase returns and purchase

discounts amounted to Php20,000 and Php10,000 respectively. How much

is the company’s purchases?

Purchase Amounted Php10,000

Purchase Returns Php20,000

Total (Php30,000)

Joy’s Ride Purchase Php100,000

Company Purchase Php70,000

4. Company’s Cost of Goods Sold amounted to Php235,000. Net cost of

purchases totaled Php85,000. Beginning inventory amounted to

Php250,000. Sales amounted to Php500,000. Compute for the company’s

Ending Inventory.

Net Cost of Purchase Php85,000

Sold Amounted Php235,000

Inventory Amounted Php250,000

Total (Php400,000)
Sales Amounted Php500,000

Company’s Ending Inventory Php100,000

5. Gross profit of Happy Joy Ride amounted to Php175,000. Net Sales is

Php300,000, compute for cost of goods sold?

Profit Php175,000

Net Sales Php300,000

Total Cost of Goods Sold Php125,000

Activity 3. Prepare a multi-step Statement of Comprehensive Income for the

following accounts taken from Tin’s Ready to Wear Company for the period

ended of December 31, 2019

Net Sales Php75, 000.00, Cost of Sales Php30, 000.00, General and

Administrative Expenses Php12,000.00 and Selling Expenses Php25, 000.00

Tin’s Ready to Wear Company

Statement of Comprehensive Income

For the Period ended of December 31, 2019

Sales Php75,000.00

Cost of Sales Php30,000.00

Gross Profit Php45,000.00

General and Administrative Expenses (Php12,000.00)

Selling Expenses (Php25,000.00)

Net Income Php8,000.00

CHECK YOUR UNDERSTANDING
Prepare the Statement of Comprehensive income using a Multi-step Approach:

Sales Php80,000.00 Merchandise Inventory beg Php5,000.00

Sales Discount 5,000.00 Net Purchases 10, 500.00

Sales Returns 2,000.00 Freight In 8,000.00

Merchandise General Expenses 12,000.00

Inventory End 3,500.00 Selling Expenses 4,000.00

Hisoka Trading Company

Statement of Comprehensive Income

For the Period ended of January 13, 2019

Net Sale Php75,000.00

Cost of Sales 20,000.00

Gross Profit Php53,000.00

General and Admin (12,000.00)

Selling Expenses (4,000.00)

Net Income Php37,000.00

Tax Expenses 000.00

Net Income after Tax Php37,000.00

POSTTEST
Choose the letter corresponding to the correct answer for each of the

questions provided below: Marie Co Company’s accounts show the following

balances as June 30, 2020

Net Sales Php1,250,000.00

Cost of Sales 380,000.00

Rent Expense (3/4 pertains to the Sales Department) 120,000.00

Salaries Expense (2/5 pertains to General & Admin) 250,000.00

Sales Commission Expense 80,000.00

Freight Out 50,000.00

Insurance Expense 25,000.00

Interest Expense 10,000.00

Other comprehensive income 30,000.00

1. What is the gross profit of Marie Co? A

a. Php870,000 c. Php1,520,000

b. Php280.000 d. Php1,200,000

2. What is the amount of salaries attributable to non-sales personnel? C

a. Php250,000 c. Php100,000

b. Php150,000 d. Php50,000

3. What is the rent expense attributable to Sales Department? B

a. Php120,000 c. Php80,000

b. Php90,000 d. Php100,000

4. How much is the total General and Administrative Expenses? D

a. Php250,000 c. Php155,000

b. Php125,000 d. Php165,000

5. How much is the total Selling Expenses? A

a. Php370,000 c. Php365,000

b. Php320,000 d. Php300,00

6. How much is the comprehensive income of Marie Co? C

a. Php315,000 c. Php365,000

b. Php380,000 d. Php120,000

Learning Module for Accountancy, Business and Management

7. How much is income tax expense (hint: 35%) D

a. Php110,000 c.Php145,000

b. Php109,500 d.Php127,750

8. How much is comprehensive income after tax? B

a.Php230,000 c. Php240,000

b Php237,250 d. Php335,000

REFLECTIVE LEARNING SHEETS

I don't know any merchandising or trading company who increases their sales
during covid 19. We all know that this pandemic created lots of loses in both life
and economic include businesses.

Our income during pandemic actually didn't increase. Enable to make a living
everyday, we only buy the needs that is necessary and save money for our basic
needs and emergency purposes.

WORKSHEET WEEK 3
1. Selling
2. General
3. Selling
4. Selling
5. General
6. General
7. Selling
8. General
9. Selling
10. General