Employees Benefit- UniESalaries Expense- ManagersEmployees Benefit ManagersOffice Supplies ExpenseLtithles ExpenseTaxes and LlcensesDoubtful Account ExpenseCommunication ExpenseDepreciation Expense Office BuildingDepreciation Expense- Office EquipmentTotal Administrative Expenses3,0004,5006,5003,7504,2509.5003,500143,500Note 5- Other ExpensesLoss on Sale of EquipmentLoss on sale of InvestmentTotal Other Expenses8,5007,50016,000Note 6- Finance Costs2,500Interest Expense on Notes PayableInterest Expense on Bonds PayableTotal Finance Costs3,5006,000o000000000000000000STUDENT PLAYSHOPa. WRITTEN WORKSInstruction: Please use the ANSWER SHEET provided at the end of the module.Modified True or False. Choose only the letter that best describes the statements below.Write:A. Both statements are TRUE.B. Both statements are FALSE.C. Statement 1 is TRUE; Statement 2 is FALSE.D. Statement i is FALSE; Statement 2 is TRUE.DOLLY VINLUAN-ABASTA, CPA, MBAMICHAEL JULIAN C. SORNES, LPTFUNDAMENTALS OF ABM 2AUTHORSSUBJECTABM 12 SENIOR HIGH SCHOOL-BASIC EDUCATION DEPARTMENT ASINANCOLUMBAN COLLEGE INC., OLONGAPO CITYLEARNER'S MODULEName of the StudentSection:1. Statement 1- Office Supplies Expense will increase net profit.Statement 2Office Supplies Expenses is shown part of distribution costs in SCI.2. Statement 1 –Salaries payable is a type of expense.Statement 2- Owner's withdrawals are classified as an expense.3. Statement i – Sales is a revenue account.Statement 2 – Sales is increased by the Sales Discount.4. Statement 1 - The difference between net sales and gross profit is the cost of goods sold.Statement 2 - The cost of goods sold is determined by subtracting from the merchandiseinventory beginning, the amount of the merchandise inventory end.5. Statement 1 - The ending inventory of one period is the beginning inventory of the nextperiod.Statement 2 - The balance in the merchandise inventory account at the beginning of theperiod represents the total cost of the merchandise on hand at that time.lultiple Choice. Write on the answer sheet the letter of the correct answer.1. Which of the following account does not belong in the group?a. Sales Discountb. Purchasesc. Sales Returns and Allowancesd. Freight OutIt shows only two sections of the SCI, the total revenue, and the total expense.a. Multiple-step SCIb. Single-Step SCIC. Report Form of the SCId. Account Form of the SCI

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1. Statement 1 Statement 2 Office Supplies Expense will increase net profit. Office Supplies Expenses is shown part of distribution costs in SCI. 2. Statement 1-Salaries payable is a type of expense. Statement 2- Owner's withdrawals are classified as an expense. 3. Statement 1 Statement 2 - Sales is increased by the Sales Discount. Sales is a revenue account. 4. Statement 1- The difference between net sales and gross profit is the cost of goods sold. Statement 2 - The cost of goods sold is determined by subtracting from the merchandise inventory beginning, the amount of the merchandise inventory end. 5. Statement 1 - The ending inventory of one period is the beginning inventory of the next period. Statement 2 - The balance in the merchandise inventory account at the beginning of th period represents the total cost of the merchandise on hand at that time. ple Choice. Write on the answer sheet the letter of the correct answer. Vhich of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out hows only two sections of the SCI, the total revenue, and the total expense. a. Multiple-step SCI p. Single-Step SCI Ropert Form SCI

1. Statement 1 Statement 2 Office Supplies Expense will increase net profit. Office Supplies Expenses is shown part of distribution costs in SCI. 2. Statement 1-Salaries payable is a type of expense. Statement 2- Owner's withdrawals are classified as an expense. 3. Statement 1 Statement 2 - Sales is increased by the Sales Discount. Sales is a revenue account. 4. Statement 1- The difference between net sales and gross profit is the cost of goods sold. Statement 2 - The cost of goods sold is determined by subtracting from the merchandise inventory beginning, the amount of the merchandise inventory end. 5. Statement 1 - The ending inventory of one period is the beginning inventory of the next period. Statement 2 - The balance in the merchandise inventory account at the beginning of th period represents the total cost of the merchandise on hand at that time. ple Choice. Write on the answer sheet the letter of the correct answer. Vhich of the following account does not belong in the group? a. Sales Discount b. Purchases c. Sales Returns and Allowances d. Freight Out hows only two sections of the SCI, the total revenue, and the total expense. a. Multiple-step SCI p. Single-Step SCI Ropert Form SCI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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