Date Performed:Date Checked:ScoreInstructor's Signature:Date Returned::Your activity:Determine whether the business has made profit, loss or at the business is at break-even.1.Sherlock Wills Pumping Services has the following data on December 31, 2018:Php 150,000.00100,000.00Shop RevenueOther RevenuePermits and licensesSalaries expenseTransportation Expense8,300.0036,000.0013.100.00Insurances25,000.00Utilities Expense32,000.00114,400.00135,600.00Your answer:RevenuePhp. 114,400.00Expenses250,000.00135,600.00Revenue2.On June 30, 2017 Jan Frans Transit Corporation shows the following account balances:Php 55,000,000.0012,000,000.00Transportation Service RevenueGasoline and OilRepairs and Maintenance ExpensesSalaries and WagesUtilities Expense3,200,000.0010,230,000.00960,000.003,580,000.00 29,970,000CommissionYour answer:25,030,000The books of Jasper and John Kent (JJK) Security Services showed the followingaccount balances on December 31, 2016:3.Php 1,200,000.00Insurance ExpenseOther Income20,000,000.00980,000.002,500,000.0092,000,000.00180,000.000.001,280,000.002,150,000.002,600,000.00Pag-Ibig PremiumPhilHealth PremiumSalaries ExpenseService RevenueSssTransportation ExpenseUtilities ExpenseYour answer:4.On September 30, 2015, JK Dahomera Utility Services decided to wind up their businessoperations because the account balances showed the following:Utility Service RevenueOther RevenueSalaries and WagesInsurance ExpensePermits and LicensesPhp 120,000.0010,000.0084,000.0025,000.007,500.00Utilities ExpenseMiscellaneous ExpenseEmployee Benefits (SSS, Philhealth, Pag-Ibig)3,500.005,200.00160,200.0040,200.0025,000.00Your answer.5.The balances of Hubbies' Tailoring Services on December 31, 2015 were as follows:Php 15,000.0010,000.00MaterialsMiscellaneous expensesService Fees65,000.0015,000.0025,000.00UtilitiesWagesYour answer:115,000100,000

Answer 1: Sherlock Wills Pumping services made a profit of Php.135,600. Note: Since we only answer…

Your activity: Determine whether the business has made profit, loss or at the business is at break- even. Sherlock Wills Pumping Services has the following data on December 31, 2018: 1. Shop Revenue Other Revenue Permits and licenses Salaries expense Transportation Expense Php 150,000.00 100,000.00 8,300.00 36,000.00 13,100.00 25,000.00 32,000.00 Insurances Utilities Expense 114,400.00 Your answer: 135,600.00 Revenue Php. 114,400.00 250,000.00 Expenses 135,600.00 Revenue 2. On June 30, 2017 Jan Frans Transit Corporation shows the following account balances: Transportation Service Revenue Gasoline and Oil Repairs and Maintenance Expenses Salaries and Wages Utilities Expense Commission Php 55,000,000.00 12,000,000.00 3,200,000.00 10,230,000.00 960,000.00 3,580,000.00 29.970,000 Your answer: 25,030,000 3. The books of Jasper and John Kent (JJK) Security Services showed the following account balances on December 31, 2016: Php 1,200,000.00 20,000,000.00 980,000.00 Insurance Expense Other Income Pag-Ibig Premium PhilHealth Premium Salaries Expense Service Revenue 2,500,000.00 92,000,000.00 180,000,000.00 1,280,000.00 2,150,000.00 SS Transportation Expense Utilities Expense 2,600,000.00

Your activity: Determine whether the business has made profit, loss or at the business is at break- even. Sherlock Wills Pumping Services has the following data on December 31, 2018: 1. Shop Revenue Other Revenue Permits and licenses Salaries expense Transportation Expense Php 150,000.00 100,000.00 8,300.00 36,000.00 13,100.00 25,000.00 32,000.00 Insurances Utilities Expense 114,400.00 Your answer: 135,600.00 Revenue Php. 114,400.00 250,000.00 Expenses 135,600.00 Revenue 2. On June 30, 2017 Jan Frans Transit Corporation shows the following account balances: Transportation Service Revenue Gasoline and Oil Repairs and Maintenance Expenses Salaries and Wages Utilities Expense Commission Php 55,000,000.00 12,000,000.00 3,200,000.00 10,230,000.00 960,000.00 3,580,000.00 29.970,000 Your answer: 25,030,000 3. The books of Jasper and John Kent (JJK) Security Services showed the following account balances on December 31, 2016: Php 1,200,000.00 20,000,000.00 980,000.00 Insurance Expense Other Income Pag-Ibig Premium PhilHealth Premium Salaries Expense Service Revenue 2,500,000.00 92,000,000.00 180,000,000.00 1,280,000.00 2,150,000.00 SS Transportation Expense Utilities Expense 2,600,000.00

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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