erionicole0
Answered

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Activity 1 Concept Identification Exercise Directions: Read the given transaction below. Analyze, which of the amounts cited above do you think will be included in the business’ financial reports? Why and what are reasons for including them? Mr. Susano, a business owner of a Travel Agency invested 100 Million for additional twenty Electric Jeepneys worth P2,000,000.00 which the owner only paid half and avail the Auto Loan from Suzuki Motors worth P 1,000.000.00. He acquired a 1 hectare lot worth 15 Million for his automobiles, construct a small office spaces for his staff and installed solar panels and paid 10 Million for the construction company including the labor and solar panel. Secured all the Permit and Licenses worth P69,000.00. During the first month of operation, he then paid the Salaries and Wages of his three office staffs and twenty-five drivers worth P80,000. Paid Insurance for his employees worth 29,000. The business consumed water worth P28,000.


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Sagot :

maeow20

Answer:

From the given transaction, the amounts to be included in the business financial reports are as follows :

Step-by-step explanation:

ASSETS

Current Assets

Cash P 100,000,000.00

Automobile (jeepneys) 1,000,000.00

Building 10,000,000.00

Properties (Lot-1 hec) 15,000,000.00

LIABILITIES

Current Liabilities

Accounts Payable (Suzuki Motors) 1,000,000.00

OWNER'S EQUITY

Mr. Susano, Capital P 126,000,000.00

REVENUE

Vehicle Income. 1,000,000.00

EXPENSES

Permit and Licenses 69,000.00

Salaries and Wages Expense 80,000.00

Insurance Expenses 28,000.00

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