ACC 221 COMPETENCY ASSESSMENT 2nd Semester, SY 2020-2021 Instructions: 1. Answer must be handwritten. 2. Use white ruled paper. 3. Use black ink pen. The problem The following accounts appear for Hopeful Company for 2020 and 2019: Petty Cash Fund Cash Treasury Bill (90 days) Accounts Receivable Notes Receivable Inventories Prepaid Advertising Prepaid Rent Office Supplies Inventory Land Furniture and Equipment Delivery Equipment Leasehold Improvement Other Assets Sales Discounts Sales Returns Cost of Sales Sales Salaries Advertising Expense Depreciation expense (60% admin. &40%dist.) Office Salaries Insurance expense Repairs and Maintenance (charged to admin exp.) Interest Expense Income Tax Expense Accumulated Depreciation Accounts Payable Notes Payable (due in 4 years) Accrued Expenses Income tax payable Other current liabilities Bonds Payable Premium on Bonds Payable Share Capital, P100 par Share Premium Retained Earnings - beg Sales Royalty Income Requirement: Prepare the following: 2020 25,200.00 490,464.00 226,512.00 1,045,944.00 360,000.00 2,428,560.00 103,680.00 118,800.00 92,880.00 720,000.00 752,400.00 1,178,640.00 261,360.00 335,520.00 45,000.00 36,000.00 2,082,240.00 309,600.00 72,000.00 144,000.00 72,000.00 7,200.00 9,504.00 41,918.40 2019 25,200.00 371,520.00 216,504.00 938,102.40 360,000.00 2,322,000.00 720,000.00 752,400.00 1,178,640.00 261,360.00 335,520.00 24,000.00 22,500.00 1,368,000.00 367,200.00 72,000.00 252,000.00 10,800.00 36,000.00 - 308,448.00 - 11,267,870.40 9,633,746.40 674,280.00 376,632.00 3,312,000.00 45,432.00 308,448.00 63,144.00 864,000.00 17,280.00 1,440,000.00 360,000.00 105,926.40 3,551,400.00 530,280.00 511,200.00 3,312.000.00 10,080.00 280,800.00 48,240.00 864,000.00 18,720.00 1,440,000.00 360,000.00 613,800.00 1,644,626.40 149,328.00 - 11,267,870.40 9.633,746.40 a. b. c. d. e. Statement of Financial Position (using Report Form) Statement of Comprehensive Income (using functional approach) Statement of Changes in Equity Statement of Cash Flows Notes to Financial Statements. Only the supporting information or computation for line items presented in the financial statements. Provide a space of the other information. See sample below: NOTES TO FINANCIAL STATEMENTS Statement of Compliance with PFRS Summary of Significant Accounting Policies Supporting Information Note 1: Cash and Cash Equivalents Petty Cash Fund Cash 2021 2020 Pxxx,xxx Pxxx,xxx Other Disclosures f. Determine the book value per share and the earnings per share for 2019 and 2020 RUBRICS Criteria Excellent (5) Very Good (4) Good (3) Needs Improvement (2) Poor (1) more than 9 items are not properly classified and/or not correctly stated. more than 9 items are not properly classified and/or not correctly stated. Weight TOTAL POINTS ___ X 3 15 ___ X 3 15 Correctness of Statement of Financial Position All items are properly classified and correctly stated. 1 to 3 items are not properly classified and/or not correctly stated. 4 to 6 items are not properly classified and/ or not correctly stated 7 to 9 items are not properly classified and/ or not correctly stated. Correctness of Statement Comprehensive Income All items are properly classified and correctly stated. 1 to 3 items are not properly classified and/or not correctly stated. 4 to 6 items are not properly classified and/ or not correctly stated 7 to 9 items are not properly classified and/ or not correctly stated. Correctness of Statement of Changes in Equity All items are correctly stated. 1 to 3 items are not correctly stated. 4 to 6 items are not correctly stated 7 to 9 items are not correctly stated. more than 9 items are not not correctly stated. ___ X 3 15 Correctness of Statement of Cash Flow All items are correctly stated. 1 to 3 items are not correctly stated. 4 to 6 items are not correctly stated 7 to 9 items are not correctly stated. more than 9 items are not not correctly stated. ___ X 3 15 Correctness of Notes to Financial Statement All items are properly classified and correctly stated. 1 to 3 items are not properly classified and/or not correctly stated. 4 to 6 items are not properly classified and/ or not correctly stated 7 to 9 items are not properly classified and/ or not correctly stated. ___ X 3 15 All items are correctly determined. All of the requirements were prepared completely. Only 1 item is not correctly determined. 1 of the requirements is not prepared completely. 10 ___ X 2 10 1 of the requirements is not prepared neatly. 3 items are not correctly determined. 3 of the requirements are not prepared completely. 3 of the requirements are not prepared neatly. ___ X 2 All of the requirements are prepared neatly. 2 items are not correctly determined. 2 of the requirements are not prepared completely. 2 of the requirements are not prepared neatly. ___ X 1 5 Correctness of BVPS & EPS Completeness Neatness more than 9 items are not properly classified and/or not correctly stated. 4 items are not correctly determined. 4 or more of the requirements are not prepared completely. 4 or more of the requirements are not prepared neatly.
