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ACTIVITY 1

ACTIVITY 2

LET'S LEVEL UP DIRECTION: Read the problem below and perform what is being asked in each item. Matias Delivery Services' ending capital for the month of August 2020 amounted to 70,000. Additional investments of the owner during the month amounted to 25,000. Withdrawals add up to 11,000. a. What is the net income for the month assuming that the beginning equity is 10,000? b. Prepare the SCE of Matias Delivery Services. ACTIVITY 2: FILL IT PROFIT-LYI DIRECTIONS: Using the income statement below of JUNYAN ENTERPRISE, determine the missing words/figures in each blank item. Write your answer in a pad paper. You will earn one (1) point for every correct answer. (10 points) Statement of Comprehensive Income For the Year Ended December 31, 2020 P h P 45,000.00 15.000.00 Net Sales Gross Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, 1/1/2020 Purchases Less: Purchase Returns and Allowances Purchase Discounts 220,000.0 0 P 985,000.00 31,000.0 0 20,000.0 0 B 934,000.0 0 36.000.00 Net Purchases Transportation in Net Cost of Purchases Goods available for sale Less: Merchandise Inventory, 12/31/2020 Cost of Goods Sold P d 260,000.0 0 620,000.0 0 P Gross Profit Operating Expenses Net Profit P Clue: Note that the Gross Profit is 40% of Net Sales and Profit is 10% of Net Sales