DAVAO DOCTORS COLLEGE, INC.

General Malvar St., Davao City

FINANCIAL ACCOUNTING

PRE-FINAL EXAM FIRST SEMESTER

Name: _______________________________ Date: __________

Course: _______________________________ Score: __________

The unadjusted trial balance of the Olano Medical Group on December 31, 2016 appears below:

Olano Medical Group

Unadjusted Trial Balance
December 31, 2016

Debit Credit
Cash 200,000
Accounts Receivable 600,000
Merchandise Inventory 800,000
Prepaid Rent 400,000
Medical Equipment 1,700,000
Accumulated Depreciation 300,000
Accounts Payable 500,000
Olano, Capital 1,400,000
Olano, Withdrawals 200,000
Sales 3,800,000
Sales Discounts 200,000
Purchases 900,000
Purchases Returns and Allowances 300,000
Transportation In 200,000
Salaries Expense 500,000
Advertising Expense 250,000
Utilities Expense 200,000
Supplies Expense 150,000
Total 6,300,000 6,300,000

Additional Information:
a. Accrued Salaries at year-end amounted to P30,000.
b. Rent in the amount of P100,000 has expired during the year.
c. Depreciation on Medical Equipment id P200,000.
d. The December 31, Merchandise Inventory amounted to P500,000.

Required:
1. Prepare Worksheet
2. Statement of Changes in Equity
3. Income Statement
4. Balance Sheet
 Olano Medical Group
Income Statement
For the year ended December 31, 2016

Net Sales
Sales (?)
Less: Sales Discounts (?) (?)
Cost of Sales
Merchandise Inventory, Beg (?)
Purchases (?)
Less: Purchases Returns and Allowances (?) (?)
Transportation In (?)
Goods available for sale (?)
Less: Merchandise Inventory, Ending (?) (?)
Gross Profit (?)
Expenses
Salaries Expense (?)
Advertising Expense (?)
Utilities Expense (?)
Supplies Expense (?)
Rent Expense (?)
Depreciation Expense (?) (?)
Net Profit (Loss) (?)

Olano Medical Group

Statement of Changes in Equity
December 31, 2016

Capital, Beginning (?)

Add: Profit (?)
Additional Investments (?) (?)
Total
Less: Loss (?)
Withdrawals (?) (?)
Capital, Ending (?)

Olano Medical Group

Statement of Financial Position
December 31, 2016

ASSET
Current Assets
Cash (?)
Accounts Receivable (?)
Merchandise Inventory (?)
Prepaid Rent (?)
Total Current Assets (?)
Non-Assets
Medical Equipment (?)
Less: Accumulated Depreciation (?) (?)
Total Assets (?)
 LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable (?)
Salaries Payable (?)
Rent Payable (?) (?)
Equity
Olano, Capital (?)
Total Liabilities and Equity (?)

“Whatever the mind can conceive and believe, the mind can achieve.”
- Napoleon Hill
 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
ACOUNT NAME
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit