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Make sure to show ALL necessary computations as well as labeling your answers

properly. You are also asked to use the proper format of preparing the financial

statements and the income tax format. Short cut answers will only be given points for

the final answer.

1. Prepare the cash flow statement and Balance Sheet of Ms. Servi Tuto. Given the

following information. Make sure to follow the correct format in the preparation of

the financial statements. The data for the balance sheet are end of the year

balances, while the cash flow is for the month of December.

Furnitures 1,680,915

Housing Loan (balance) 12,620,000

Appliances 1,015,020

Stock Investment 600,500

Savings account Balance 280,000

Checking account balance 157,600

Certificate of time deposit balance 900,000

Life insurance (cash value) 750,000

Salary loan (balance) 120,000

Car loan (balance) 985,615

Cooperative loan (balance) 456,810

Cars 1,964,320

House and Lot 18,750,000

Account Receivable - Maria 264,375

Account Receivable - Clara 116,432

Account Payable - Damaso 110,000

Condominium Unit 1,500,000

Personal property 2,986,815

Investment in Mutual Funds 255,210

Credit card balance 175,980

Unpaid utility bill 5,660

Food expense 23,750

Payment for utility (previous month bill) 5,490

Payment for LPG 800

Savings deposits 2,000

Interest Income 4,367

Income tax rebate 6,985

Payment for retirement contribution 2,000

Payment for medical expenses 11,146

Payment of real property tax 2736

Income (net of tax) 52,615

Purchase of gifts 10,000

Purchase of appliance 16,780

Transportation expenses 4,918

Purchase of a gadget 13,000

Purchase of clothes and apparel 5,000

Payment of tuition fees 20,000

Entertainment 3,750

Expense for hobbies 5,908

13 th month benefit 26,315

Dividend income 2,140

Income from sale of assets 16,214

Other bonuses 38,364

Automobile loan payment 8,000

Coop loan payment 7,640

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