Professional Documents
Culture Documents
Ia CH 21-22 Quiz Exam
Ia CH 21-22 Quiz Exam
Draft saved
COMPUTATIONAL
INSTRUCTIONS:
Compute for what is required.
Properly identify each item by writing the company name used in each question.
Show your solutions in good form; no/wrong solution means wrong answer.
In writing your answers, follow this format:
1
12
123
1,234
12,345
123,456
Do not put peso sign and there should be no space in between the numbers.
1 point
1 point
Your answer
1 point
Your answer
1 point
The balance sheet at December 31, 2006 of Mall Company showed a cash
balance of P91,750. An examination of the books disclosed the following:
Cash sales of P12,000 from January 1 to 7 were pre-dated as of December
28, 31, 2006 and charged to the cash account. Customer’s check totaling
P4,500 deposited with and returned by the bank “NSF” on December 27,
2006 were not recorded in the books. Checks of P5,600 in payment of
liabilities were prepared before December 31, 2006 and recorded in the
books, but withheld by the treasurer. Post-dated checks totaling P3,400 are
being held by the cashier as part of cash. The company’s experience shows
that post-dated checks are eventually realized. The cash account includes
P20,000 being reversed for the purchased of a mini-computer which will be
delivered soon. Personal checks officers, P2,700 were “redeemed” on
December 31, 2006, but returned to cashier on January 2, 2007. How much
is the cash balance that should be shown in the December 31, 2006?
1 point
On January 1, 2021, the stock inventory of Ron Company was P1,000,000
at retail and P560,000 at cost. During the current year, the entity registered
the following purchases: Cost - 4000000; Retail Price - 6200000; Original
Mark-up - 2200000. The total net sales was P5400000. The following
reductions were made in the retail price: To meet price competition - 50,000;
To dispose of overstock - 30000; Miscellaneous reductions - 120000. During
the current yeas, the selling price of a certain inventory increased from 200
to 300. The additional markup is applied to 5000 items but was later
cancelled on the remaining 1000 items. What is the inventory on December
31, 2021 using the average cost retail method?
1 point
1 point
Your answer
1 point
Your answer
1 point
Your answer
Your answer
1 point
Your answer
1 point
Your answer
1 point
Lewis Company’s usual sales terms are net sixty days, FOB shipping point.
Sales, net of returns and allowances; totalled P2,300,000 for the year ended
Dec. 31, 2014, before year-end adjustments. Additional data are follows: (1)
On Dec. 27, 2014, Lewis authorized a customer to return, for full credit,
goods shipped and billed at P50,000 on Dec. 15, 2014. The returned goods
were received by Lewis on Jan. 4, 2015 and a P50,000 credit memo was
issued and recorded on the same date. (2) Goods with an invoice amount of
P80,000 were billed and recorded on Jan. 3, 2015. The goods were shipped
on Dec. 30, 2014. (3) Goods with an invoice amount of P100,000 were billed
and recorded on Dec. 30, 2014. The goods were shipped on Jan. 3, 2015.
Lewis’ adjusted net sales for 2014 should be:
1 point
Your answer
1 point
Your answer
1 point
Your answer
The draft financial statements of Clarity Company, for the year ended
December 31, 2006 are currently under consideration by the directors. The
net asset for the year is shown as P3,500,000. Since December 31, 2006,
the following events have occurred, but have not been reflected in any way
in the draft financial statements to that date. ITEM 1 – A substantial quantity
of slow-moving inventory was sold for P320,000. The inventory had cost
P600,000 and had been valued for the accounts at December 31, 2006 at its
estimated net realizable value of P400,000 ITEM 2 – A trade receivable paid
the amount owing of P130,000 in full. At December 31, 2006, there were
doubts as to whether it would be paid, and a specific provision for the full
amount had been made in the accounts. What is the adjusted amount of net
asset should Clarity Company report in its December 31, 2006 balance
sheet?
1 point
Brady Corporation values its inventory at the lower of cost or net realizable
value as required by IFRS. Brady has the ff. information regarding its
inventory: Historical cost- P1,000, Estimated selling price - 900, Estimated
costs to complete and sell-50, Replacement cost - 800. What is the amount
for inventory that Brady should report on the statement of financial position
under the lower of cost or net realizable value method?
1 point
Your answer
The records of Barney’s Dept. Store report the ff. data for the month of
January 2014: Sales -P 7,100,000, Sales allowances - 100,000, Sales
returns- 500,000, Employee discounts - 200,000, Theft and other losses -
100,000, Initial markup on purchases - 2,900,000, Additional markup -
250,000, Mark up cancellation - 100,000, Mark down - 600,000, Mark down
cancellation - 100,000, Freight on purchases - 100,000, Purchase at cost -
4,500,000, Purchase returns at cost - 240,000, Purchase returns at sales
price - 350,000, Beginning inventory at cost - 440,000, Beginning inventory
at sales price -800,000. Using the average retail inventory method, Barney’s
ending inventory is
1 point
Your answer
1 point
On Jan.1, 2014, Card Corp, signed a three-year non-cancellable purchase
contract, which allows Card to purchase up to 500,000 units of a computer
part annually from Hart Supply Co. at P.10 per unit and guarantees a
minimum annual purchase of 100,000 units. During 2014, the part
unexpectedly became obsolete. Card had 250,000 units of his inventory at
Dec. 31, 2014, and believes these parts can be sold as scrap for P.02 per
unit. What amount of probable loss from the purchase commitment should
Card report in 2011 income statement?
1 point
Your answer
1 point
Your answer
Your answer
1 point
On July 1, 2002, Roger Co. paid P1,198,000 for 10% 20-year bonds with a
face amount of P1,000,000. Interest is paid on December 31 and June 30.
The bonds were purchased to yield 8%. Roger uses the effective interest
method to recognize interest income from investment. What should be
reported as carrying amount of the bonds in Roger’s December 31, 2002
balance sheet?
1 point
Back
Next
Page 2 of 3
Clear form
Never submit passwords through Google Forms.
窗体底端
Forms