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    83 views16 pages

    P1 1stpreboard PDF

    Uploaded by

    Mike Oliver Nual

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 16
    INSTRUCTIONS: Soloct.the best answer for each of the following questions. Mark only 936 answer foreach tem on tne answer sheet provided, Stiely NO ERASURES ALLOWED. Eronures wil ener Your examination answer sheet INVALID, Use PENCIL NO. 2 oni, GOODLUCKIS 1. The cash account f Riyadh Corp. on December 31,2611 has > lance of 27,600 and Weohait Othe flloning. ‘te a coin on han 52.780 ‘ety cash nluding aety cash vouchers of P69 1900, ‘ance wt Saungs account with a Bank elsed by ‘he BSP 35,000 customer's check dated January $5, 2012 8,000 ‘oat memo tramm suppers for putthages retires 300, Postage stomps 120 Checking account Balance Bank of Pl 22,000 The corract cash balance on Oscember 25, 2011 of Riyadh 2b 70,560 ©. 975,390 2 pe 330 a bs330 2-114 petty cash funa s establsned inthe amount of 2,500, 4 conta 2,000. in cash and PASO. In eset ot eshursamonts wen i relenahes, th ural ery fo Cash, P450; Cash Over and Short, P5, ST TE a ET — Pras eeteg . sme 4 Shown below is the bank reconciaton for Singopere Company forthe marth of November: Balance per bank, 11/30 P75,000 Aad: Depots in rans “1z.000 Te. 37,000, Lest: Outstanding check 14,000 Bank creat recorgedin evror = $.000 19.000 Cash balance per books, 13/30 8.000 Tine bank statement forthe month of December contain the folowing data “ota! deposits 755,000 Total charges, ctuding an NSF check of ~ PS.000 and a servce charge sf P200 "$6,090 ~ Credit wore Geared nthe baniin Oecemears tronst of 19,000 on Gacember 310 PS ‘The amount of ash csnursements per Ducks n December = 2 50,200 : 8 pa2.800 a. paveno ‘is following nformatien is avaiable for Catsmto. Company ‘egnve to 2011 operations: Accounts reelvatte,Janvary 1, 2012 29,000, decoumrs recelvate colectes uring 2012s 092 ‘Cosh sates during 2011 30,000 Inventory, anwar t, 201 Seo00 Ineentory, December 31,2011 48,000 Purchases otinventery during 2021 soioce wnat is Colomn Company's accounts recowuable Balance at Oeverber 2, 20117 2 pa2,000 © 20,000 3 2,000 3 r80,000 Pst cctog 5. Damascus Company hed the following information relating to ‘e necounts eacenabe Accounts recewabe at 12/31/2010 1,300,000, Creat sales for 2011 -15/300,000 Steere trom customers for 2081, ‘scluding recovery 4,750,000 Anccounts wrten of 9730/3033 125,000 ‘Cotecon of accounts writen ef a yo {customer cet nas not reestablahed) 25,000 ciatea yea ecowabls Bora “W eceiables a 12/31/2012 (oy December 38, 2011, the amartzed cost of accounts Spe 00 1,635,009, pitsoa\a00. & 3,660,000 ovng eo eo epee Toe away “Iles for 2011 totaled 1,000,000, the doubts! accounts 23.000 Pos.no0 Bangkok Corpertion sold'a machine on July 1, 2084. THe lasactea payment contrate that provides fo w dann payment ‘in,t0 and an year ste beanng interes 1086. THE ‘re made on June 20 of each year, begonng ube 30, 2012 219 808 © i piesa “ P13. Prat ecntora one 4 “Qn January; 2007, Hanoi Company said s machine wth @ 1 ‘carrying amount ef P300,000 ond. accepted im excnange 3 romssory note witha face valve of PS0D,000, se oare ot i Becember'31, 2016, and a sisted rate ef #2) with tnerest | receivable atthe end of each year. The fa value of te _ macine snot rend dceetbe Ge eS fost orice nies creamer, Se ee ~ Gotideres wo have a ppronrate input ito sane 3%. . The anorze ast of he ete acaba f Deeb mis 2 9009 . 1 Pagsiao> 5 ere 420,154 9. OnJenuary t, 2011, Athens Company old eaulpmen: wi » Carrying amount of P300,000 to. Greece Company. Daymnert, Greece gave Athens Company © PODEOS sie ‘ne note beara interest rte of ve and isto coos four annua istaiments of 200,000 fous meres. or one ustancing bola). The fest payment mas rece we 98 December 31, 2011. The market price of the ecusment nat relgby coverrinable” The previing rte of nceras fo fetes of ts tyse 1388 ‘Te total mcera robe recognized n 201% proft or ass 2 pae8.197 ari! panne? 399,000 10, Borin Company 3019 tract of ad to Germany Co, ovr | 2610, for", 600,000 unr an crates sae cote Gemany co sgnee 4 sycir taco note fer PS 5 Gul on July 3010, Saaan tothe dow peymest of 82:490006 ‘ha eGual aonel payments of principal ano interes oh he te it be P1803000 poyable ah Dy 2. 3611, 20! 2oin,and 20.5. "Te tand'had on esabithad can bree of 6,000,000, one Ae eoe tothe company mas be 800g qo mr om mt ‘The callecion of the instalments on tis note I reesonably rere ‘The eurent panton of the Installment note receivable on December 32, 203118 : 3. P1805,000 | 5. P8.400;00| «81219730 Putes.ooe lon August 1, Buenos Aves Corporation assigned £20,000 ci fs pSe.000 ef accounts recawable. The finance company ‘nance 90% of the aengned seeounts less 2 P2,000 Tee Smerest 125 and. payable month the begining of Derod ton balance. A oon payment remifed at tne end of oth month. Eauh payment includes pemncipal and interes. ‘he armour of each isan poyment ecuats the cash coiectt Gn recotabiesgurmg. the month plus terest on the ian 00 wa cole on acu ae ira At, ete Inovns Expense of F180, Sotto cash a 800 feito fecurt Recovable Assigned of 000, Soot te Pye of 7,10. fers factors, °40,000_ of accounts recewaoe thi egure. ‘The factor agrees to promde financing based OF fee Feces, bik wipeses TO" fee. In eivon, che antenna ranstree ogee tat 3,000 of sles (turns ‘rd afowancs can be expected fam teas acct, What sro e” s.c00 4 Fo Pct Acer so Use the folowing information fr the next two questions. ‘he following data pertains ta Canberra Cos investments in ‘marketable equty secures! falcvatar cot alae traue Tong erisogoe Piss.0e” Fe, a00 Avatobetorsae ""25c00 "sean "720,000 14, wnat amount stole Cantera regan a8 ures bol gem in ts 2011 income statement, ” Sei peo00 - 8 ps8.00 Peston 14, wnat emount should Carbera report 8 net unceahed es 2 © f15000 2. Fto.000 3. Binion ina Company's Accounts Payable balance 2 Dscember 31 2011, was” P1,800,000 before consisereg. the folom S'Goods were Ia. transit from 9 vetsor to Vienna on December It, 2011. The invoice pie ts BLOD G09, on the goods weve shicped FOB shipping pont om Geacize 25, 2011. the goods were receved on Denuory #2012, (Goods shigped te Vienna FOB shipping sect 5° becerzer 20, 2044, from a vendor were lost in Garst, The mvece ice mas 950,000.07 January 5, 20:2) Vera "ea a 50,000 iar apainst the common carrer In is December 32, 2011, balance she, epon Acesunte Payabie ot 2.91.950,000 © P1.880,000 | 5 p1'se0;200 5 PLEO0.000 Qo tee 16.The December 31, 2010, statement of financial pesiton of russes Ine reported tot assets of 1,050,000 end total baieas of 6660,000, The folowing Infamation relates to the year 201 5 + Brussels Inc. issued an additional 5,000 ordinary shares at DD per sare onl Brussels nc. pn siidende totaling 780,000. 1 Nerincome for 2011 wos P1:0,000 1 Nstotnerenangee eccured im stockelaers! eyuty cunng pout ‘ne equty secon of the December 31, 2021 stereos of ‘inane postion would reper» balance of b, 525,000 . P835,000, ljustng entry on December 31,2011 : repo ent ae 1,800 {Fannin rent i pat in advance every Btober 1, the nr tanmacton enty made was 1 "Bett Preps Ret a creda Cash, P20, 1 Davie Rem Expense and crest Cash, 07,200 Babi Rent Expenee ard creat Cash, 2,200 (2 BeblePrepad emt ana creat Cash, P7200, 8 ottana Blctones In. reported the following Roms on : ‘Sesember 31,2014, tal balance: ‘Accounts Payable Pins $00 += havances employees feo 3.500 Estimated Laity Unéer Worantes 2ea00 ‘Choh Surender Value of Ofcers Life insurance “+ “7/500, ~ ecm Snir Trader | Biloba i, aes Prasat Acting “sine Discount on Bonds Payable : The amount hat shoul be corded on tana statement financial postion att mpisceia Comes SEEM or esero0e ‘9703500 ob Pr0sto a pratano 19. The general ledger tal oalance of Bogota Corporation incudes tre along acount Becomes 2654 Sales revenue = 9.200.000, ‘ imeres came 34300 Proceeds on sl tf assets So/aca union son sncsoeg mcetmens $2808 Disdende fcrnes ° 7300 Cnet sas ~ a 83 mance expenses 181099 Sting an arturo exseses 7e09 Adminratve ewserss 33009 income tam expose 35399 How much should be reported as profit for the yeer ended 1, December 38,2083) 4 3 oe 000 . 200,000 5 piso,on0 a 193.000 34, 201%, 6 reseed by Havana's conten reponse tncome belore taxes #125,000" The autor quesconed the fotoming amounts tna: had bees nuded cone betore Unrealized gan on evaigoe-tor- sale nvestmes .o0a Ezury in eninge Cuba Co "oe Dividends recetves tn Cube 8.000 Pajustments ta prt of poe years for " ‘nthe! ers mn deprectton, (35,000) Havana owns 40% of Cuba's ordinary shares. Havana's December’, 2011 Income statemant shoul reper nceme oto eaves of pie 288,000 <)p12,000, 3 pu17.000 152,000 21. Budapest bought five ident plats of develeoment tad for Po man in 2009. On 2 Januaty 2031 Budepest 1) thre of ‘he plots of land to an savestment company, canebank, Tors total of 82.2 mala. Tae prea was aged 875% of the Foe ‘morist voive of 3-2 man ae datetmimed by an ncependent ‘Snover st the cate of sole, The terme oF he sala contanes + uaapost can repurchase the plots ef ane for te Fl for ~ Yoite sf 92.2 mion {the value etarmnoa ef the dots of "Bk ang tre ont 31 Devembre 91, ond + Op 1 January 2014, Landbank has the option 12 require Sueapest a e-prchase he popes fr P.2 milan You {9 tesubstonce, prof for 2033 wil be Bvetstaed hy 3 “hisao,o00 © P6a0,000| pii200.000 00,000 22, Dbl Corp pays commision ta ie sales a atthe rate of ken monchly advances of P20,000. Advances are charges onyniscions ae prepared quarterly. Net salts for the year frond Maren Si, 2011 were P30 milon. The unadjusee Balance in the commissions expence account on March 38, 2013,"tn te come stavemant torte year ended Maren 3 2013, shat amoune should Dubin report ae commana | Pct Acnitta sere 2.-6530,000 =. -Pa30.000 (8) p300,000 &. Pe0o.000 SS * 23.0 January 1, 2011, Dhaka, nc. contracted withthe Borge Gy Govarimert te provide custom-built esis for the CX foals. "The carect made Dhaka the ctys tle supper and reauied Shaka to supply no lees than 4,009 desi ar fo more then §,500, deste per year for 2 yeu tar, Bangs agreed to pay a feed price af PHIO oer desk. Durty 201, Draka produced 5,000 desks tor Bangs. at Decenter 3, 2011, 500 ofthese desks were segregated trom fhe {etular ventory and were accepted ate awating csp by Bangs. "Bags paid Ohoka P4S0,000 dung 294%. wnat amount houtd Daa reconize es revenue moi? 3) p580,000, © "Pas0.000, i 85.000 05.000 {-aa-rmwngny Corporation entered tea antag th @cstomer service the machine on 1 July 2011 and ¥ January 2022, The {oi of the machine tothe entity ss P80,600, ia ss le or @ eustomer to purehyce both the machine, ad the ne customer 1s comtractuaiy obliged ‘to pay in entty aio, 600 ont tanuary 2012, The cvoing rate for one-year creat graica te tase Experience has shawn tht she servicing of @ machine uf (ne imate! sold to the customer Is expected t cost "re snity 15,000 to perform the frst serice an P25,008 9 erm ‘on 1 danuary 2011 the cosh telling price ofa machine of te ‘ode! said tte curtone 6125/68. ‘Te total ravenve tobe recogni by the eniy forthe Fc {earended Jone 30, 2011 6 PP piasiasa: B punazea 162,500 runes Company loving ters uncer vance for mater 200,000 {Googe n process ‘30,000 Chesed surance en ventoies ‘0.000 ‘vermngealsogs and StipNG Boxes 350,000, ‘ated goods faery 200,000, <0 goods company-owned eta Seca ee 750,000 fond goage = hana of eonignges ‘ies aO% pratt sles 00,000 a sgooes im. Rana 29 customers os 108 destination, a 250,000 vie gande aut om appeal Bt COs Sno00 ine habe S000 sree susokes 30.000 1 supe FOB shins ,excucing feign of 30.000 320.000 «Scctha on eansignment, at als ore, 51 8180,000| 200,000 ‘Conguie tne amount to be presented a “lneters” under > ps.s00,000 & 95,650,000 psia7a ooo 4, 5,700,000, satin = cre 28.qhe Phnom Penh Company sels Tvs. The pergetat inventory ‘nas stated 95 P305,000 on the Boots st December 31, 2011 tho cosa of the Year, a new pproea for comping inventory was used and aperentiy a sasfacory cutoft for proparaen of financial statements way not made. Some {vents thar oecurred are a flows 3) Ive shipped #09 customer lanusry 2, 20:2, casing 250,000 ware included in inventory ot Decemser 31, 20:1. The sale was recorded in 2032 Fefurbanee goods ats acount of 20% an tm normal seling pees the agent wil teceve a Comusnan of 19% oF the rosueas cling pce. In ristion to tre detective "Sond, the 98,000 cme B Pai500 oo 28. Vitora Co, 2 manufacture’ had inventories at the Begining and end of current year a flows Fire mse aw materials ‘Workin process zaeno "24/000, Finished goods szs00 “S000, Dury the year, the folowing costa and expenses were aw materiale purchased 150,000 rec labor cost 60,900 Indirect factory labor 50.000 « Taxes ord ceprecation ca fectorybuiding «10.000 {exes and deprecation on soles fom and cftce "9599 © Sale slaies 20,000 Office salanes #23000 Lies (60% appieabe to factory, 20% to sales "oom and 2066 ta oie 25,000 tors cost of goods sald for the yesr is 3. 257,000 © re61,000, 5 360/800 4. Pees's0o % Je folowing date were taken tom the bocks of flew eh (co forthe year 2011 From ash records sh purchases » 30,000 ments to ade creditors for credit Durcheses 302,600 rom balance sheets ‘courts payable Tan 1 2084 37.500 Dec. 3x 2011 435300 Merchandise ventory, Jan. 1,201 12800 From ater record Purchase returns an allowances & 2500 est of goods for the yeor 438,000 aa ced ting : sero ‘The merchandise Inventory athe end of te year = a Pt6,200 © PIzEoO 8 15,00 8.) P23,700 Use the folowing information forthe next two questions. lara, sos the retail inventory method. The. following Informations uaiae for the eave you Resai Besiname inventory » 2,600,009 Purcnares 29.200,000 —Fregnee ‘30,000 Porchave returns £00,000 3,090,000 Putehare slcwances So0,d00 Deparementa transfer in 400.000 00,000 Net markups 600.090 Het markdowns 2.000.000 Sater 24.700. 005, Sa tums toon Employee dcounts eeeinno using te conventional (lowe cant or miter tee 203 700.000 ©. 83,250,000 > ¢5.000000 4 >3'360/000 2. Pa 00.000 73,250,008 5. ps.a00;000 4. P3'364/009 acces re Proce 10 52. Th foonng pertains to Teton Comelnys Boop assets pipet ea n= P800 000 35 Tokyo Cameanymurerased ot of and for 72,000.00 ae {Sonat ca char ang dats = 53.00 olnt ste. There wos» ral fee bulsegeon we ak simatedrongport and ater Cot mcesary enserauvay aprasea st P0000 when Ne congnes Teper sents to tmemare -20.000 ‘rilcontue to uae mth some mouteston sna rence Sing cen a onding contract tose 300,000 The eamsany constncted » new th ‘he ety’ lon be valued at ‘acquired land. Below are tem that may be inched mth 9, P450,000 & P350,000 ‘property, plant and equipment accounts. " b p420,000) ao Materais and supelies 3,000.06 55. The Banned Company is purchased » second-hand posting er 900008 caine for cmpatr who has gone Sonne. Eesti ce ung 200.800 ‘greed pace pat to vendor 900,000 Iiputed interest on corporation own 100° Stmoning he machine atts ent eaton "a0 093 ' crore wt ing once 000 irraporotont Sogndad aay 5.003 (Gah eacountson aera purcce, wot ‘Noche refute eat BE re ‘ohn 000 instalation 17,500 ‘Supervision by management “0,00 Re-installation 12,500 Compensation Iasuronce prermiuin for im ‘under PAS16 Pronerty, plant and equipment, the total included at's om 'nncurent assets in respec ofthe machine shoud be Clercal and other expenses elated ta san an enacine so Satan 20.000 ° Bis 4 hisom pees a ‘34. Jerusalem Motor Sales exchanged a car for @ computer to be a ae for ejuries not coverec So eT noncient opting at The ees rsa 23008 ‘sformation relat to tus enchange that took place OF ult se ea Baeal seman os ng ott 2eoivay Coryng amount of the car 39000 tre acto audi neh reported at Ssteveieyprecortecr 48000 2a aoe 500,000 Faves lt computer So. 3 si3bo00 4 ben 00 Cran aierence pd ty essen, “#000 On July 31, 2011, how much profit should Jerussiern: = PSURs (erie Mean ceca ee com rates pao heaven oat vente eit oth am = piaooo wes ‘Bivitee nary 20. Curtin eae is ‘ ae Rese We enema Pr Aco ». 45 0 reduction in thé cont ofthe asset, What should Be the deprecation expense in respect of th fadity forthe yest fended 31 December 2011, assuming that deprecation i (alelated on 9 svaigh tne basis? 4 aM ‘2,000,000, 2,400,000 & Paon000 (on. January 2031 The Pyar P26 mulon in rd te finance the ‘The Fenovaton Work strted on carried interest “at 10M on te bul wae substartisty complete gn 3) Joti. The loan was ‘rep0d on 3 December 2013 ang P3000 lvearnen icome wos earned inthe period {0 31 October on thos pats the lean not yet used forthe renovation, fecordina to PAS23 Borrowing cost, what ste total amount of borrowing costs te be inetd in he Cos ofthe Suge 2 "p2.eo0.000 P2,t65887 B paie20.000 & piseelees 00k out toa ot not 9 butting. Gate. "The foam ‘The Seoul Company purchased a non-curent asset weh a ‘set Mf of 1 years on 1 January 2081 for P,s00,000, Ai te year and of 31 Oécembee 201% the amount the ammnany woul rece rem the olaséeal the asset YK was ‘teaty ofthe age and in the canton expected at ft tne of 5 Useful Me was estimated at 700,000, tneusve of nfation ‘he actual amount expected to. be received on disposal! es ‘stmt 9tP500, 000" ‘mot shoulé be the depreciauen charge under PASEE Property, Pant an eauipmen, forthe year ended 33 December 20817 2 pa03.a33, Nt 3. paoe.8e7 a P5667 z= rast stn : wre 438. The Kunalt Company acquired a dng aches = 1 Occour 2008 ata cost of P25,000 ond ceprecared wat 25 Sor annum on a straight line baie On'l Oxtose: 2250, P,555 “nas Soon on an upgrade (a the machine we cié= i inctows £2 eficvency and merase the ito of exonor cosets eee Bemocnine's erasing ie, cording to PASIG Property, plant and ezuigment, hat the yeor ended 30 Sepcomber 2011? aay 5" Povo > beso © 700 a rt3s0 40. The Wentaine Comoany curcnased a bonny emachine ct Janvary 2010 for 781,000. Tha ussite Of the ase 2 estmaled at 3 years th rosdual yolye atthe eat OF Poa dat 7000 uns p12 Soo on {rat shouldbe ne aeorecaton expens for he yea” ence bots 28,000 41. A tactory equment wt an estimated seal He 20 2s purthaced by Beit Ca. on December 2) Ses? fnuipmant was expecta to Nave g rendu wax © 2505 the era of is serace le. he sum the years ore he December 33,2011, tne deprecation uirment was P42,050. the est of the 3335000 © 025, B p203,7s0 a. pan0.000 a | Pata Acai + 42. The Macau Company is involves in the exploration for miner resources, Its policy is fo eecogrize exploration aseee’ and measure them nally 3¢ cost. . At the end of 20:1 the following amaunts were entrected from. "Mecaus Moncal statements . ss sation “ranching ang samp P00 Dring ngs usd or 8 yng amount "200, Dring ngs used oF ion ‘eens ™ x 'n accordance with PFRSB Exploration for and evaluation of ‘eral resources, at Wak omoune snould seangble cwplraton assets be nly recognized ar in the anarcs ctements of nea? 8. #100 milion mc BP raion 2300 mation In January 2011, Rangoon Mine Co. urchesed 9 mines! "rige for P2,648,009 mith removable ore estimated at 200,000 fons. Alter has extracted all te ore, angoan ine wil be required by law to raster the land ths orgie coneiton at an estimated cast of P220,000, The present “inte of “the estimates. restoration costs. 2:00,000, Rangoon mine beieves i wil Be able to sel Ene property shormards tor P300,000. "During 2081, Raagosn ine curred 360,000 of development costs reps the mine for production and tomoved ané ste 60,000 tarot ore T9 «2013 statement of comprehensive con, what arnoutt ould Rangoon Wine rept a depletion? 3" 135,008. ‘e150,000 5 plesoco & Pisn,000 44, on Oecember 31, 2010, the statement a fnancial poston of ‘Upanbastar Cargaration showed the flowing roperty ond ‘equipment after charging deproeaton: > Balding 3,000,000 Aecumiated deprecation (1,000,600) P2,090,000 Earp 206,000 Aecumulated dearecation (400,000) 6,000 alation of groper an eaupment Tis has raid a the Fecognition in prt pesots 9 are revaluation spl for the Buitxng of P140,000. Tae company aes nat Moke 6 Eanefor to feta earnings rape ot eased revlon" {air vale ofthe bung 12 be 1,600,000 and the caunpment to be P300,000.The butting and Couprent Nee some, ‘bet Tes af 25 yeas an @ years, eapectiy, a8 Of 2" piva.o00| e 975/000 4, he Kuala tumpur Company's accounting poly wth rest to os menos st PH. 909 oY OBcemie aor ee cf P2€0,000, made up oF 769,000" pad to. tne. vender, 30,000 noid rote tcl auncety as property anata nu P,000 paid to pratessanat abuser, In accordance with PASAD investinent property, the amount of ‘a gain tebe recognized m roto lass nt yeas ens 3 2. 40,000 2-5 P 99,000 8. P7000 “7a 30,000 46. The Kathmandu Company aquired a bulging on 1 January 2011 for P900.000. "Ai that date the bulding had useUl Me 2 30 years. “at 31 December 20L4 the fal value af tre ‘ulaiag was #360\600, The bul s chesifed 22 20 ‘ovestmert pepery and accounted the cost mee ‘ceording to PAS4O_Investment property yf. what amouns seuld be corre inthe statement BF hana postion (oP) recognized i raion ee (PLP Ceryegameent nsf Recagoigdin A. ‘i 870,000 ‘et 5 3¢0,000 ‘a e ‘Gain of 0,000 expense of F0,000 40. Deteemine the smaunt 4 Fromm the fll cata Depoats with averting agency which wil be 0 be reconnzed as intangible assets 45,000 Encess of cost over net Sons of purchased Sibsany 400,000 Franchise to operate m Ceou 100,000 Marketing costs of reducing nem creducts 496/000 Organization cass 50,000 Patents 244,000, Resesich and development costs excected to tenet future pons 420,000 Research and development costs not expected : To benete future prods 300,000, Unamortize band discount 255,000 ‘2 9968,000 <. Pt,214,000 8 oatao09 & PFa9,000 eam Peta Acng | sero acs cnn + sera 788. Muscat Compeny purchased a patent on laneace 2, 20 73,570,000." The. patent was being amorces Over ae remeining legal ifect 15 "years, "bunny 2011. Ye determined that the economic benefits of te Zetent wad ‘atlas Tonger than fen years from the date =F aequarion ot amount should ba reported i the state Becamber 3, 20119 | P2e16,060 2 Seta. 2,520,009 “i P2te2.990 Isamabad Co, neured th towing costs dung 2033 Hoasicatian tote forusien af ehenves ‘eoakdowns during comercial productian 430,000. ‘Coss of eating protoice ae denn ‘ecrmolony ‘75,000 635,000 © 26s, 1.278000, Phage ee Cay 038) 642 (insanso} Cagayan se Or Cy First Proboard Examination on Pra “ly 34,2011 © “Suggesied ancwers/osstons by OCAMPOICABARLES (Not Set 8 star wh proniom no 21) Question no. 1-4 enattom Sales proseas 700.000 \Saryg amount (P24 x35) 200,00 Gain onsale fone 200000 Interest exponge 2 eM x 10%) Net pote Taw am Question No. 2-8 ‘Commission expense year enced 393/11 (P30 000.000 Question No 3-4 Revenue f0 2031 (5000 x P10} | Question no 4-8 ‘Revenve rom sale of goods (ash ance) ‘Revenoe frm eres (P125, 968 x 05) Tota reverse forthe fscal year anced 6/3011 nm Fined goods in hands of conegnses(P400 000 x 5) | ised goods in venat fo customers, supa FOB desi Fished goods outon approval at cost Totalinventires Questo no 6-0 Invontry per reconss , 1b) Ts receved 129019 ©) TVs ecares twice {) Te sold 127281 fob shpping pont ©) TVs on hand not recorded Corrected inventoy ES uastion No. 7-4 ‘cost § ‘Net reaeable value i Estimated geting pce (P25,000 x 8) ‘costo corect delet, Commission (P20T x1) i = Loss en wre down : Question no 8-8 Row ratrits, beg Purchases aw materi ove or wse Faw mater end Raw matenais uses Dect ater Inet factory anor “Texas and deprciaton on actor bing Uittes (P25 000 x 8) Total manwtacion cost Wirksn-process be Foal cos placed n recess Fished goods in company owned ret stores (750.000! §) Nateta'sn vars, sippee FO shpping pont (P330 000 + 30, 88) 300.3073" Davao Gry (082) 225.0048 fal Accounting 1 Set A 2031 Prot Suosance — QveciWndes 71200 000 20.600 __ 240,000 750,900 740,000 x38) 300.000 550.000 125 98¢ 6.208, 308,000 100.000 (48.000) 3,000) 61,000 270,000 19000 20.900 (6.000) 2000) +2000 11,000 350,000, 761 000 1.000) Coste gos sola Questor no 9-4 Trwenary. thin Aa at purenasos: ‘Cath purchases 7 ‘ted purchases (P3 300+P502 60¢7 500-027 400) Putenaseretuns an alowances, Goods avaiabinfor sae [Eat enc ior teat © nest ratio P19 ems) I Estimated ening indo at cost 1 | ueston No, 12-4 i Favvalue Coss oe Caryg amount of woiogca assets Question no 19-8 Total cost ofthe machine clude a costs) i Question No. 14-6 Far valu of asset given up (P43,000 25 000) a amount of asset gan up © Gamen oxenange ‘Questan No 13-0 atari aa sippies | Sreavaton 6 Labor on construction 1, Cash dsccunts on materi's purchases Superson Compensation nsurance premium Glercal ag ober expanses rites to constucten Plans and spscicasons W000 12.000) 703500. 12800 30000 315900 q 7500) "339.400, 351200 335000 6.200 300069 2.900000 recooso0 — 28.200000 ‘00.000 (600,000, (1,000.00) 500.000 (60.000 0,000, 305,000 38.000 30,000 00, h 3,000,000, 10,000 2800,000, 60.000) 70.000 20.000 30005 120000 DDeprecston for 2041 [POM - PS0M)25) Question No. 17-0 Inlet expense up 4 4021 (P26M x 11 10/2) CCoptaizes marest ues No. 18a Depreciation or 201% (PS MP 7M) 2] asna03 Question Wa 19-4 ‘Depreciation for 2011 KP23.000» 8 + 85,0092) 2.750 Question No. 20-8 (epreciaton for 2011 (7,000 unex UP 83,000, 600}24, 000 unt) 21875 Quoston No 24-16 PRT TT (Cost -P5.000) x 7/58 = P42,000 5 Heat i at sono ee eave ung a ita n aon cet Queston no 22-2 wean! Trenching an sampling expos san exc o tangible S885 The depreciation eating {patente ose eed odovton on nia est presanied 399 target However, Drona cary arcane nos oa caida anges! PRE a 10) ‘Question Ho. 29-8 i ee Cos subject te aepetion (2,640.000+P 180 000+ 000-F300,000) 2,880,000 ‘Estates ererves 4,200,000 Depetan ate 2a Outpwvso 0.000 Depletion in the costo sales reported in SCI 44.000 i. Question no 24-8 ung For vaue ‘00.000 699.000 Carying aint, 12/9110 2000,000__600:000, Increase (Oncreaes) 190,000) ———109,000- Notes 1 The valuaon decrease on buen shouts be recognized OCI (P1401) and PA. (bance) 2) Me revalaion increase on squipment sul be recognized n COT and aceurais in eoeky ‘as ravaluaton sus The enty cows vot vanstr razed surplus to retained eamungs f Question No. 25-4 Fa vave 800,000 Cost 750.000 Far va etjuatmant gen 40,000 5 Question no 28-0 1 Sammng sieunt 800,000 x 2880) erage 1° Depression expense (800.0003), 30000 ‘Question No 27-0 ‘Goodin 00.900 Franchise ‘00.000 Patents 244.00 Totalinangbie assets 743,000 ‘uasion Ne 20-2 (Caryng amet, 1290/11 9,570,000 12/5 x8:7) 448.000 (Question no. 29-4 R&D expense (P360,000+890,000+575,000) +4535.000, iter No 20-4 ; | (Careyng amount before mpavment ss [P10M. (PSA 45) 4500000 Imparmentioss (6M

    Uameetnlag oo) -P 00 8 eestoane 44-0 POI Ars scion, 129301 120000 ‘ 4 Ceeentot ars sents ‘somo 5 mets aang go fot) -secmstes C1 2,00 1 ueston na 45-4 : : ep cron payable (P €00000°P100 00-39 00) 1.950.000 Queen io 48-2 hi _ Mitaest 210 sps0.000 i 208 Teattnines 123170 Hii 1 Eamernoino Lami 11 uate tenn opts 00% P25 8090 he Poy of esenae ‘a i Retoconetor20"1 ‘000, eu tt so 1 uestionne 47-0) nent pid 2800/3 x 12) 1200, ‘The ety used he asset motnod Question No. 48-4 ‘ecoonls Payable 105,900 ‘Uneamed Rent Revenue 29.800, Estimated ably Under Wosrentes 25.600 Bonds Payable 555.000 Drsaunt on Bonds Payal (22.500) ‘oil liabines 338,000 ‘uesbon No «9-6 i J.) came ess expanses © Question Wo. 50-6 «rast income peter axes 25.000 {© Unesized gan on saiabie0-sale mvestment (OC!) (49,000) ‘Rdsiment to pots proeyeas (RE) 35,000 | eguses ncome bofoe taxes 720,00, ‘

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