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9. Which of the following is wrong? How much is the Total Shareholders’ Equity?
a. Non-stock corporations may be formed for a. 5,840,000
charitable purposes b. 5,300,000
b. Profits of a non-stock corporation should be c. 5,500,000
distributed to its member as dividends. d. 5,400,000
c. Stock corporations are authorized to distribute
allotments of the surplus profits on the basis of 14. Based on number 13, what is the number of
shares held. outstanding shares?
d. Preference shares of stocks may be issued only a. 18,000
as par value shares. b. 18,667
c. 17,000
10. Which is not a right of a stockholder? d. 17,667
a. Absolute pre-empted right
b. Right to receive dividends when declared 15. Beep Corporation is authorized to issue 10,000
c. Right to elect and remove directors shares with a par value of P100 per share. The
d. Right to adopt, amend and repeal the by-laws. following are the transactions during the year 2016:
11. Unli-Rice Company reported the following equity June 1, 2016: sold 2,000 shares at P150 per share.
accounts: October 31, 2016: issued 800 shares for a liability.
Preference share, P15 par 2,550,000 The fair market value of share and the liability is
Share Premium-Preference 150,000
P200 per share and P100,000 respectively.
Ordinary share,no par, P50 stated value 3,000,00
43. Based on number 41, what is the Debt to Equity 49. Based on number 43. Using 365 days a year, what is
Ratio? the average age of Accounts Receivable?
a. 28.89% a. 30
b. 15.56% b. 36
c. 44.44% c. 36.5
d. 225% d. 30.5
44. Based on number 41, what is the Equity Ratio? 50. Based on number 43, how long is the entity’s
a. 69% operating cycle (Days)?
b. 70.67% a. 70.5
c. 69.23% b. 76
d. 144.44% c. 72.5
d. 61
45. Based on number 41, what is the Debt Ratio? =============================================
a. 325% =============================================
b. 144.44%
c. 30.77%
d. 225% “HOLD ON TO YOUR DREAM. BE A CPA”
PREPARED BY:
46. Conejos Company maintains a gross profit JAY RODANTE NANO
percentage of 20%. Sales for the year is
Faculty/CBA
P1,000,000(80%-credit sales). If the Inventory
turnover is 10 times and the Ending inventory is CHECKED AND APPROVED BY:
P100,000, how much is the beginning inventory?
VICTOR JEROD ANDRES
a. 40,000
b. 50,000 Program Head-Accountancy
c. 60,000
d. 80,000