1.

The furnitures and fixtures account of BSA 1-1 has a balance of 322,300 as of December 31 2016
which includes purchases made on December 1, 2016 amounting to 33,200. Furnitures and Fixtures are
estimated to be useful in 15 years. Depreciation Expense will be debited on Decber 31, 2016 by

A. 21, 671 B. 23,700 C. 19,273 D. 19,458

2. Using the same information from BSA 1-1, assuming no other fixed asset were pucahsed or returned
after 2016, assuming also that the residual value is estimated to be 12% of its cost. Depreciation Expense
on December 31, 2017 would be debited by,

A. 19,273 B. 18,908 C. 21,487 D. 17,122

3. On January 1, 2014, NoName Enterprise has total Liabilities of 500,120 and Capital balance of 324,880.
At the end of the year, the Enterprise had a net increase in Capital amounting to 102,500. Assuming that
the Enterprise had paid half of its debts, the total assets at the end of the year would be,

A. 825,000 B. 147,560 C. 972,560 D. 677,440

4. WalangKita Company bought merchandise amounting to 340,000 from MalakasKumita Company with
terms FOB shipping point 2/10 n/30 on April 1, 2017. Using the periodic inventory system, WalangKita
Company would record the transaction as

A. Merchandise Inventory 340,000 C. Purchase 340,000

Cash 340,000 Cash 340,000

B. Merchandise Inventory 340,000 D. Purchase 340,000

Accounts Payable 340,000 Accounts Payable 340,000

5. Based on the previous number, assuming MalakasKumita Company paid for the shipment amounting
to 3,000, his company would record this as,

A. Freight-in 3,000 C. Freight-out 3,000

Cash 3,000 Cash 3,000

B. Accounts Receivable 3,000 D. Accounts Payable 3,000

Cash 3,000 Cash 3,000

6. Accounts Payable, 23,500; Accumulated Depreciation-Computer, 2,400; Accounts Receivable, 33,200;

Computer, 31,000; Supplies Expense, 1,205; Unearned Service Fees, 3,00; Earned Service Fees, 31,100;
Supplies 4,200; Depreciation Expense-Computer, 1,200; Notes Payable, 45,000; Rent Expense, 3,000;
Prepaid Insurance, 2,345; Cash, 12,105.

Based on the above given information, Total asset would be presented in the Statement Financial
Position with a balance of
A. 81,650 B. 82,250 C. 80,450 D. 79,205

7. Based on the above given information, Total Expense would be presented in the Statement of
Financial Position with the balance of

A. 5,405 B. 7,805 C. 4,205 D. 0

8. My Company's ledger accounts showed total professional fees amounting to 308,500 and the total
operating expenses of 299,100. During the period he paid Liabities amounting to 60,000 and withdrew
13,000 for personal use. The Capital Balance of My Company at the end of the period (assuming no
additional investment was made to his beginning capital balance of 100,000) would be

A. 96,400 B. 36,400 C. 109,400 D. 100,000

9. Malate Hotel and Restaurant had Assets of 1,500,000 and Liabilities of 250,000 on December 31,2017,
On December 31, 2018 Asset decresed by 120,000 and Liabilities increased by 50,000.

How much is the net income or net loss reported for the year.

A. 70,000 Net loss

B. 70,000 Net Income

C. 170,000 Net loss

D. 170,000 Net Income

10. The following information was extracted from the accounting record of Ligaya Company

Assets, beginning 455,000

Liabilities, beginning 200,000

Capital, beginning 255,000

During the period assets increased by 150,000, revenues were 200,000. The owners made no additional
investments, and the Capital balance at the end of the period is 290,000.

The reported Total Expense for the year end is:

A. 90,000

B. 0

C. 165,000

D. 290,000

11. Using the same information in No. 10, the amount of Liabilities at the end of the period is:
A. 90,000

B. 455,000

C. 200,000

D. 315,000

12. The following selected accounts are presented to by the owner of a ComputerShop:

* Cash 80,000

Computer Revenue, including cash collected from

customers in payment of their accounts 150,000 1,080,000

* Supplies Expense 125,000

* Utilities Expense 432,000

* Rent Expense 60,000

* Miscellaneous Expense 15,000

* Owners withdrawal 20,000

* Accounts Payable for Computer deliver 30,000

* Accounts Receivable 180,000

How much is the net income of the computer shop

A. 298,000

B. 448,000

C. 428,000

D. 398,000

E. Answer not given

13.