Home / My Courses / ACC211_6387_2021-2022_2NDSEM-SEM_CAE / 5th to 8th Examinations/Assessments / Final Exam

Question 35
Answer saved Marked out of 2.00

During 2019, Dayang Dayang Company sold 500,000

boxes of cake mix under a new sales
promotional program. Each box contains one
coupon which entitles the customer to a
baking pan upon remittance of P40. Dayang
pays P50 per pan and P5 for handling and
shipping. Dayang estimates that 80% of
the coupons will be redeemed, even though only
300,000 coupons had been
processed during 2019. What amount should Dayang report as
a liability for
unredeemed coupons on December 31, 2019?

Answer format:

1,250,000

Answer: 1,500,000

Time left
0:42:18
 Question 36
Answer saved Marked out of 2.00

Faith
Company reported taxable income of P3,000,000 in its income tax return for the
year
ended December 31, 2019, the end of the first year of operations.  Temporary differences
between financial
income and taxable income for the year are as follows:
              Tax depreciation in excess of book
depreciation                                                       
300,000

              Accrual for product liability

claim in excess of actual claim                                   
450,000
              Reported installment sales income
in excess of taxable installment sales         
 975,000

 The
enacted income tax rate is 30% for 2019 and future years.  What is the total income tax expense to be
reported in
the 2010 income statement?

Answer format:

1,250,000

Answer: 1,147,500

Question 37
Answer saved Marked out of 2.00

Feyt Company provided the following

information relating to current operations: 
Accounts receivable, January 1 P      4,000,000

Accounts receivable collected 8,400,000

Cash sales 2,000,000

Inventory, January 1 4,800,000

Inventory, December 31 4,400,000

Purchases 8,000,000

Gross margin on sales 4,200,000

 What
is the balance of accounts receivable on December 31?
Answer format:

1,250,000

Answer: 6,200,000

Time left
0:42:18
 Question 38
Answer saved Marked out of 2.00

In preparing the August 31, 2019 bank

reconciliation, Appendix Company provided the
following information: 
Balance per bank statement P 1,800,000

Deposit in transit 320,000

Return of customer’s check for insufficient fund 65,000

Outstanding checks 270,000

Bank service for August 10,000

Collection on notes 325,000

Balance per book 1,600,000

 What
is the adjusted cash in bank on August 31, 2019?
Answer format:

1,250,000

Answer: 1,855,000

Time left
0:42:18