FIRST PRE-TEST

,2020

JOURNAL ENTRY MADE CORRECT JOURNAL ENTRY ADJUSTING JOURNAL ENTRY

Supplies on hand20000
supplies on hard 20000 no adjusting
casm) AP 20000
cash/AD 20000

24000 Insurance
Prepaid Insurance Insurance
Experse 1000 Expense 1000

12/15/2000 Cash 24008 Prepaid Insurance

↓
Prepaid Insurance 23000 1000

Cash 24000
12/31/2000
24000/12)2

R and M
Expense 24000 - no adjusting entry
Cast 24000

Inventory 17000
> no
adjusting entry
Cash/AP 17000

Salaries and Wages 69000

> no
adjusting entry
Cash 69008

QUIZ 1
Problem 1
Purchase Price Transaction cost Market Price -

12/31/2021

Security A 000
1
000 100 000 ↓200 000

Security B 2000000 200000 1

500000

Security C 3000000 300000 3100 000

4000000 600 000 5800 000

FV-4L 6000000 Unrealized Loss 200000

Expense 600000 FV-PL 200000

Cash 6600000

1 Amountof unrealized loss be

to
recognized in 2021 IS:*200000
the

2 thatshould be
Amount reported as
gain on sale

Afor #1900000
Note:Sold Security on
July 1, 2022

Security
A Carrying Amount 1200000

Sales on Proceeds 1900080

7000
*
Problem 2

SHARES
any
10 COST Jan. 10 transaction
24000
2000 000
Other notes:

20%
x Share Dividend: Share Split
↑ os W

20000 2000000 - 24000 83.3

=
In split, the number of shares will increase

36000
300003600000 = 36000 100
=
-
3600,000 depending on the percentage but the
6000

50008 5600000 60000 a

new shares, Jan. 10 value remains the same.

The effect of this is the value

per
share
-

x
20%

will decrease.
20
-

24000 10
x = 240000

36000 10
x
=
360008 Cash 600000

600 000 Dividend Income 600000

ember
10,0000 150
x 4500806
=

Cash 4500000

Investmentin Equity 4500

Security 000

Approach:
ember
e
FIFO
1

36000 -
24000 24000 4500000

6008 Investmentin ES 2600000

30068 Gain on Sale 1900 000

Average Approach:
2

Cash 4505 000 30/60x5600000

Investmentin ES 2800800

Gain on Sale ↓
700000

Problem 3

4000000 500000
+

Investment in Associate 4500 000 InterestExpense on NP: -3000 000 12%

x

Notes Payable 3000000 InterestExpense 360000

Cash 1500000 Cash 360000

Initial cost 4500008 Share on NI: - 5000000 x20%

CA ofNet Assets (2600000) - 13000000 x20% Investment on 1000000

Associate

Excess 1900000 InvestmentIncome 1000 000

Building 400000
120M 20%)
x

GOODWILL 1 tor 000

Building:
-400e
D

InvestmentIncome 40000

40000
Investmentin Associate

↓960000 Income

Dividends: -2000000 20%

x

2 5060000 CA of Investmentin Associate Cash 400 000

400
Investmentin Associate 000
Problem 4

multiply
NI-binabayaran every month
no Face -

nominal 1.

CA -

effective interest rate

E N Discount
=

ENB
7

NE Premium
=

NEP

2021

Investment in Bond 4530800

Cash 4530000

Cash 400000

Investmentin Bond 53008

InvestmentIncome 453800

2022

Cash 400 000

Investmentin Bond 58300

InvestmentIncome 458308

QUIZ 2
Problem 1

Date Entry Made Correct Entry Adjusting Journal Entry

-

April 1 FACFUPL- SMC 30000 7 no adjustment

Cash 30000

adjusting
I
entries

May 1 FACFUPL- Atlas 40000 > no adjustment

Cash 40000

July1 FA&FUPL-TN 960800 - no adjustment

Cash 960000

Oct. 1 FACFUPL-SMC 6000 Memo share dividend Kasi Retained Earnings 6000
only
-

Retained 6000 FA &FUPL 6000

Earnings

Nor. 5 Cash 200

#
Cash 200
#
FA &FUPL ↓200 2

FA&FUPL-SMC #200 FA &FUPL 10000 Gain on Sale 1 200

↑
Gain on Sale 1200
2000 initial cash
X 20%

400

2000

2400
800 sold cost is:
valueofinvestment 30000 =
1.the
30000
800/400 10000 30000
*

shares
 Dec. 10 Cash 19200 Cash 19200 FA &FUPL 3200

FACFUPL- Atlas 19 200 FA &FUPL 16000 Gain on Sale 3200 3

Gain on Sale 3200

close atcost

Dec. 31Cash 1015000 Cash 1015000 FA &FUPL-TN 55000

FA &FUPL-TN 015000
1 FA &FUPL-TN 960000 Interest Income 45000

Interest Income 45000 Gain on Sale 10000 4

Gain on Sale 10 000

SNC
5 30000 Atlas 40000 Treasury 960000
Notes
(10000) (16000) (960000)
20000
#
24000
*
0

Problem 2

Date Entry Made Correct Entry Adjusting Journal Entry

-

Nov. 1 Investment in IS 106583 Investment in TS 103 250 InterestIncome 3 333

100K 10%
x

Cash 106583 InvestmentIncome 3333 4/12

x
Investment in TS 3333
Cash 106583

Dec. 31 Unrealized real

I
AFS 3983 Unrealized Loss 150 Market Adjustment -
TS 3833

Market Adjustment -
TS 3983 Market Adjustment -
IS 15 Unrealized Loss 15]

Unrealized real
I
AFS 3983

cost Market Market Adjustment

F
Co. 25 250 22350 1900 cr. 500

D Co. 32450 33958 500

1
Cr.
150 -

kulang no adjustment

65
Treasury Bonds 103 250 103000 25 Cr.

160950 159300 65 cr.

Problem 3
Current Liabilities Noncurrent Liabilities

1.
000 000
1

2. 350808
1
2022

3. 1500000 buong NCL I

4. Acured Interest 5000000 5000000 2021

5. 500000 3500000 12%.

x x 3/12 22 start
my payment
6. 600000 Oct. 1 -

Dec. 31 23

7. 2000000 24
50 000 2Mx10%x3/12 25

8. 3000 000 5000000 26

100 000 3M x10%. x 4/12

9. 4000 000

14 100 000 13500 000

 QUIZ 3
Problem 1 Initial cost 2 400 000

Pu 5.5%
-
1/2
Share Dividend (250000)
25%
FMV CV Share NI 270000 - 2240000 x25%x 6/12
700000
Age 35
20000 x
=
540000 2430000 3

1000 000
Bee =40000 25
x
1
080 000

See 19649201923000 (10000) (10000

TC
Aye
-

236649203543088 121928gain
=

TC-Bee 120000) 120000)

FMU > CV
Dividend Income -
Bee 120 000 120000

InterestIncome - See 50000 57690

Principal 0.8072:1614400
2000000 x Unrealized Holding Gain 121920 2000

Interest100000 x 3.5052= 350520 Share on NI-bea 280 000 280 000

1964920 54192045076906

Feb. 20

Jan. 20 Mar. 1
April 1-declared Dee 2 2130000 0.7921 1584200
2M x =

April 20 -
See 1930 690 3.4657 346510
100000 x
=

4360690 decimal difference 1930710

5
4 340710

CA

1923000 121.x
x
3/12 57690
=

Problem 2 Sales on
I refs,
and ainon

player for
DVD
to
compons
total
# of compous
DISTRIBUTED
=420euflagesMeaseage
-

compous/50
21000

E
I Estimated Premium Liability 35000000
redeemed
divided to 35000
-

know the#
x 80%, estimated to be redeemed
1260000 3450b beginning 1260 000 total
DVD cost
of coupons -
oot

hindipar DISTRIBUTED 28000, estimated redeemed

coupons
1680 000 Sales 45000 000
5
Kasama premium
coupon for every
I
3000
>50 coupons: 1 DVD
cost of each DVD
player
(10 00 000) #1000 purchase
x player
770000 est.
warranty liability
-

1680 000

35000 000 -

"premium
estimated costofevenbedat the

2 Sales 45000000 35000/70 700

=

35000 x20%
(10000 000) 4000
x
28000
-
Sales for HF
2800 000
3500000011000 X z01 21000-earned
casama cost
= 35000 2240000 7000- unearned
ng premium
X 80%

to be redeemed 28000

redeemed 21000 35000 x80% 28000

=

7000/50 1000/25000 =
25%
=140 > 140
3 000
x 4 000
x

420000 cost 560000 if sales

Earned 21000 75% earned
1578947
(420000
140000 unearned
income
Unearned 7000 25% 526316 unearned

28 OOD 2105 263

Main sales 35000000 32894737

Premium 2 240000 2 105 263

37240000 35000 000

3
Warranty Payable
50000

actual-235000 300,000 -warranty expanse 10000

=

000 sales 3%
x

# 115000

estimated liabilities
on warranties -

Der2021

Problem 3

Indial Lease Liability

1

Annual Rental Payable 1500 000 Purchase Option 1000 000 6540000
GU of ordinary annuity of t
X 4.36 GV of 1 for 6 & 10% X 0.56 568 000
1for 6 periods at
10%
6540000 560000 7100 000

a Rightof Use 3 Initial Lease

Liabili 7100 000

500000 PV(?) ImplicitInterest Rate 10%

Lease Liability 6540000 1.5M 4.3
x Interest
Expense 710 000
Indirect Cost
405 000 945000 x8% 75600
Prepaid Lease Payments
Lease Inventive Received 150000 785600

Lesee bonus paid?? 300 000

Dismantling?? 945000 1.5M x

0.63 InterestExpense 71008

Right of Use 8700 000 Lease

Liability 790000

Cash 1500000

Lease Liability 7 100 000

Cash 6554 Interest Expense 75600

Liability Liability
RC?? 75600

4 Annual PeatPayable 1 to 00

InterestExpense 1710 000)

Payment 790000

Initial Lease 7100 000

Liability 1790000)
Lease
Liability 6 310 000

5
Right of Use Asset 2700000

Divide:Lease Term 10
years

Depreciation 270000

120000018 Depreciation Expense 870000

=150000 Accumulated Depreciation 870000

TO X

po-not??
Problem 1

Annual Rent 340000

QUIZ 4
Term X 3 2019 12 31

Total Rent 000 or

1
2019 3 31

Free Rent (180000) 9 ⑧

-

Net Rent 900000

Term - 3

Annual Rent Incurred 300000/12 25000

=

9 (March
x 31t o December 31)

Rent Income 225000

Problem 2
1 Calculator: 2
11:1
1.

2000 100
x
sqm. 3 200000 x 0.90909 181818
= 655146

3000 x 100 sqm. <300000 x 0.82645 = 247935 + 20 000

300000 0.75131
x 225393
=

735146:4 183787
=

I
655146 lease
4-yr, operating
X 10 I

65515 agin
how nakuha? pota ewan

huhe
tama??
Right of Use 935147
how?
pat its
dit
yung
Cash 280000

Lease
Liability 655147 and hindibe

dayof 655 14b?

Depreciation Expense -

Rou 233787

Rosete Excel: Accumulated Depreciation -

ROU 2337872

Gr. PV Rate Payment

I I 200000
x 200000
=

First year (paid in advance200000

Right of Use 935127

2 0.90909 200000 181818 Lease bonus E0 000 L

paid Years of -
x
=

Lease

3 280 000
0.82645x300000
paid for lease
247935 Cash 233787
the
Depreciation Expense ROU
=
-

4 0.75131 x 300000 225393

=

Initial
8 55146 Lease
Liability 655147

Less:first
yr. paid in advance (200000) Cash Consideration 280000

Lease
Liability 655147 Right of Use (ROU) 935147

Entries:
Right of Use 935147

Cash 280 000

Lease
Liability 655147

Depreciation Expense -

Rou 2337872

Accumulated Depreciation -
ROU 233787
Problem 4 FTALE -
future taxable amount ->
and
liability income tax expense

benefitin
tax

amont deferred
FDA AB -
future deductible and
to asset income

↓CTE Current Tax Expense 3135000. 3 600 000 ↳ 1200 000 Current Tax
5
Expense 3135000

DTA Deferred Tax Asset 1297000) 300 000 X 33% #Is DTA (315000)
Deferred 900000 396000 DTL
DTL Tax
Liability 396000 FT 420000

33%
Total Tax Expense 3234000 X 3 240 000

297000

2 Pre-tax Financial Income 10000 000 DTA 600000 DTL 1 200000

Loss 35%
Estimated Litigation 600 000 300
+ 000 X

Sale
Installment (1200000 900000 420 000

Unearned Rental Income 300 000 X 35%

Dividend Income 1500000 315000

Life Insurance Expense 300 O

9500000
Annuity due -

beginning the year

of

ITR 33%
Ordinary Annuity -
end of the year

3135000
Current Tax Expense

problem 3
220000
I
gave up already of because his

20000 VERY LEGIBLE handwriting.

-

200 000

4) 1699
Update haha!
X
me if ma-gets vigo other numbers please
.

833980

1200000)
633988