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1.
2.
3.
4.
5.
B
A
C
B
D
6. C
7. A
8. A
9. D
10-1. C
10-2. C
11. B
12. A
13. A
14. A
15.
16.
17.
18.
19.
D
D
C
B
C
20. D
21. A
22. B
23. C
24-1. A
24-2. D
25. D
26. C
27. B
28. A
29. C
30. B
31. D
32. C
33.C
34.B
35.B
36.D
37.B
38.C
CC
4,398,055
(2,352,042)
AR (uncollectible)
Goodwill of GV
Capital balances before CCs withdrawal of
cash
CCs withdrawal of cash
Adjusted Capital
(205,000)
-
GV
4,646,292
(1,389,168
)
(798,600)
(844,810)
1,841,013
1,613,714
(227,229)
1,613,714
1,613,714
39.B
40.C
41.C
42.C
43.B
Cash
Non-cash
Liabilities
36,000
100,000
17,000
(100,000)
(17,00
0)
19,000
48,000
67,000
(67,00
0)
-
Master
(40)
69,000
Idol (40)
Star (20)
(8,000)
58,000
(40,000)
(40,000)
(20,000)
(48,000)
48,000
-
38,000
(17,000)
-
29,000
29,000
(29,000
(38,000)
Ans: A: 48,000
Paris
P 16,000
7,560
12,279
36,289
France
P 10,500
4,725
8,486
23,711
P 392, 250
139,710
(126,700)
405,260
35,250
38,000
Total
P
26,500
7,560
4,725
21,215
60,000
Total
P 282,750
72,000
354,750
37,500
392,250
creditors
(174,960 139,710)
Proceeds from sale
P 440,510
Problem 5: Ans. D
Sales (P3,503,000 + 312,000
254,000)
Cost of goods sold:
Inventory, Beg
P 3,561,000
P
239,000
2,828,00
0
Purchases
(P2,814,000 + 212,000
198,000)
Inventory, End
(278,000
)
(2,789,000)
Expenses*
Net Income
(521,000)
P 251,000
*Expenses computation:
Payments for expenses
Prepaid expenses, beg.
Prepaid expenses, end
Accrued expenses, beg
Accrued expenses, end
Depreciation expense (76,000
53,000)
Accrual expenses
Beginning balances
Share in NI
Payment to Ann (90%)
Bonus to remaining
partners
Ending capital
balances
P
490,000
21,000
(35,000)
(76,000)
98,000
23,000
P
521,000
Eric (40)
P 277,600
100,400
Lydia (30)
P 208,200
75,300
16,200
12,150
394,200
295,650
Problem 6: Ans. C
Assets available to unsecured creditors
Add: Unsecured creditors with priority (administrative
expenses P3,500; taxes: P6,000 and wages: P2,500)
Less: Assets not pledged to any liabilities
Excess of assets pledged to Fully secured liabilities
Add: Payments to Fully secured creditors
Total assets pledged to Fully secured liabilities
Ann (30)
P 208,200
75,300
283,500
(255,150)
28,350
P 70,000
12,000
(10,000)
72,000
68,000
(1) P 140,000
P 200,000
100,000
100,000
100,000
(2) P
200,000
Problem 7: Ans. A
Estimated gains on realization of assets
P
1,450,000
2,500,000
1,300,000
520,000
900,000
P 630,000
Problem 8: Ans. A
Capital
balances..................................................................
....
Share in profit after deduction for salary^
(P195,000*P&L%)
Cash
payment .................................................................
........
Tumblr(40)
Twitter(25)
(P
180,000)
P 85,000
78,000
48,750
(102,000)
133,750
P 10,850
283,250
P 294,100
Problem 9: Ans. D
Investment of
Mdse
Sales discount
Sales returns
Bad debts
expense (w/off)
Expenses
Joint Venture
P
P
234,000
360,00
0
1,875
22,500
4,200
17,100
9,675
Sales
Unsold Mdse
Unsold Mdse
87,840
P
62,010
Investment of
Merchandise..........................................
Interest
P99,000*6%
*(3/12) ................................................
P135,000*6%
*(3/12)...............................................
Remainder (P62,010 P12,402^ P1,485
P2,025)/3
Unsold
Net Income
Jennifer
Beyonce
P 99,000
P 135,000
1,485
2,025
15,366
15,366
(22,500)
(17,100)
Merchandise...................................................
...
Cash
received..........................................................
.......
P
93,351
P 135,291
P
21,250
(2,700)
30,000
P
48,550
31,250
P
17,300
= P52,380
loss
= P22,680
gain
P 29,700
loss
1/1/2012
P9,800
3/31/2012
P11,400
Changes
1,600
3,705
1,690
2,015
(4.965
4.908)*65,000
Ineffective/Time value
7,785
7,695
(90)
1/1/2012
P9,800
3/31/2012
P11,400
Changes
1,600
1,105
1,105
10,295
495
9,800
2010
P800,000
590,000
215,000
1,605,000
P1,250,000
P355,000
140,000
P215,000
2011
Collections:
- 2011 (P2,275,000
P1,706,250)
- 2012 (P1,706,250 P287,500)
Total collections:
Less: Cost of Instalment Sales (Sales /
1+GP rate)
Realized gross profit to date
Realized gross profit (breakdown):
- 2011
- 2012
P 568,750
1,418,750
1,987,500
P1,750,000
P237,500
0
P237,500
90,000
5,700
49,300
145,000
P3,800,000
3,496,000
304,000
(76,000)
38,000
P266,000
= Percentage of
Completion
= 60%
= P570,000
= Percentage of Completion
= 65% (2012)
Contract price
Less: Total estimated cost
Estimated gross profit
Multiply: Percentage of completion
Realized gross profit to date
Less: Realized gross profit prior
years^
Realized gross profit (loss) current
year
^2011:
Correct cost incurred to date
(P3,040,000 P50,000)
Correct cost to complete
(P1,960,000 + P50,000)
Total estimated cost, 2011
P2,990,000
P5,000,000
P6,300,000
5,650,000
650,000
x 65%
422,500
(777,400)
P (354,900)
P2,990,000
2,010,000
5,000,000
= 59.80% (2011)
Contract price
Less: Total estimated cost
Estimated gross profit
Multiply: Percentage of completion
Realized gross profit to date^
P6,300,000
5,000,000
1,300,000
x 59.80%
P 777,400
P600,00
0
720,000
P1,320,
000
P332,200
100,000
232,200*
Mark-up percentage: P232,200/ (P425,700 - P232,200) = 120% above cost (or 220% of
cost)
Amount of ending inventory (EI):
Shipments from HO EI = Cost of goods sold
X 0.25X = P425,700
X = P567,600 (Shipments from HO)
0.25X = P141,900 (Ending Inventory)
Cost of shipments from HO: (P567,600 / 220%) = P258,000
Beginning inventory
Shipments from home
office
Ending inventory
Cost of goods sold
Cost (100%)
-
Mark-up (120%)
-
P567,600
P258,000
P309,600
(141,900)
P425,700
(645,000)
P193,500
(77,400)
232,200*
P425,00
0
6,000
419,000
57,500
361,500
25,000
41,900
10,000
14,200
P270,400
P405,000
175,000
115,000
20,000
A
P95,000
30,000
125,000
170,000
D
P295,000
P130,000
125,000
(80,000)
P175,000
P5,000,00
0
700,000
*3,100,000
1,600,000
P7,200,00
0
P1,600,00
400,000
2,000,000
1,300,000
P700,000
P1,300,00
0
1,800,000
P3,100,00
0
P22M
1.5M
23.5M
29M
P5.5M
P10M
1.5M
P8.5M
P5.5M
8.5M
P3.5M
P900,000
500,000
315,000
P1,715,000
P1,050,000
P665,000
C NI
Controlling
P450,000
26,250
90,000
C NI Noncontrolling
P 11,250
22,500
- 70% (3 months)
- 80% (9 months)
Intercompany dividend
(P75,000*80%)
Total
(3,325)
(11,400)
(1,425)
(2,850)
(60,000)
P491,525
P29,475
Problem 29.
Direct Cost
Set-up (25*7500)
Utilities (7.60*15000)
No. of parts (20*550)
Total Cost
Cost per Unit (387500/25000)
75000
187500
114000
11000
387500
15.50
Problem 30.
Direct materials
Direct labor
FOH
Direct materials rework
Direct labor rework
FOH rework
Total cost
Cost per unit (233150/450)
42500
65250
78300
13550
15250
18300
233150
518.11
Problem 31.
Direct materials
Direct labor
OH (5.50*120000)
Less: Disposal value
Total cost of good units
450000
520000
660000
(24000)
1606000
Problem 32.
AVERAGE
Completed and
Transf.
WIP end
Total
Cost per EUP
Units
12000
Materials
12000
Conversion
12000
7000
19000
7000
19000
2.78
(52750/19000)
4200
16200
3.71
(60025/16200)
FIFO
WIP beg.
Started and
Completed
WIP end
Total
Cost per EUP
Units
9500
2500
Materials
2500
Conversion
2850
2500
7000
19000
7000
9500
4.50
(42750/9500)
4200
9550
5.50 52525/9550
)
Materials
Conversion
Problem 33.
Units
WIP beg.
Started and
Completed
WIP end
Lost units
Total
Cost per EUP
15000
60000
60000
3000
2000
80000
3000
2000
65000
1.20
(78000/65000)
4500
60000
1500
2000
68000
1.25
(85000/68000)
2.45
Problem 34.
Cost of WIP beg, May 1, 2011
Additional conversion cost (4500*1.25)
Cost of started and completed units
(60000*2.45)
Cost of lost units (2000*2.45)
Total cost of completed units
Cost per unit (202525/75000)
45000
5625
147000
4900
202525
2.70
Problem 35.
(Final selling price Selling price at split-off) Additional processing cost =
Incremental profit
(3 1.50) 2.50 = (1)
Problem 36.
Joint cost
Less: NRV of by-product (4000*4)
Joint cost to be allocated to joint
products
Product
NRV
A
B
Total
20000
30000
50000
105000
(16000)
89000
Share in the
joint cost
35600
53400
89000
Addtl
processing cost
6000
-
TOTAL
41600
-
Problem 37.
Let x = Fixed Overhead rate per machine hour
40000x = 42000x 28500
machine hour
28500 = 2000x
overhead rate per MH
x = 14.25 per machine hour
Problem 38.
Material price variance:
80000 * (5 4.75) = 20000 unfavorable
Problem 44.
Answer letter A: 2.1 x 100,000 = P210,000;
90,000 x 2 = 180,000, therefore 210,000 180,000 = P30,000 increase
Problem 45.
Answer letter C: .93 - .90 = .03 x 100,000 = 3,000 gain
Problem 46.
Answer letter B: 3 million /2 = $1.5 million plant; .667 - .5 = .167 x 3 million = $0.5 million loss; 3
million x .667 = $2 million
Problem 47.
Answer letter B: 1.2 x 45 = 54 million
Problem 48.
Answer letter D:
CU 476
CU 476
Problem 49.
Answer letter A: The July 30 update is within the measurement period, hence goodwill is
adjusted accordingly. The CC payable at this date amounted to 170,000 compared to the final
actual consideration of P195,000.
Problem 50.