Академический Документы
Профессиональный Документы
Культура Документы
(Epson Company)
Accounts Payable, 12/31/09, before adjustments
P
1,000,000
(350,000)
147,000
P 797,000
(Gay Company)
Accounts Payable, 12/31/09, before adjustments
P1,500,00
0
240,000
(80,000)
P1,660,00
0
(Megabytes Corporation)
(a) (1)
Dec.
16
1
9
Gross Method
Purchases
Freight in
Accounts Payable Intel Company
Cash
Purchases
Accounts
Corporation
66,000
1,400
66,000
1,400
72,000
Payable
Celeron
72,000
66,000
72,000
(a) (2)
Dec.
16
1
9
1,320
64,680
Net Method
Purchases
Freight in
Accounts Payable Intel Company
Cash
Purchases
1,440
70,560
64,680
1,400
64,680
1,400
69,840
Accounts
Corporation
6
Payable
Celeron
69,840
64,680
Cash
1
(b)
Dec.
31
1-4.
64,680
69,840
720
720
Accounts
Corporation
Payable
Celeron
Interest Expense
Discount on Notes Payable
1,560,000 x 12% x 3/12
10/01/10
Interest Expense
Discount on Notes Payable
187,200 46,800
Notes Payable
Cash
720
1,560,000
187,200
46,800
1,080,000
120,000
Interest Expense
Discount on Notes Payable
120,000 x 7/12
70,000
05/31/10
Interest Expense
Discount on Notes Payable
120,000 70,000
50,000
1,200,000
1,747,200
P1,606,800
12/31/09
Notes Payable
Cash
46,800
140,400
1,747,200
(Matagumpay Corporation)
(a)
06/01/09 Cash
Discount on Notes Payable
Notes Payable
1,747,200
140,400
70,560
1,200,00
0
70,000
50,000
1,200,00
0
P 1,150,000
(Goliath Company)
No obligation is recognized for the suit filed in September 2009 nor for the
suit filed in October. However, disclosure is necessary in the notes to the
financial statements for the suit filed in October 2009 by Pasig City
government since it is probable the Pasig City government will not be
successful.
1-7.
(Graphics Corporation)
a.
Premium Inventory
225,00
0
225,00
0
Premium Expense
100,00
0
50,000
150,00
0
Premium Expense
300,00
0
(Alcatel Company)
(a) Premium Expense (300,000 x 30%)/20
x 28
P126,00
0
112,000
P
14,000
(Adventure Company)
Accts.
1,000,000
Receivable/Cash
Sales
2010
2,500,000
1,000,0
00
Accrual of repairs
Warranty Expense
P126,00
0
2009
Sale of product
2011
3,500,000
2,500,
000
60,000
300,00
0
150,000
3,500,0
00
210,000
Warranty Liability
60,
000
150,0
00
210,0
00
6% x 1M
6% x 2.5M
6% x 3.5M
Actual repairs
Warranty Liability
Cash/ AP, etc.
8,000
38,000
8,
000
112,500
38,0
00
112,5
00
P4,900,00
0
P
100,000
P
27,778
P
63,158
27,778
P
35,380
P
P
72,222
36,842
P
0
336,000
(148,800
)
P187,20
0
(b)
On 2008 sales (4,200,000 x 5% x )
P105,00
0
452,400
P557,40
0
2009
P187,20
0
556,800
(180,000
)
P564,00
0
2,000,00
0
2,000,00
0
1,280,00
0
1,280,00
0
Note:
The gift certificates estimated to expire will be recognized as
revenues at the date of actual expiration.
1-13. (Robinson)
Cash
Unearned Revenue from Gift Certificates
Outstanding
Unearned Revenue from Gift Certificates Outstanding
3,000,00
0
3,000,00
0
2,750,00
0
Sales
2,750,00
0
150,000
P250,00
0
200,000
(267,000
)
(18,000)
P165,00
0
2009
Cash
720,000
150,000
2010
864,00
0
720,00
0
25,000
864,00
0
100,00
0
25,000
72,000
266,40
0
72,000
100,00
0
266,40
0
72,000+108,000+86,400=266,40
0
(b
)
2009
2010
-----
P648,000
P720,000
(72,000)
864,000
(266,400)
P648,000
P1,245,600
(b
)
P9,500,000
P1,000,000
4,000,000
5,000,000
P4,500,000
2009
Cash
Unearned Subscription Revenue
5,500,000
5,000,000
5,500,000
5,000,000
2010
Cash
Unearned Subscription Revenue
7,000,000
5,700,000
(c)
Unearned Subscription Revenue, January 1
7,000,000
5,700,000
2009
P4,500,00
0
2010
P5,000,00
0
5,500,000
(5,000,00
0)
P5,000,00
0
P
36,000
(24,000)
7,000,000
(5,700,00
0)
P6,300,00
0
P 12,000
P1,629,000
12,000
P1,617,000
30%
P 485,100
(290,000)
P
1,080,000
(725,000)
195,100
355,000
P562,100
B = 8% (8000,000 B )
B = 640,000 - .08B
B = 640,000/1.08 = 592,593
c.
B = .08 (8,000,000 T )
T = .30 (8,000,000 B )
B = .08 {8,000,000 - .30 (8,000,000 B ) }
B = .08 {8,000,000 2,400,000 + .30B}
B = 448,000 + .024B
B = 448,000/0.976 = 459,016
d.
B = .08 {8,000,000 B T }
T = .30 (8,000,000 B)
B = .08{8,000,000 B - .30 (8,000,000 B)}
B = .08 {8,000,000 B 2,400,000 + .30B}
B = 448,000 - .056B
B = 448,000/1.056 = 424,242
=
=
240,000
180,000
603,834 (total)
201,278
c. B = .32 {3,000,000 B }
B = 960,000 - .32B
B = 960,000/1.32
727,273
272,727
=
227,273
(total)
B = .06 {9,000,000 B T }
T = .30 (9,000,000 B)
B
B
B
B
=
=
=
=
b.
P110,000
200,000
P310,000
1-23.
Current
Non-current
P 120,000
Case 2.
James, Inc.
2,000,000
Current
Non-current
Case 3.
Sylvester Corporation
Situation A
Situation B
Situation C
Situation D
-06,000,000
-0-0-
6,000,000
0
6,000,000
6,000,000
P2,880,000
Current Liabilities
14% Notes Payable, refinanced on September 30, 2010 P2,500,000
Current portion of 16% notes payable
800,000
Total current liabilities
P3,300,000
P
270,000
Mortgage Notes Payable
1,300,000
Bank Notes Payable due currently
100,000
Interest Payable
7,500
Value Added Tax Payable
288,000
Income Tax Payable
315,000
Withholding Tax Payable
120,000
Total Current Liabilities
P2,400,50
0
VAT: 2,688,000 / 1.12 = 2,400,000; 2,400,000 x 12% = 288,000
The damages claimed by employees cannot be recognized since the amount
is not reasonably estimable.
MULTIPLE CHOICE QUESTIONS
Theory
MC1
MC2
MC3
MC4
MC5
MC6
MC7
MC8
MC9
MC10
D
A
C
B
A
B
B
C
C
D
Problems
MC21 D
MC22 C
MC23 A
MC24
MC25
MC26
MC27
D
C
A
D
MC28
MC29
MC30
D
D
B
MC11
MC12
MC13
MC14
MC15
MC16
MC17
MC18
MC19
MC20
C
B
D
B
A
B
A
B
B
D
MC31
MC32
MC33
MC34
MC35
MC36
MC37
MC38
MC39
A
B
D
C
D
C
C
MC40
MC41
MC42
MC43
B
C
A
A
10