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Excel Professional Services, Inc Management Fim of Professional Review and Training Center (PRTC) CPA REVIEW OPEN FINAL PRE-BOARD EXAMINATIONS PRACTICAL ACCOUNTING 1 RPCPA Licensure ‘Exam Code __-|Pt.OpenFinPB.1000 September 27, 2009 “18:00 AM to 11:00 AM (No. of Questions ‘SET S| somesmiors PS geemrewmn __ sre ret © istoneunmexg pivog-aig uedo o1Nd 94 BUDIe2 405 OA HUEY ‘aireuucnsand ol day qBOUS JaMSUE 4NOA yUUANs BseoIq = voReUlWexe 0 pus - (o00'at}e 'P o00'std “4 (o08'ét)a > oos’6td “e 51 s0s0d pua-i204 queysu09 ur passoudxe G00Z 203 (S50) 40 WIeB 1Mod ByiseLcund ous € ie 200 ZI 4284 10} BBa10ny 7 ver mora, Jeadde g00z Suuinp n-id> aua Jo sanjen panaes ‘Te 4aquiazeq UO parepap 18m 000'02d $0 SPYRPIAID YseD + 222k 343 3noUsnO.UR AluaKD PALIMdU: 21M 900'09e Jo asuecxe xe} Sus0Du) pUe 900'D6d Jo SesuEdxe SuneIedQ 2224 34 induBrosy Ajuens spew som oo0‘0ztaJ0 seseiound pus Doo'90ES Ho S=IeS + Ae n2uOW OU pey AueduOD ayL 26002 404 Aueduiod snoipo 91 suiead uoReULops BuIMoio} 3U4L “OS uo goo‘osd so sway A vias 1 Bpunaacy ie ee see et pee eae net 000’S9E’Td “Pp 900°S8z7d -q goo'sos g 7D 000'00%d “2 St 223A 943 Jo aWwOsUt quad 7210) BYE “o00'000"ve iam seylend unos aia ur soe: ayy Aq sales “suB3enD PuoDas pue 3644 ou) ui apew saersiU a\y aLz09 oy ape Bem Anue sqeudesdde aut pue ‘eyenb puny ays vu! 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Ly “UL soqend oes jo pus a 32 anp QOD'OTA Jo swoWAed Auowiend Rm jeIuas JeBA-T © peuB[s AvECUIOS seUMO "T AeMUeE UO.“ @iNDMIGOOD “AtUO zZ “ON TIONAd @5N) GMVANE 122yS JaMsue UOREUIWEXS JMOk zapusL j\IM SoINseIy GEMOTW SSUNSVEs ON AnDINS —“papiacid joays soMsue 84) UO WEY YES 10} JaMSUUe BLO Ajuo EW “suORSEND Bum Bla Jo YpeR 40} JAmsuR ys9q 943 S/S ESNOTLONYISNT vas 1 Bugunoooy Pract 48. 5 Acoourting 1 SETA Oleandar Company Is a diversified company with nationwide interests in commercial real estate developments, banking, mining and food distribution. The food distribution division Practical Accounting 4 SETA 2, Ovation Company asks you to review its December 31, 2009, inventory values the books, The fol id prepare the necessary adjustments to ormation is given to you. was deemed to be inconsistent with the iong-term direction of 1. Qvation uses the periodic method of recording inventory. the company. Qn October 1, 2009, the board of directors A physical count reveals P2,348,900 inventory on hand at voted to approve the disposal of this division. The sale is December 31, 2009. expected to occur in August 2030, The food distribution had 2. Not included in the ical count of inventory is the follwing revenue and expenses in 2009: January 1 to 134,200 of merchandise purchased on December i5 September 30, revenue of P42,000,000 and expenses of from’ Standing. This -perchandise wes shipped f.0.b. 32,400,000; ‘October 1 to December 31, revenue of shipping point on December 29 and arrived in January. 18,000,000 and expenses of P12,000,000. | The carrying ‘The invoice arrived and was recorded on December 31 amount of the division’s assets at December 31, 2009 wes 3. Included in inventory is merchandise sold to Oval on 67,200,000 and the recoverable amount was estimated to jecernber 30, f.0.b. destination. This merchandise was be P70,800,000. The contract of sale requires Oleandar to Shipped after It was counted. The Invoice was prepared terminate cercain employees incurring an expected and recorded as a sale on account for 128,000 on termination cost of P4,800,000 to be paid by December 25, jecember 31. The merchandise cost 73,500, and Oval 2010. The income tax rate is 35%. The income statement ived it on January 3. for the year ended December 31, 2009 will report income 4 ded in Inventory was merchandise received from Ow! from discontinued operation at fon December 31 with an invoice price of P156,300. The 2. Pi0,140,000 c P3,752,000 merchandise was shipped f.0.b destination. The invoice, b. P19,800,000 3. 77,020,000 ‘which has not yet arrived, has not been recorded, 5. Not included in inventory is P85,400 of merchandise 49. During the second quarter of 2 calendar-year company, the purchased from Oxygen Industries. The merchandise was received on December 31 after the inventory had been asset on which interest is to be capit ized: 60,000 on Apri counted. The invoice was received and recorded on 41, P90,000 on May 1, December 30. the period. What was the average amount of acc 6, Included in inventory was P104,380 of inventory held expencitures for this quarterly accounting period? Ovation on consignment feom Ovoid Industries, 3. P180,000 fc. P150,000 7. Included in inventory is merchandise sold to Kemp f.0.b. b. P190,000 d. 170,000 g point. This merchandise was shipped after it was ‘ted, The invoice was prepared and recorded as 2 sale for P389,000 on December 31, The cost of this merchandise wes P105,200, and Kemp received the merchandise on January 5. Rae au aaEER DE mage ana aa Fi OpenFinPeia0S fo