1. Theledger of James Company on December 31, 2019 included the following: ? *Copyright, P300,000 ? *Deposit with advertising agency (will be used to promote
1. Theledger of James Company on December 31, 2019 included the following:
? *Copyright, P300,000
? *Deposit with advertising agency (will be used to promote goodwill), P270,000
? *Bond sinking fund, P700,000
?* Excess of cost over fair value of identifiable net assets of acquired subsidiary, P3,900,000
?* Trademark, P900,000
? *Excess of cost over fair value of identifiable net assets of acquired associate, P1,200,000
On December 31, 2019, what amount should be reported as total intangible assets?
A. P4,800,000
B. P5,070,000
C. P5,100,000
D. P6,300,000
The ledger of James Company on December 31, 2019 included the following: Copyright, P300,000 No.2 Deposit with advertising agency (will be used to promote goodwill), P270,000 Bond sinking fund, P700,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary, P3,900,000 Trademark, P900,000 Excess of cost over fair value of identifiable net assets of acquired associate, P1,200,000 On December 31, 2019, what amount should be reported as total intangible assets? A. P4,800,000 B. P5,070,000 C. P5,100,000 D. P6,300,000 No.3 On January 1, 2016, Cream Company purchased a patent for P7,140,000. The patent is being amortized over the remaining legal life of 15 years expiring January 1, 2031. During 2019, the entity determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. How much is the patent amortization in 2019? A. P816,000 B. P890,000 C. P923,000 D. P955,000Melody Company used the allowance method of accounting for doubtful accounts. For receivable aging, it was estimated that 3%, 10%, and 15% will not be collected anymore for receivables aging 0-30 days, 31-60 days, and over 60 days, respectively. These all amounts to P4,000,000, P2,000,000, and P1,500,000. Net credit sales for the year amounted to P30,000,000 and that the balance before adjustment of the allowance for uncollectible accounts amount to P50,000 credit. What amount should be recognized in the adjusting entries as doubtful accounts expense for the current year? A. P445,000 B. P495,000 C. P545,000 No.4 D. P595,000 After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of P450,000 and Allowance for Doubtful Accounts has a balance of P25,000. What is the net realizable value of the accounts receivable? A. P400,000 B. P425,000 C. P450,000 No. 5 D. P455,000During the audit of ABC Company on December 31, 2019, the following data are gathered: Balance per book 4,000,000 Bank charges 10,000 Outstanding checks 950,000 Deposit in transit 1,200,000 Customer note collected by bank 1,500,000 Interest on customer note 60,000 Customer check returned NSF 250,000 Depositor's note charged to account 1,000,000 The correct cash balance amounts to? No. 6 A. P4,000,000 B. P4,250,000 C. P4,300,000 D. P5,300,000ABC Company has beginning inventory of 1,000 units of product A @ P50. During the month, the following has transpired: Purchased 500 units @ P52 Sold 1,200 units Purchased 2,000 units @ P54 Sold 1,000 units Using the information in how much is the cost of goods sold under weighted average? A. P110,960 B. P111,658 C. P114,898 No. 7 D. P115,654 Using the information in ; how much is the gross profit under moving average? A. P130.965 B. P149,626 C. P150,000 D. P167,987 No. 8
