10. Department of Finance granted cash advance for the travelling expenses of its Department Heads to attend a convention in Davao in the amount of P500,000. The Department Heads submitted the liquidation report and supporting documents of cash advances and refunded P20,000 of the excess cash advance. The debit journal entry to record the refund of excess cash advance includes a. Cash MDS, Regular, P20,000 b. Cash Collecting Officer, P20,000 c. Cash Disbursing Officer, P20,000 d. Advances to Officers and Employees, P20,000

11. A not-for-profit hospital billed patients P2,500,000 for services rendered during the year ended December 31, 2022. The hospital realized cash of P2,150,000 from patients billings because of the following reductions: 1. Contractual adjustments of P185,000 2. Uncollectible accounts receivable of P85,000 3. Courtesy discounts of P80,000

How much is the net patient service revenue? a. P1,800,000 b. P2,150,000 c. P2,230,000 c. P2,235,000

12. On March 5, 2023, a non-profit organization received unrestricted cash contributions of P1,000,000 and restricted cash contributions of P600,000. All of the restricted contributions were restricted by the donor for the purchase of equipment. During the year, equipment costing P200,000 was acquired with restricted contributions. How much is the increase (decrease) in restricted net assets during the year?

13. A private, not-for-profit hospital received a donation of medicine from the XYZ Pharmaceutical Company on February 28, 2022. The cost of the medicine to the company was P120,000, and its market value was P150,000. Twenty five percent of the medicine was used by the hospital during the year ended June 30, 2022. On the hospital's statement of operations for the year ended June 30, 2022, the contribution of medicine would increase operating revenues by

14. The following are the selected transactions for a private, not-for-profit university. a. Tuition and fees assessed total P10,000,000, 85% of which was collected by year-end; tuition scholarships were granted for P800,000, and P400,000 was expected to be uncollectible. b. Revenues collected from sales and services by the university bookstore were P1,000,000. c. Salaries and wages were P5,000,000, P200,000 of which was for employees of the university bookstore. d. Financial aid funds of P500,000 were received from the Pell Grant program; the funds were then disbursed to the appropriate students. e. Contributions of P250,000 were received; P50,000 was restricted for the athletic department and P200,000 was unrestricted. An additional P25,000 was pledged to the athletic department by the alumni. f. Athletic equipment was purchased with P35,000 previously set aside for that purpose.

How much is the net earnings (excess of revenues over expenses) of the university for educational/general and auxiliary enterprise?

15. On January 1, 2022, P Company acquired 60% of the outstanding ordinary shares of S Company. for cash. The incomplete working paper elimination entries on the date for the consolidated statement of financial position are shown below: Shareholders Equity S 4,800,000 Inventories 50,000 Patent 90,000 Goodwill ? Investment in S 3,100,000 Non-controlling interest ? Equipment 140,000 The purchase price included a control premium of P100,000 and non-controlling interest is measured at fair value. How much is the amount of goodwill to be reported in the consolidated statement of financial position on January 1, 2022?

16. On January 1, 2023, P Company purchased 64,000 shares of the 80,000 outstanding shares of S Company at a price of P1,200,000, with an excess of P30,000 over the book value of S Company's net assets. P13,000 of the excess is attributed to an undervalued equipment with a remaining useful life of eight years from the date of acquisition and the rest of the amount is attributed to goodwill.

For the year 2023, P Company reported a net income of P750,000 and paid dividends of P180,000, while S Company reported a net income of P240,000 and paid dividends to P Company amounting to P39,000. The retained earnings of P Company at the end of 2023 per books is P1,025,000. P Company uses the cost method to account for its investment in S Company and elected to measure non-controlling interest at fair value on date of acquisition. How much is the consolidated net income attributable to controlling interests?

17. On January 1, 2019, Patter Corp. purchased 80% of the outstanding shares of Saturn Co. at a cost of P1,620,000. On that date, Saturn had P600,000 of ordinary shares and P1,000,000 of retained earnings. All the assets and liabilities of Saturn Co. have book values approximately equal to their respective market values, except for equipment with fair market value increase of 50,000 (remaining life of 4 years). For 2020, the operating results of Patter and Saturn are: Net income P1,000,000 (cost method) and P500,000, respectively; Dividends paid, P200,000 and P80,000, respectively. During 2020, Patter Corp. sold merchandise to Saturn at 120% of its cost, the same as that used in 2019 sales. The inventory of Saturn on January 1, 2020 included P19,200 of merchandise purchased from Patter Corp. in 2019, while its December 31, 2020 inventory included P36,000 of merchandise purchased from Patter Corp. in 2020.

The Retained Earnings, beg of Saturn in 2020 was P1,200,000. Patter uses the proportionate method in measuring NCI. Impairment loss was estimated at P20,000 and 30,000 in 2019 and 2020, respectively, based on partial goodwill recognized. Determine the consolidated net income attributable to parent in 2020.

18. The working paper elimination entry for dividends includes a On January 1, 2022, Entity A and Entity B signed an agreement to form a joint arrangement to manufacture campaign shirts for the coming election. They initially invested P250,000 cash each. The following transactions happened in 2022 in relation to the joint arrangement: Purchased machinery and equipment costing P150,000 (P80,000 paid in cash, the balance on account). It has an estimated useful life of 3 years with no residual value. Purchased raw materials amounting to P110,000 (including P15,000 indirect materials) on account. All were issued to production. Incurred and paid labor amounting to P120,960 (including P10,000 indirect labor). Incurred and paid other factory overhead P25,000.

Paid suppliers P100,000. Finished all the jobs and sold to customers at 20% mark up. Collected all the accounts from customers. How much the share of Entity B in the net income (loss) of the joint arrangement?

19. BULACAN Company, an SME, acquired 30% interest of the equity of ABC Company for P500,000 plus a transaction cost of P10,000 on January 1, 2022. At the end of the year, ABC reported a profit of P400,000 and declared dividends of P150,000. The dividends were paid on January 15, 2023. Published price quotation does not exist for the shares of ABC. Using appropriate valuation techniques, BULACAN determined the fair value of its investment in Integrity at December 31, 2022 as P560,000. Costs to sell are estimated at 3% of the fair value of the investment. Using the Cost Model, how much is Carrying Value of the Investment at December 31, 2022?

20. During March 2023, BEA Company worked on three jobs. Data relating to these three jobs follows: JOB NO. 200 JOB NO. 201 JOB NO. 203 Units in each order 1,200 2,000 3,000 Units sold 1,200 - 2,500 Materials requisitioned P25,000 P40,000 P30,000 Direct labor hours 1,000 1,500 2,000 Direct labor rate per hour P60 P70 P60 Overhead is applied at 80% of direct labor cost. During March, Job no. 200 was completed & delivered to customer at 125% of cost. Job no. 203 was placed in stock. Job no. 201 was the only unfinished job at the end of the month. a. The cost of goods manufactured for the month was: b. The cost of goods sold for the month was:

21. Active Co. processes its product in three consecutive departments, A, B, and C. The following data are given on the third departments production for June 2020. All the cost elements are evenly distributed. The company uses the FIFO method. Quantity Data In process, June 1 (4/5 complete) 5,000 units Transferred in 22,000 units In process, June 30 (3/4 complete) 8,000 units Cost Data In process, June 1 P 61,220 Transferred in 220,000 Cost added in June Materials 31,500 Labor 16,800 Overhead 12,600 a. Determine the EUP for all the cost elements. b. How much is the cost of the ending inventory?