18. Easy Company's beginning and ending total liabilities were P 840.000 and P 1.000.000 respectively. At year-end, owners equity was P 2,600,000 and total assets were P 200.000 larger than at the beginning of the year. During the year, the new share capital issued exceeded dividends by P 240,000. What was the net income or loss for the year? A. P 280,000 income B.P 280,000 loss C.P 200,000 loss D. P 40,000 income 19. Haze Company provided the following information for 2012: January 1 December 31 Cash P 620,000 P? Accounts receivable 670,000 900.000 Merchandise inventory 860,000 780,000 Accounts payable 530.000 480.000 The sales and cost of goods sold were P 7,980,000 and P 5,830,000, respectively. All sales and purchases were on credit. Various expenses of P 1,070,000 were paid in cash. There were no other pertinent transactions. What is the cash balance on December 31, 2012? A. P 1,090.000 BP 1,500,000 C P 2.570,000 D. P 3,050,000 20. During 2012, Noller Co. sold equipment that had cost P294,000 for P176,400. This resulted in a gain of P12,900. The balance in Accumulated Depreciation Equipment was P975,000 on January 1, 2012, and P930,000 on December 31. No other equipment was disposed of during 2012. Depreciation expense for 2012 was A. P45,000. B. P57,900. C.P85,500 D. P175,500 21. Wellington Corp. has outstanding accounts receivable totaling P5 million as of December 31 and sales on credit during the year of P25 million. There is also a debit balance of P20,000 in the allowance for doubtful accounts. If the company estimates that 8% of its outstanding receivables will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year- end adjustment to record bad debt expense? A. P2,000,000. B. P 420,000 C.P 400,000 D.P 380.000 22. The following information for the Lilac Company for the year 2013: Gross profit on sales P 76.800 Cost of goods manufactured 272,000 Goods in process inventory, beginning 22.400 Goods in process inventory, ending 30,400 Finished goods inventory, beginning 36.000 Finished goods inventory, ending 41,600 How much was the sales of Lilac Company for the year 2013? A. P335,200 B. P343,200 C P347,200 D. P348,800 23. Certain information relative to the 2014 operations of Anko Co. follows: Accounts receivable, January 1, 2014 P34,000 Accounts receivable collected during 2014 46,000 Cash sales during 2014 12.000 Inventory, January 1, 2014 18.000 Inventory, December 31, 2014 16,500 Purchases of inventory during 2014 40.000 Gross margin on sales 13.500 What is Anko's accounts receivable balance at December 31, 2014? A. P28,000 B. P31,000 CP34,000 D. P43.000 A17NC-009 Page 4 of 4
