Question
1.The following selected accounts were taken from the books of Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods
1.The following selected accounts were taken from the books of Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520. Santos, Capital, December 31 is Select one: a. P210,750 b. P151,500 c. P148,500 d. P150,000
Cebu Trading sold to Manila Store goods with a listed price of P100, 000. Term of sale: Trade discount of 3% and 2%. Payment terms: 2/10,n/30.
If Manila Store failed to pay within the discount period, the amount due is
Select one:
a. P95,000
b. P 95,060
c. P102,000
d. P100,000
3. The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.
The cost of sales ratio or cost ratio is
Select one:
a. Answer not given.
b. 60%
c. 62%
d. 40%
4. The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:
Accounts Receivable P5,000 Building P50,000
Sales 75,000 Service Income 10,000
Prepaid Rent 6,000 Salaries Expense 20,000
Adjustment data on April 30:
a) 2 % of sales is estimated to be uncollectible.
b) Rent expired, P2,000.
c) Salaries unpaid, P 1,500.
d) Building will be depreciated at 20% per annum, with useful lie of 10 years.
e) Income unearned , P1,000.
Income will be adjusted by
Select one:
a. Service Income P 1,000
Unearned Service Income P1,000
b. Unearned Service Income P 1,000
Service Income P1,000
c. Unearned Service Income P1000
Cash P1,000
d. Service Income P 1,000
Cash P1,000
5.The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:
Accounts Receivable P5,000 Building P50,000
Sales 75,000 Service Income 10,000
Prepaid Rent 6,000 Salaries Expense 20,000
Adjustment data on April 30:
a) 2 % of sales is estimated to be uncollectible.
b) Rent expired, P2,000.
c) Salaries unpaid, P 1,500.
d) Building will be depreciated at 20% per annum, with useful lie of 10 years.
e) Income unearned , P10,000.
Adjusting entry for letter(c) is
Select one:
a. Salaries Expense P18,500
Cash P18,500
b. Prepaid Rent P 2,000
Cash P2,000
c. Salaries Payable P 1,500
Cash P1,500
d. Salaries Expense P 18,500
Salaries Payable P 18,500
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