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