31 A company leased a portion of its store to another company for 10 months beginning on October 1, at a monthly rate of 1.500. Fragmental collected the entire 15.000 cash on October 1 and recorded it as unearned evenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by company on December 31 would be include Drevenue 4.500 ODP500 O Debt revenue P10.500 O Cd unsaned 10.503 [hwc]#indly f , irl get 10 Question 32 On January 1, a Magazine company received 120,000 from subscribers for the annual subscriptions that it recorded in Uneamed Subscription Revenue. The issues of the magazine are mailed to subscribers quarterly What amount of subscription revenue should the magazine recognize on March 31 when the first issue is sent in March O30000 OP0.000 Dotset this option Corset aner will be given her the schedule ad focal exam P120000 000000 2 pts 2 pts DQuestion 33 D A company purchased a new delivery van at a cost of 150.000 on October 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of 10.000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31? OP2000 OP7500 OP7000 OP2333 Question 34 Det this option Correct will be given after the schedule Using the information in the previous question, how much is the book value of the van at year-end? OP143,000 OP122.000 OP120.000 P142.500 Test choice Do not select this option. Correct answer will be given after the schedule of final exame 2 pts 2 pts Question 35 Acquisition cost of transportation equipment Scrap value Useful life Acquisition date PF0.000 50% of depreciable amount 10 years June 1, 2018 Based on the data stated above, what is the depreciation expense to be reflected in the income statement for the year 2018? OP1000 OP22 02250 01500 Question 36 2 pts 2 pts On November 1, a Campany loaned P300,000 on 10% annual interest to a customer interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year end, the adjusting entry for accruing interest that the company would need to make on December 31. the calendar year-end includes 05.000 OD 30.000 o fest shoke Do not select the cation Corest answer will be given after the schedule of flex O Credit to tree,000 O C Question 37 2 pts Sanborn Company has 10 employees, who cam a total of P20,000 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the folowing Monday. The adjusting entry needed on December 31 is: Crette Salasies ga 140000 ODS 0000 Oct this option. Come we will be gwn after the di O Co OD 20,000 Question 38 The following accounts were abstracted from a company's unadjusted trial balance at December 31, 2019 Description Debit P1.000.000 Accounts receivable Allowance for bad debts Net credit sales The company estimated that 3% of the net credit sales will become uncollectible How much is the uncollectible account expense reported in the statement of comprehensive income for the year ended December 31, 2019? O PH000 O F300.000 Ost shake Dat salt is apton Correct anveer will be given after the shade of final OPR00,000 O P30000 Credit P2,000 P3,000,000 2 pts Question 39 Using the previous information, how much is the net realizable value of the accounts receivable? OPOLDOO Oest choice Do not select this option. Correct answer will be given after the schedule of final exam OPDOO O P10000 O P00,000 Question 40 2 pts 2 pts A sole proprietor, had annual revenues of P285.000, expenses of P81,000, and withdrew P20,000 from the business during the current year. The owner's capital account had a beginning balance of P210,000. The Net Income for the year OF204,000 OF364,000 Oh not select this option. Conect answer will be given after the schedule of OP14.000 O 434000 O 65.000 Question 41 Using the information in the previous question, how much is the ending balance of the capital? O fest choice) Do not select this option Correct answer will be given after the schedule of alexan O P394,000 O P475,000 O P414000 O P43400 Question 42 2 pts 2 pts At the beginning of the year, a company's statement of financial position reported the following balances: Total Assets P105,000, Total Liabilities P50.000. During the year, the company reported revenues of 50.000 and expenses of P20,000. In addition owner's withdrawals for the year totaled 10,000. Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be O PR5,000 OP95.000 OP175.000 OP75.000 Test choice Do not select this option. Correct answer will be given after the schedule of final exam 0 Question 43 Use the information in the adjusted trial balance presented below: Account Title Cash Accounts receivable Prepaid expense Equipment Accumulated depreciation-Equipment Land Accounts payable Interest payable Unearned revenue Long-term notes payable Capital Totals How much is the total assets? OP215200 19,000 18.000 3.200 95.000 80.000 35,000 20.000 3.200 4.000 3.000 150,000 215.200 215.200 OP177.000 OP212000 O Test choice Do not select this option Correct answer will be given after the schedule affix OP10200 2 pts Question 44 Using the information in the previous question, how much is the total non-current abilities? P3000 Oest choice Do not select this option Correct answer will be given after the schedule of final exam OP7,000 10.200 O P30200 Question 45 The total sales was P500,000 of which sales on cash basis amounted to P200,000. The policy of the business is to provide 1% of credit sales as bad debt expense. The bad debt expense is O P4000 OP2000 Ost choice Do not select this option. Correct answer will be given after the schedule of final exam OP1000 Question 46 A company purchased P10,000 of merchandise on July 5 with terms 2/10, n/30. On July 7, it retumed P800 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals OP16.840 OP17.200 OP56056 O P17,640 2 pts 2 pts 2 pts D Question 47 2 pts A company purchased 14,000 of merchandise on July 5 with terms 2/10, n/30, On July 7, it returned 500 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetuel inventory system. The conect journal entry to record the purchase on July 5 includes Credit Cash 3,500 Oest choice Do not select this option Correct answer will be given after the schedule of O Detitiventory P14.000 O Debit purchases P14000 D Question 48 Using the information in the previous question, the correct journal entry to record the payment on July 28 includes Credit verdry P270 [TestDo not fect this option Correct answer wilbe given after the co O Debit account P13.500 Crepuscourt P270 OC-P13.230 2 pts Question 49 A company purchased P50,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, 1.000, was added to the invoice amount. On June 20, it returned P300 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 25 equal OP49.700 OP50700 O est choice Du nat select this options Camect answer will be given after the schedule of 01209 020 Question 50 A company had net sales P325.000 and cost of goods sold P235.000. Other expenses amounted to P24.000 How much is the gross prat o the chat Do not select option. Camect answer wil be given after the schedule of O PF0000 OP201000 OP6000 O2000 2 pts 2 pts