Alfonso, Bravo and Claudio are partners who share profits and losses in the ratio of 5:2:3, respectively. On January 1, 2016, they decided to liquidate the partnership and the statement of financial position was prepared as follows: ASSETS Cash Non Cash Assets Total Assets January February March April Book Value of Assets Sold 5,000 50,000 12,000 7,000 15,000 2,000 55.000 The following transactions occurred as a result of the liquidation process: Payment of Liquidation Expenses 500 Proceeds 10,500 LIABILITIES & CAPITAL Liabilities 6,000 10,000 5,000 Bravo, Loan Claudio, Loan Alfonso, Capital Bravo, Capital Claudio, Capital Total Liabilities & Capital 750 1,000 5,000 Payment to Creditors 6,000 6,000 7,000 2,500 17,450 12.550 9,500 55.000 Cash Withheld 2,000 1,000 2.500 0 1. How much total cash should the partnership distribute in order to apply the profit or loss ratio of all partners in distribution? A. P11,500 C. P20,750 2. Using Cash Priority Program (CPP), how much is the amount to be received by Alfonso, Bravo and Claudio for the month of January? A. C. PO: 3,500; 3,500 P0; 7,000; 0 B. P14,100 D. P22,540 A. PO; 3,125; 3,125 C. P0; 1,020; 5,230 B. D. 3. Using Cash Priority Program (CPP), how much is the amount to be received by Alfonso, Bravo and Claudio for the month of February? A. P0; 3,750; 3,750 C. P3,325; 1,670; 2,505 P3,500; 1,400; 2,100 P7,000; 0; 0 B. D. P3,125; 1,250; 1,875 PO; 5,230; 1,020 4. Using Cash Priority Program (CPP), how much is the amount to be received by Alfonso, Bravo and Claudio for the month of March? B. P3,750; 1,500; 2,250 D. P2,505; 1,670; 3,325 5. Which of the following statements about process costing system is incorrect? A. In a process costing system, each processing department has a work in process account. B. In a process costing system, equivalent units are separately computed for materials and for conversion costs. C. In a process costing system, overhead can be under- or overapplied just as in joborder costing. D. In a process costing system, materials costs are traced to units of products.