For items 12 to 13: Agusan Company is engaged in small export business. The company maintains limited record. The following balances are abstracted from the company's records for the year 2014 January 1 December 31 Account Receivable P 150.000 P 100.000 Account Payable 200.000 100.000 Account Receivable Written Off 5.000 Cash Received from costumers 2.100,000 Cash paid to trade creditors 1.400.000 Sales Discounts 15,000 Sales returns and allowances 10,000 Note receivable-Trade 50,000 100,000 Purchase discounts Purchase returns 5,000 20.000 12. What is the amount of gross sale? A. P 2,055,000 B. P 2,080,000 C P 2.105,000 D. P 2.130,000 13. What is the amount of gross purchase? AP 1,525,000 B. P 1,500,000 C.P 1,325,000 DP 1,300,000 14. Camadillo Company reported the following changes in all the account balances for the current year, except for retained earnings: Increase (Decrease) Cash P 790,000 Accounts receivable, net 240,000 Inventory 1.270,000 Investments (470.000) Accounts payable (380,000) Bonds payable 820.000 Share capital 1.250,000 Share premium 130,000 There were no other entries in the retained earnings account except for net and dividend declaration of P 190,000 which was paid in the current year. What is the net income for the current year? A. P 1,200,000 B. P 1,190,000 C. P 200.000 D.P 10,000 15. Bart Company provided the following information for the current year. Disbursements for purchases P 5.800.000 Increase in trade accounts payable 500.000 Decrease in merchandise inventory 200,000 What is the cost of goods sold for the current year? A P 6,500,000 B.P6,100,000 C. P 5,500,000 D. P 5,100,000 16. During the first year, Exel Company issued 15,000 shares with P 100 par value at P 150 per share. At year-end, the entity issued 2,000 shares in payment of current obligations of P 250.000 Dividends of P 500,000 were paid during the year. Total liabilities at the end of the year amounted to P 200,000 and total assets at the end of the year equalled P 3,000,000. What is the net income for the first year of operations? A P 1,500,000 B. P 800.000 C. P 500,000 D.P 300,000 17. Sunshine Company had total assets of P 4.000.000 and shareholders' equity of P2080.000 at the beginning of the year. During the year, assets increased by P 520,000 and liabilities decreased by P 820.000. What is the shareholders' equity at the end of the year? A P 3,700,000 B. P 3.420,000 C.P 3,380,000 DP 1,340,000 A17NC-009 Page 3 of 4