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TEST V- Short Problems. 1. On April 1. 2020. Efren Bata \"sets\" up a rm and brings in oice equipment of P50.000 and inventory of P30.000 to the business. Efren puts P00.000 into the rm's cash box and P100,000 into the n'n's bank account. Meanwhile. the rm lends P50.000 cash to Dennis Orcullo and borrows P200,000 from the bank to acquire a piece of land. What is the amount of the rm's capital on April 1, 2020? . Tom Grady Real Estate owns an ofce building and leases the ofce under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Tom's balance sheets contained the following data: 2018 201 9 Rental Receivable P192,000 P248000 Uneamed Rentals 640,000 480,000 During 2019. Tom received P1 a600,000 from tenants. What amount of rental revenue Should Torn record for 2019? Based on the followlng Informatlon, answer Questions 3 to 6. An entity has the following accounting information for the year: Sales 400,000 Gross Prot 230.000 Purchases 90,000 General Expenses 7.000 Opening Inventory 30,000 Other Revenue 4.000 Sales Returns 80,000 Salaries 9.000 Purchase Returns 20,000 Transportation in 40.000 Transportation out 10,000 Sales Discount 10,000 . What is the amount of net sales of the entity? . What is the amount of net purchases of the entity? . What is the amount of closing inventory of the entity? . What is the amount of prot for the year? . The following errors occurred in posting transactions from the joumal to the ledger: o A receipt of P6,000 from a client on account was posted as P6,000 debit to cash and a P5,000 credit to Sales 0 A payment of P2.800 for advertising was posted as P8.200 debit to advertising expense and a P2.800 credit to sales. 0 The purchase of supplies on account for P1.500 was posted twice as a debit to supplies and once as a credit to accounts payable. Which column of the trial balance total is larger? . A law rm began November with ofce supplies of P20.000. During the year the rm purchased supplies of P33,000. On November 30. supplies on hand totaled P25.000. What is sugglies expense for the period? 9. On March 1, 2019 an entity purchased a re insurance policy covering a property for a period of two years. 31,200 cost of the policy was paid in cash. At the end of 2019, the company will reduce Prepaid Insurance for this policy by _? 10. Salaries Payable was P3,500 at the end of September and P2,300 at the end of October. Salaries Expense for October was P18,000. How much cash was paid for salaries during October? 11. On May 18. 2019. a re destroyed the merchandise inventory of Alyssa Valdez Store. The following information was available from the entity's accounting ofce: Cost of Goods Sold P1 .250,000 Transportation in P 39,600 Purchase Discounts 26,400 Merchandise inventory 1i1i19 300,000 Purchase Ret 8. Allow 46,500 Purchases 1 .310,000 What is the value of the lost merchandise? 12. Lewis Hamilton is trying to decide whether to accept a salary of P60,000 or a salary of P 40,000 plus bonus of 10% of net income after salary and bonus as a means of allocating prot among the partners. Salaries traceable to the other partners are estimated to be P120,000. What amount of income would be necessary so that Lewis would consider the choices to be equal? Based on the foiiowing Information, answer Questions 13 to 14. Ann Murray Company completed the following purchase and cash disbursement transactions during the month of July 2019. All credit purchases are 21 0. ni30. July1 5 Ann invested P1 ,500,000 cash in the business. Acquired ofce supplies for cash. P30,000. Issued check no.1001 11 Purchased merchandise on account from Elaine Paige P300.000 13 18 19 20 25 30 Paid freight charges on merchandise purchased from Elaine Paige, P3.000. Issued check no. 1002. Purchased merchandise on account from Leah Navarro, P520.000 Purchased merchandise for cash. P150,000. Issued check no 1003. Paid Elaine Paige. Issued check no 1004. Paid salaries, P96.000. Issued check no. 1005. Ann Murray withdrew P100,000 from the business. Issued check no. 1006. Assume the use of special journals. 13. In the purchase joumal for the month of July, how much is the total purchases? 14. In the cash payment joumal for the month ofJuIy, how much is total credit to cash? 15. The shareholders' equity section of Wang Yu Company revealed the following infonhation on December 31, 2019: Preference Shares, P100 par P2,300.000 Share Premium-Preference 912.000 Ordinary Shares, P15 par 6,300 .000 Share Premium-Ordinary 2,940,000 Subscribed Ordinary Shares 375 .000 Retained Eamings 2,250,000 Subscription receivable-Ordinaryr 750,000 How much is the legal capital? Based on the fottowtng tnfonnatton, answer Questtons 16 to t 8. 16. On May 1, 2018, an entity acquired for resale goods on account with a list price of P250,000. The supplier allowed a 15% trade discount as well as credit terms of 2.-'10. n.-'30. The entity paid the invoice within the discount period. How much cash was paid? 17. What was the invoice price? 18. What was the amount of cash discount? Based on the folloud'ng Information, answer Questions 1'9 to 20. 19. Tom and Jen'y divide partnership prots and losses solely on the basis of their average capital balances. Tom had P550,000 invested during all of 2019. Jerry had P400,000 invested from January 1 to August 31, and he invested another P150,000 on September 1. If prot was P1 ,200,000 during 2019, how much should Tom receive as his share? 20. What is the share of Jerry in the prot of P1 ,200,000? 21. If a partnership has a prot of P658,000 and Partner M. Jordan is to be allocated a Bonus of 5% of prot after bonus, Jordan's bonus would be_? Based on the followtng Informatton, answer Questtons 22 to 31 Mabuhay Sales, Inc. reported the following shareholders\" equity: Preference shares. P100 par, 8% cumulative, 10,000 shares authorized. 7,500 shares issued P 750.000 Ordinary shares, P10 par, 100,000 shares authorized, 60,000 shares issued and outstanding 300,000 Share premium-preference 240,000 Share premium-ordinary 480.000 Retained earnings 2.750.000 Treasury stock, at cost (1,000 preference shares) 145.000 22. What was the average issue price of the preference shares? 23. What was the average issue price of the ordinary shares? 24. Assume that prot for the year was P358,000. joumalize the entry to close prot to 25. 28. 27. 2B. 29. 30. 31. retained earnings. Joumalize the issuance of 1,200 additional preference shares at 128 per share. What is the entry if Mabuhay reacquires 1,500 ordinary shares at P20 per share? What is the entry if one month later Mabuhay sells 1,000 shares reacquired in No.26 at P21 per share? How many Preference shares are issued? How many Preference shares are outstanding? How many Ordinary shares are issued? How many Ordinary shares are outstanding