Question 40 Accounts payable, P60,000 Bonds payable due after five years, P500,000 Long-term loans payable, P180,000 Short-term notes payable, P100,000 How much is the total current liabilities? (A) P680,000 B) P340,000 C) P840,000 D) P160,000 If the selling price of the sold finished goods is P750,000 and its cost is P600,000; how much is the gross profit? A) P150,000 B Cannot be determined C) P600,000 (D) P750,000 Question 34 The finished goods account shows the following for the month of May: Cost of finished goods on May 1, P85,000 Cost of finished goods manufactured during May, P420,000 Cost of finished goods sold, P300,000 How much is the ending balance of finished goods inventory? A) P505,000 B) P205,000 C) P125,000 (D) none of these E P385,000 1 Point Additional investment made during the period, P100,000 The beginning capital, P850,000 Net income, P250,000 Drawings at year-end, P200,000 How much is the ending balance of capital to be presented in the statement of financial position? A) P1,000,000 B) P1,400,000 P1,100,000 D) P800,000 The adjusted trial balance shows the following: Accumulated depreciation-equipment, P100,000 Accumulated depreciation-furniture and fixture, P120,000 Accounts receivable, P400,000 Allowance for doubtful accounts, P20,000 Cash, P250,000 Equipment, P350,000 Furniture and fixture, P450,000 Supplies on hand, P48,000 Prepaid rent, P60,000 How much is the current assets? (A) P778,000 (B) P580,000 C) P738,000 (D) P690,000