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ome File View History Bookmarks People Tab Window Help U+ Schoolbook | DLSU-D Creating X Summative Assessment 4 - B-, X + disud.edu20.org/student_take_quiz_assignment/display/23853245?part=6&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X Summative Assessment 4 Question 6 of 101 1 Point Dirt Corporation schedule of depreciable assets at December 31, 20X7 was as follows: Asset Cost Accum. Depreciation Acquisition date Residual value A 100,000 64,000 20X6 20,000 B 55,000 36,000 20X5 10,000 C 70,000 33,600 20X5 14,000 Dirt takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of an asset's disposition. The estimated useful life of each depreciable asset is 5 years. Dirt depreciates asset C by the straight-line method. On June 30, 20X8, Dirt sold asset C for P28,000 cash. How much gain (loss) should Dirt record in 2008 on the disposal of asset C? Select the correct response: P 2,800 O Answer not given (P 2,800) (P 5,600) (P 8,400) QAW PX NTN Q MacBook Prorome File View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating X Summative Assessment 4 - B- x C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=1&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X A Summative Assessment 4 Question 1 of 101 1 Point On June 1, 2016, ABC Corporation purchased as a long-term investment 4,000 of the P1,000 face value, 8% bonds of DEF Corporation for P3,645,328. Interest is payable semiannually on December 1 and June 1. The bonds mature on June 1, 2022. On November 1, 2017, ABC sold the hents bonds for a total consideration of P3,925,000. ABC intended to hold these bonds until they matured. The carrying amount of the investment in bonds as of December 31, 2016 is nces Select the correct response: ssors P3,671,491 ients P3,719,986 labus P3,649,541 Courses P3,725,919 Answer not given CTG123- 4-282021 Continue > ACTG111 A1-4 1820- 21 MacBook Pro My Gaea O Video & Mute FaceTime Audio 31:16 X End @ # $ % & 2 3 4 5 6 8 Q W E R Y U P A S D F G Kme File Edit View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating X Summative Assessment 4 - B- X + & disud.edu20.org/student_take_quiz_assignment/display/23853245?part=9&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X 4 Summative Assessment 4 Question 9 of 101 1 Point On December 31, 2017, the "Receivables" account of ABC Company shows P1,950,000. Details of the subsidiary ledger show the following: Trade accounts receivable P775,000 Trade notes receivable 100,000 Trade installment receivable, normally due one to two years 300,000 Customer's accounts reporting credit balances arising from sales returns 30,000 Advance payments for purchase of merchandise 150,000 Customers' accounts reporting credit balances arising from advance payments 20,000 Cash advance to subsidiary 400,000 Claims from insurance company 15,000 Subscription receivable due in 60 days 300,000 Accrued interest receivable 10,000 How much must be presented as "trade and other receivables" under current assets? Select the correct response: P725,000 Answer not given P1,650,000 P1,290,000 MacBook ProChrome File Edit View History Bookmarks People Tab Window Help @Schoolbook | DLSU-D Creating X Summative Assessment 4 - B- C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=10&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM Question 10 of 101 1 Point Status Start On January 1, 20x1, Ryumi Company purchased equipment with a cost of P5,500,000, the useful life of 10 years, and no residual value. The entity Time V used the straight line method of depreciation. Pop sessments At every year-end, the entity determined that impairment indicators are present. There is no change in the useful life or residual value. Question References The following information is available for impairment testing at each year-end: Quest December 31, 20x1 Questi rofessors Fair Value less cost of disposal, P 4,050,000 Value in use, P 4,275,000 Question . Question Students December 31, 20x2 Question Fair value less cost of disposal, P 4,200,000 Value in use, P 4,100,000 Question Syllabus Question What is the impairment loss for 20x1? Question My Courses Select the correct response. Question . Question B-ACTG123- P1,225,000 nilaction BSA14-2S2021 P0.00 2 B-ACTG171 BSA1-4 1$20 P900,000 21 P675,000 2 B-ACTG112 BSA14 Previous Continue > MacBook Pro X My Gaea Video X End & Mute FaceTime Audio 35:53 #F %me File Edit View History Bookmarks People Tab Window Help U+ @ Schoolbook | DLSU-D Creating X Summative Assessment 4 - B-/ x disud.edu20.org/student_take_quiz_assignment/display/23853245?part=2&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X Summative Assessment 4 Question 2 of 101 1 Point ABC Company received from a customer a one-year, P500,000 note bearing annual interest of 8%. After holding the note for 6 months, the entity discounted the note at the bank at an effective interest rate of 10%. What amount of cash was received from the bank? Select the correct response. P540,000 P495,238 P523,810 P513,000 Answer not given My Courses B-ACTG123- BSA14-282021 2 B-ACTG111 BSA1-4 1820- 21 2 B-ACTG112 MacBook Prome File Edit View History Bookmarks People Tab Window Help U+ C4 Schoolbook | DLSU-D Creating x Summative Assessment 4 - B-/ x & disud.edu20.org/student_take_quiz_assignment/display/23853245?part=5&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X Summative Assessment 4 Question 5 of 101 1 Point During the current year. Awkward Co. incurred costs to develop and produce a routine, low-risk computer software product Packaging product (500 units), P450,000 Duplication of computer software and training materials from product masters(1,000 units), P 1,250,000 Cost if producing product masters for training materials, P 750,000 Other testing costs after the establishment of technical feasibility, P1,000,000 Other coding costs after the establishment of technical feasibility, P1,200,000 Costs incurred for coding and testing to establish technical feasibility, P 500,000 Completion of detailed program design, P 650,000 In the year-end statement of financial position, what amount should be reported in Inventory? Select the correct response: . P1,700,000 P2,450,000 P1,250,000 P2,000,000 EEB MacBook Proome File Edit View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating X Summative Assessment 4 - B- & disud.edu20.org/student_take_quiz_assignment/display/23853245?part=4&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X Summative Assessment 4 Question 4 of 101 1 Point An analysis and aging of ABC Corp accounts receivable at December 31, 2017, disclosed the following: Amount estimated to be uncollectible P1,800,000 Accounts receivable 17,500,000 Allowance for doubtful accounts (per books) 1,250,000 What is the net realizable value of ABC's receivables at December 31, 2017? Select the correct response: P 14,450,000 P 16,250,000 P 17,500,000 P 15,700,000 Answer not given W PJ X N TT QT MacBook ProChrome File Edit View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating X Summative Assessment 4 - B-/ X C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=14&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X QB Summative Assessment 4 Question 14 of 101 1 Point Stat Start As an internal control, bank reconciliation statements are usually prepared Select the correct response. Assessments Ques annually at year-end References on a daily basis Professors on a monthly basis Students whenever the accountant needs to Syllabus Previous Continue > My Courses B-ACTG123- BSA14-252021 2 B-ACTG117 BSA1-4 1S20- 21 2 B-ACTG112 MacBook ProChrome File Edit View History Bookmarks People Tab Window Help @ Schoolbook | DLSU-D Creating X Summative Assessment 4 - B-/ X C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=15&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM Summative Assessment 4 Question 15 of 101 0 Points Stat Start I will answer the questions in this quiz honestly using my own knowledge. I will not ask anyone to help me answer the quiz and I will not share my answers with other students as well. As a future CPA, I will start building my integrity by being honest and truthful in all my dealings specifically in elation to my academic work. I will study and complete this quiz trusting in the Lord's Grace and my own ability. I offer my performance for this Assessments quiz for God's greater glory. Amen. ifi Que References Select the correct response: .True Professors False Students Syllabus Previous Continue > My Courses B-ACTG123- BSA14-2S202 2 B-ACTG111 BSA1-4 1S20- 21 2 B-ACTG112 MacBook ProChrome File Edit View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating x Summative Assessment 4 - B-/ X C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=13&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM x 4U SUITalive AssessinTell 4 each Question 13 of 101 1 Point Sta Start ABC granted an 8%, 3-year, P6,000,000 loan to DEF Company on January 1, 2016. The interest on the loan is payable every December 31. ABC incurred P520,600 of direct origination cost but an origination fee of P200,000 was charged against DEF Company. The effective rate on the loan as a result of the origination fee and cost is now 6%. Assessments What is the carrying value of the loan on January 1, 2016 in ABC's accounting books? References Select the correct response. Professors P6,000,000 Students P5,800,000 Syllabus P6,520,600 My Courses P6,320,600 151 Answer not given B-ACTG123- BSA14-282021 2 B-ACTG111 BSA1-4 1S20- 21 2 B-ACTG112 DEC OC AWPX NT Q & MacBook Prome File View History Bookmarks People Tab Window Help U+ Schoolbook | Summative Assessment 4 - B- X disud.edu20.org/student_take_quiz_assignment/display/23853245?part=3&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X Summative Assessment 4 Question 3 of 101 1 Point ABC, Inc. acquired 50,000 ordinary shares of AAA for P5 per share and 125,000 ordinary shares of BBB Corp for P10 per share on January 2, 2016. Both AAA Inc and BBB Corp have 500,000 ordinary shares outstanding. Both securities are being held as long-term investments. Changes in retained earnings for AAA and BBB for 2016 and 2017 are as follows AAA, Inc. BBB, Corp Retained earnings, 1/1/2016 P1,000,000 (P175,000) Cash dividends, 2016 (125,000) - Profit for 2016 200,000 325,0000 Retained earnings, 12/31/2016 1,075,000 150,000 Cash dividends, 2017 (150,000) (50,000) Profit for 2017 300,000 125,000 Retained earnings, 12/31/2017 1,125,000 225,000 Market value of share: 12/31/2016 12/312017 P7.00 6.50 P12.00 15.00 The income from investment in AAA, Inc. in 2017 is Select the correct response. PO P 15,000 4 W P J X N T Q QQ MacBook ProChrome File Edit View History Bookmarks People Tab Window Help Schoolbook | DLSU-D Creating x Summative Assessment 4 - B-/ X C disud.edu20.org/student_take_quiz_assignment/display/23853245?part=11&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM Bulimialive Assessment 4 Question 11 of 101 1 Point St Start Entity A acquires equipment on 1/1/20x1, information on costs is as follows: Purchase price, gross of P10,000 trade discount 800,000 Non-refundable purchase taxes 20,000 Assessments Delivery and handling costs 40,000 nstallation costs 30,000 References Present value of decommissioning and restoration costs 10,000 T Assume the equipment has a useful life of 10 years and a residual value of P90,000. Entity A uses the straight line method of depreciation. On Professors December 31, 20x2, Entity A revalues the equipment at a fair value of P820,000. There is no change in the residual value and the remaining useful life of the asset. How much are the revaluation surplus on December 31, 20x2 and revised depreciation expense in 20x3 and in subsequent periods, respectively? Students Select the correct response: Syllabus Revaluation surplus - P 92,000 ; Revised annual depreciation - P92,150 My Courses Revaluation surplus - P 83,000 ; Revised annual depreciation - P90,250 B-ACTG123- Answer not given BSA14-2S2021 ORevaluation surplus - P 89,000 ; Revised annual depreciation - P91,050 2 B-ACTG111 BSA1-4 1S20- . Revaluation surplus - P 90,000 ; Revised annual depreciation - P91,250 21 Previous Continue > 2 B-ACTG112 MacBook ProC ome File Edit View History Bookmarks People Tab Window Help U+ Schoolbook | DLSU-D Creating X Summative Assessment 4 - B-/ x + & dlsud.edu20.org/student_take_quiz_assignment/display/23853245?part=8&results=261347756 B-ACTG123-BSA14-282021 - Period MH 2PM-5PM X A Summative Assessment 4 Question 8 of 101 1 Point Statement 1: The accounts receivable account of Entity X has a gross balance of P100. If the carrying amount of the accounts receivable is P85, the allowance for bad debts account must have a balance of P15. Statement 2: Entity Y uses the percentage of credit sales method in estimating credit losses on its trade receivables. Entity Y's estimate of credit losses is 3% of net credit sales. If Entity Y reports net credit sales of P100, the bad debt expense for the year would be P3. Select the correct response: TRUE; FALSE FALSE; FALSE . TRUE; TRUE FALSE; TRUE MacBook Pro