X Complete the cost of sales section by supplying the missing amounts (A-J) IN THE BLANKS BELOW based on the following independent cases 1-5: Disregard peso sign and use comma accordingly. 1 2 3 4 5 . Purchase Returns A 14,000 2,200 2,480 6,200 1,750 2,250 4,500 35,000 5,500 Sales Returns Goods Available for Sale 69,000 77,500 90,000 G 85,500 Freight in 2,000 5,000 E 1,250 1,110 3,000 12,000 5,000 3,800 1,500 35,000 19,000 17,500 13,000 1 Freight out Merchandise inventory, beg. Merchandise inventory, end 19,000 C F 18,500 J Purchases 47,500 D 72,000 85,000 73,000 3,200 4,600 5,500 1,950 2,000 2,750 2,175 0 H 1,500 Sales Discount Purchase Discount Cost of Goods Sold B 54,000 43,000 60,000 68,000 A Purchase returns is Blank 1 B Cost of goods sold is 50,000 C Merchandise inventory, end is 23,500 D Purchases amount to 60,000 E Freight-in is Blank 5 F Merchandise inventory, end is 47,000 G Goods available for sale is 78,500 H Purchase discount is Blank 8 I Merchandise inventory, beg. is 16,200 J Merchandise inventory, end is 17,500 Question 9 Which of the following statements is correct? A The cash receipts journal records sales on account. B The sales discount column is included in the cash receipts journal. C) Merchandise returned by the buyer is recorded by the seller in the purchases journal. D The purchases journal records all purchases of merchandise whether for cash or on account. 1 Point Question 14 Which of the following statements is true? A There are fewer subsidiary accounts than control accounts. B) The amounts in the subsidiary ledgers must at all times be equal to the total related general ledger account. The number of control accounts must always be equal to the number of subsidiary accounts. Subsidiary accounts are maintained only for accounts receivable, accounts payable, notes payable, and notes receivable. Indicate in which of the five journals each transaction must be recorded. Write only the letter based on the choices given below: Use upper case. Do not use unnecessary marks. A. Sales Journal B. Cash receipts journal C. Purchases journal D. Cash payments journal E. General Journal Example: Paid the amount due. Answer: A 1. Receipt of note in settlement of a customer's account. Blank 1 2. Sale of merchandise for cash. B 3. Payment of interest on a mortgage. Blank 3 4. Sale of merchandise on account. A 5. Note payable sent to a creditor in settlement of an account. Blank 5 6. Purchase of supplies on account. C 7. Owner invested his personal computer into the business. Blank 7 8. Purchased on cash basis land for future use of the business. D 9. Cash refund given to a customer for merchandise returned. Blank 9 10.Partial collection of account from customer. B ... bn December 1, 2021, Janine Frias Company had the following account balances: Debit Cash P 164,000 Accum. Depreciation Accounts Receivable 92,000 Accounts Payable Inventory 182,000 Salaries & Wages Payable Supplies 24,000 Frias, Capital Equipment 540,000 Frias, Withdrawals 50,000 P1,052,000 Credit P 54,000 96,000 42,000 860,000 P1,052,000 During December, the company completed the following summary transactions. Dec. 1 Sold merchandise on account to Yna Company, 58,500, terms: 2/10, n/30 6 Paid P64,000 for salaries and wages due employees, of which P24,000 is for December and P40,000 for November Salaries and Wages Payable. 8 Received P38,000 cash from Angelo Retailing Co. in payment of its account. 10 Sold merchandise for cash P130,000. 11 Received partial payment form Yna Company, P28,500. 13 Purchased merchandise on account from David Trading, P180,000, terms: 2/10,n/30. 15 Purchased supplies for cash P36,000. 18 Sold merchandise on account P240,000, terms 3/10, n/30. 20 Paid salaries and wages, P36,000. 23 Paid David Trading in full. 27 Received collections in full from customers billed on December 18. Adjustment data: 1. Accrued salaries and wages payable P32,000. 2. Depreciation P4,900 per month 3. Supplies on hand P38,000 4. Inventory end amounts to P62,900. Based on the above information, supply the answer required to each question. 1. Accounts Payable balance as of December 31, 2021 is Blank 1. 2. The result of operation for the month of December is Blank 2. Write only the letter from the choices given. Use lower case. a. Net loss of P34,900 c. Net income of P6,900 b. Net loss of P6,900 d. Net income of P34,900 3. Sales balance per Sales Journal is Blank 3 27 Received collections in full from customers billed on 18. Adjustment data: 1. Accrued salaries and wages payable P32,000. 2. Depreciation P4,900 per month 3. Supplies on hand P38,000 4. Inventory end amounts to P62,900. Based on the above information, supply the answer required to each question. 1. Accounts Payable balance as of December 31, 2021 is Blank 1. 2. The result of operation for the month of December is Blank 2. Write only the letter from the choices given. Use lower cas a. Net loss of P34,900 C. Net income of P6,900 b. Net loss of P6,900 d. Net income of P34,900 3. Sales balance per Sales Journal is Blank 3 4. Total assets amount to Blank 4. Write only the letter from the choices given. Use lower case. a. P865,900 b. P936,800 c. P946,900 d. P1,005,800 5. Accounts Receivable balance as of December 31, 2021 is Blank 5. Disregard peso sign. Use comma accordingly. 6. Total liabilities amount to Blank 6. Disregard peso sign. Use comma accordingly. 7. Capital ending balance is Blank 7. Disregard peso sign. Use comma accordingly. 8. General Ledger cash balance as of December 31, 2021 is Blank 8. Disregard peso sign. Use comma accordingly. 9. Total operating expenses amount to Blank 9. Disregard peso sign. Use comma accordingly. 10. Gross profit for the period is Blank 10. Write only the letter from the choices given. Use lower case. a. P98,100 b. P116,100 c. P125,800 d. P159,800 Question 22 When a petty cash fund is in use under the imprest system A Petty Cash is credited when funds are replenished. B Expenses are not recorded. C Expenses paid with petty cash are recorded when the fund is replenished. D Cash is debited when funds are replenished. Question 25 Which of the following is not an advantage of using special journals? A Lesser journal entries are prepared B recording process is reduced C Division of work is possible D Posting process is reduced Question 29 3 Points Javier Co. uses special journals and a general journal. The following transactions occurred during September 2021: OG Sept 1 C. Javier invested P400,000 cash in the business. 2 Sold merchandise to Lovely Co. for P63,000 cash. The cost of the merchandise sold was P42,000. 3 Purchased merchandise for P77,000 from JL using check no. 101. 14 Paid salary to Rochi Ong P7,000 by issuing check no. 102. 16 Sold merchandise on account to Cheska Company for P9,000, terms n/30. The cost of the merchandise sold was P6,300. 22 A check of P90,000 is received from Dennis Company in full for invoice no 101; no discount given. 1. Based on the foregoing transactions, the balance of cash per cash receipts journal is Blank 1. 2. Based on the foregoing transactions, the balance of cash per cash payments journal is Blank 2. 3. Based on the foregoing transactions, the balance of cash that will be posted in the general ledger is Blank 3. Instruction: Disregard peso sign. Use comma accordingly. Not following instruction will invalidate your answer. Blank 1 Add your answer Blank 2 Add your answer Blank 3 Add your answer Question 33 2 Points ACT Company reported petty cash fund which comprised the following: Coins and currency 3,300 Paid vouchers: Transportation 600 Gasoline 1,600 | Office supplies 500 Miscellaneous expenses 300 3,000 Manager's check returned by bank due to insufficiency of funds 10,000 Check drawn by the entity to the order of Petty cash custodian 2,700 The correct amount of petty cash fund for statement presentation purposes is | Blank 1. Disregard peso sign; use comma accordingly. Blank 1 Add your answer 1 Point Question 31 Question 39 1 Point Austria Company's cash receipts journal includes an Accounts receivable column and an Other Accounts column. At the end of the month, these columns are posted to the general ledger as: A A column total for Accounts Receivable and Individual amounts under Other Accounts B) As Individual amounts for both the Accounts Receivable and Other Accounts C) As Individual amounts under Accounts Receivable and a column total under Other Accounts column D) A column total for both Accounts Receivable and Other Accounts Question 40 12 Points OG Compute the withholding tax and net pay of each of the employees in the given data: Assume the data are for the payroll period November. 1-15, 2021: Name Basic Pay OT Pay Absences SSS Philhealth Pag-IBIG /tardiness 1 Villena, Jenny 26,250 1,125.00 787.50 100 2 Ledesma, Lara 16,500 1,250 120.50 1,125.00 511.94 100 3 3,200 990.00 100 100 4 Abairo, Paul Dela Paz, James Santos, Bryan Torres, King 12,500 10,000 8,750 15.750 5 327.00 300.00 274.88 445.20 900.00 832.50 1,125.00 100 825 1,820 6 100 Refer to the tax table to compute for the withholding tax. If employee is exempt from tax, write 0. Do not round up answers. Use 2 decimal places if there are centavos both for tax and net pay. If answer is exact, meaning no centavos, no need to write 00. Disregard peso sign. Villena's tax is Blank 1 while net pay is Blank 2 Ledesma's tax is Blank 3 and net pay is Blank 4 Abairo's tax is Blank 5 and net pay is Blank 6 Dela Paz' tax Blank 7 and net pay is Blank 8 Santos' tax is Blank 9 and net pay is Blank 10 Torres' tax is Blank 11 and net pay is Blank 12 1 Point Question 41 Which of the following statements is not true? A) A special journal is used to record one particular type of transaction only. B Control accounts are found in both the general ledger and subsidiary ledgers. The control account in the general ledger shows the sum of all the accounts in the subsidiary ledgers. D) A schedule of accounts receivable is prepared from the balances found in the subsidiary ledgers. Question 42 14 Points The unadjusted trial balance of the Baby Zik Company as at December 31, 2021 follows: *** Baby Zik Company Unadjusted Trial Balance Dec. 31, 2021 62,000 166,000 1,254,000 108,000 136,000 740,000 P 148,000 116,000 1,034,000 174,000 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Office Supplies Office Equipment Accumulated Depreciation Accounts Payable Zik, Capital Zik, Withdrawals Sales Sales Returns & Allowances Sales discounts Purchases Purchases Returns & Allowances Purchases Discounts Transportation in Salaries Expense Advertising Expenses Rent Expense 5,302,000 52,000 46,000 3,024,000 28,000 38,000 76,000 654,000 122,000 52,000 Totals 6,666,000 6,666,000 ... Salaries Expense Advertising Expenses Rent Expense 654,000 122,000 52,000 Totals 6,666,000 6,666,000 Additional information: a. Salaries in the amount of P25,700 have accrued at year end. b. It is the policy of the company to provide for depreciation at 20% per year. C. Insurance coverage with premiums of P36,000 has expired during the year. d. Office supplies remaining at year-end amounted to P24,600. It is estimated that doubtful accounts is 1.5% of net sales. f. Merchandise inventory per physical count amounted to P798,000. g. Unpaid bills for the month of December 2017 are as follows: Utilities P37,520 Repairs & Maintenance 28,300 Gasoline 45,890 e. Based on the information above, give the answer to the following questions by choosing from letters a -e. Write only the letter of your choice. Use lower case. Please follow instruction. The amount of total operating expenses for 2021 is Blank 1 a. P1,310,570 b. P1,332,510 C. P1,338,870 d. P1,383,870 e. answer not given Total current assets at year end is Blank 2 a. P1,726,000 b. P1,044,540 C. P1,276,000 d. P1,122,600 e. answer not given Total Liabilities at year end is Blank 3 a. P253,410 b. P190,190 c. P215,890 d. P227,710 e. answer not given Net cost of purchases Blank 4 a. P2,958,000 b. P3,034,000 C. P4,288,000 d. P3,043,000 e. answer not given Total goods available for sale is Blank 5 a. P3,490,000 b. P4,288,000 c. P2,578,000 d. P3,480,000 e. answer not given Net book value of the office equinment amounts to Blank 6 a. P2,958,000 b. P3,034,000 C. P4,288,000 d. P3,043,000 e. answer not given Total goods available for sale is Blank 5 a. P3,490,000 b. P4,288,000 c. P2,578,000 d. P3,480,000 e. answer not given Net book value of the office equipment amounts to Blank 6 a. P444,000 b. P592,000 c. P529,000 d. P87,940 e. answer not given Total assets at year end is Blank 7 a. P1,884,500 b. P1,485,840 c. P1,488,540 d. P1,636,540 e. answer not given Net sales amount to Blank 8 a. P5,368,000 b. P5,204,000 C. P5,024,000 d. P5,302,000 e. answer not given Results of operation for the year is Blank 9 a. Net income of P375,130 c. net loss of P375,130 e .answer not given b. Net income of P357,310 d. net loss of P357,310 Zik, Capital ending balance at year end is Blank 10 a. P484,870 b. P1,217,310 .P1,235,130 d. P502,690 e. answer not given Cost of goods sold is Blank 11 a. P3,940,000 b.P3,490,000 c. P4,288,000 d. P4,828,000 e. answer not given Gross profit margin ratio Blank 12 a. 27.23% b. 32.94% c. 33.46% d. 34.82% e. answer not given Net realizable value of accounts receivable is Blank 13 a. P444,000 b.P592,000 c. P87,940 d. P87,490 e. answer not given Amount to be reported as Doubtful Accounts Expense is Blank 14 a. P78,600 b. P780,600 c. P78,000 d. P78,060 Question 43 1 Point S1: A company using the perpetual inventory system records the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal. S2: Required payroll deductions include income taxes, Social Security taxes, pension and health contributions, union dues, and charitable giving. A Only S1 is true B) Only S2 is true Both statements false D Both statements true