Reference no: EM132865986
Questions -
Q1. Under the accrual basis, rental income of Lion's Pride Company for the current calendar year is P60,000. Additional information regarding rental income are:
Accrued rental income, December 31 4,000
Accrued rental income, January 1 3,000
Unearned rental income, December 31 7,500
Unearned rental income, January 1 5,000
How much is the total non-current assets for the year ended December 31, 2016?
A.65,500 B.62,500 C.61,500 D.58,500
Q2. The following data are from a comparison of the balance sheets of Obliterate Company as of December 31, 2016 and December 31, 2015:
Accounts receivable Increase 7,600
Inventory Decrease 4,500
Accounts payable Increase 2,400
The following data are from Obliterate's 2016 income statement:
Sales 200,000
Cost of goods sold 110,000
How much cash was paid for inventory purchases?
A.116,900 B.112,100 C.107,900 D.103,100
Q3. Use the following information for the next three (3) questions:
Kinesis Company paid or collected during 2013 the following items:
Insurance premiums paid 25,450
Salaries paid 116,300
Interest collected 53,750
The following balances were from Kinesis Company's balance sheets:
December 31, 2012 December 31, 2013
Prepaid insurance 2,400 1,700
Interest receivable 4,700 3,200
Salaries payable 12,300 10,600
1. The insurance expense on the income statement for 2013 was.
A.26,150 B.25,750 C.24,750 D.23,750
2. The interest revenue on the income statement for 2013 was.
A.55,250 B.53,750 C.52,250 D.50,550
3. The salary expense on the income statement for 2013 was.
A.118,000 B.116,300 C.114,600 D.105,700