Reference no: EM132798643
Problem 1 - The following were the balances of accounts in the Statement of Operation of the Natonin Credit Cooperative for the Year Ended December 31, 2019:
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Interest Earned from Bank Deposits
|
178,000
|
|
Interest from Loans
|
50,000
|
|
Filling Fee
|
12,000
|
|
Service Fee
|
38,000
|
|
Utilities Expense
|
6,000
|
|
Representation and Travel Allowance
|
12,000
|
|
Taxes and Licenses
|
1600
|
|
Social Services Expenses
|
1,000
|
|
General Assembly Expenses
|
19,000
|
|
Membership Benefit's Expense
|
18,000
|
|
Office Supplies Expense
|
10,000
|
|
Fidelity Bond Premium
|
900
|
|
Repairs and Maintenance
|
10,000
|
|
Depreciation Expenses
|
39,000
|
|
Miscellaneous Expenses
|
4,000
|
Required -
a. Compute for the Net Surplus
b. Allocate the same for the Statutory Funds pursuant to the provision of the New Cooperative Law of the Philippines. How much should be allocated to RESERVE FUND?
c. Allocate the same for the Statutory Funds pursuant to the provision of the New Cooperative Law of the Philippines. How much should be allocated to COOPERATIVE EDUCATION AND TRAINING FUND?
d. Allocate the same for the Statutory Funds pursuant to the provision of the New Cooperative Law of the Philippines. How much should be allocated to COMMUNITY DEVELOPMENT FUND?
e. Allocate the same for the Statutory Funds pursuant to the provision of the New Cooperative Law of the Philippines. How much should be allocated to OPTIONAL FUND?
Problem 2 - The pre-closing trial balance of DBM-CAR shows the following balances of accounts: Subsidy from National Government P520, 000, Unutilized NCA for the month ending December 31, 2019, amounted to P100,000, Refund of excess cash advance P5,000. Salaries and Wages-Regular P150,000, PERA P50,000 Retirement and Life Insurance Premiums P18,000, Pag-IBIG Contributions P2,500, PhilHealth Contributions P4,500, Travelling expense - local P13,000, Electricity expense P12,000, Telephone Expense P10,000, Rent/Lease Expenses P25,000, Office supplies expense P20,000, Depreciation Expense-Machinery and equipment P15,000.
Required - What is the Excess of Income Over Expenses for the year ended December 31, 2019?
Problem 3 - On December 31, 2019, the pre-closing trial balance of Agency GHI shows the following totals: Current Assets P500,000, Property, Plant and Equipment, P800,000, Current Liabilities 200,000, Subsidy Income from NG 50,000 Expenses 40,000.
Required - What is the Accumulated Surplus/Deficit balance at December 31, 2019?
Problem 4 - The following data were taken from the Statement of Cash Flows of Department JKL for the year ended December 31, 2019: Excess of income over expenses 500,000, Depreciation-Machinery and equipment P5,000, Increase in accounts payable P30,000, Increase in Due to BIR P5,000, Increase in Due from NGA P55,000, Increase in Office Supplies inventory 25,000.
Required - What is the Net Cash Provided by Operating Activities on December 31, 2019?