Reference no: EM132799812
Questions -
1. A 90-day non-interest bearing note amounting to P50,000 was issued on November 30, 2020. The prevailing interest rate is 12%. The accrued interest as of December 31, 2020 is?
2. The goods you bought is worth P440,000 inclusive of 10% freight on cost. If the goods has a terms of FOB destination, freight prepaid, how much is your accounts payable?
3. The net assets (capital) of Matt Parkman was P125,000. If an accounts payable of P11,700 was paid, what is the new balance of Parkman's net asset?
4. Rent income of P600 is collected in advanced. This is applicable for a six-month rental period ending January 31, 2021. The balance sheet to be prepared is dated December 31, 2020. If the pre-collection was recorded under the income method, the liability to be recorded would be?
5. A Merchandise was purchased on January 21, 2025 worth P200,000 with Terms: 2/10, 1/15, n/30, EOM. It was paid on February 3, 2025. How much cash was paid on February 14?
6. The business issued a 90-day promissory note of P20,000, carrying an interest of 12% per year. The promissory note is dated May 1, 2020 and the balance sheet date of the business is June 30, 2020. The accrued expense is?
7. If the Sales is P450,000; Net income is P90,000; Cost of Sales is P210,000; Operating expenses is P150,000; How much is Gross profit?
8. The net book value of the plant asset at the start of the year is P480,000. The depreciation rate is 2% per year. The net book value at the end of the year is P470,000. If there are no additions and disposals of assets, the acquisition cost of asset was?
9. Beginning balance for Assets is P400,000; Beginning balance for liabilities is P240,000; Ending balance for Assets is P480,000; Ending balance for liabilities is P260,000; Net income for the year is P120,000; Additional investment for the year is P80,000 and Drawings is?
10. The beginning balance of unused supplies is P500. During the period the total purchases of supplies amounted to P2,000 initially recorded as asset. At the end of the period, the actual unused supplies is P200. The supplies expense to be reported for the period is?
11. If Net Loss is P10,000; Operating expenses is P50,000; Cost of Sales is P30,000; How much is Sales?
12. Untitled Question1. If Cash is P114,000; Accounts receivable is P200,000, Office equipment is P30,000; Accounts payable is P20,000; Notes payable is P12,000; How much is the Capital of the owner?
13. If revenues were P45,000, expenses were P37,500, and the owner's withdrawals were P10,000, the amount of net income/(loss) would be?