INSTRUCTIONS: Soloct.the best answer for each of the following questions. Mark only 936 answer foreach tem on tne answer sheet provided, Stiely NO ERASURES ALLOWED. Eronures wil ener Your examination answer sheet INVALID, Use PENCIL NO. 2 oni, GOODLUCKIS 1. The cash account f Riyadh Corp. on December 31,2611 has > lance of 27,600 and Weohait Othe flloning. ‘te a coin on han 52.780 ‘ety cash nluding aety cash vouchers of P69 1900, ‘ance wt Saungs account with a Bank elsed by ‘he BSP 35,000 customer's check dated January $5, 2012 8,000 ‘oat memo tramm suppers for putthages retires 300, Postage stomps 120 Checking account Balance Bank of Pl 22,000 The corract cash balance on Oscember 25, 2011 of Riyadh 2b 70,560 ©. 975,390 2 pe 330 a bs330 2-114 petty cash funa s establsned inthe amount of 2,500, 4 conta 2,000. in cash and PASO. In eset ot eshursamonts wen i relenahes, th ural ery fo Cash, P450; Cash Over and Short, P5, ST TE a ET — Pras eeteg . sme 4 Shown below is the bank reconciaton for Singopere Company forthe marth of November: Balance per bank, 11/30 P75,000 Aad: Depots in rans “1z.000 Te. 37,000, Lest: Outstanding check 14,000 Bank creat recorgedin evror = $.000 19.000 Cash balance per books, 13/30 8.000 Tine bank statement forthe month of December contain the folowing data “ota! deposits 755,000 Total charges, ctuding an NSF check of ~ PS.000 and a servce charge sf P200 "$6,090 ~ Credit wore Geared nthe baniin Oecemears tronst of 19,000 on Gacember 310 PS ‘The amount of ash csnursements per Ducks n December = 2 50,200 : 8 pa2.800 a. paveno ‘is following nformatien is avaiable for Catsmto. Company ‘egnve to 2011 operations: Accounts reelvatte,Janvary 1, 2012 29,000, decoumrs recelvate colectes uring 2012s 092 ‘Cosh sates during 2011 30,000 Inventory, anwar t, 201 Seo00 Ineentory, December 31,2011 48,000 Purchases otinventery during 2021 soioce wnat is Colomn Company's accounts recowuable Balance at Oeverber 2, 20117 2 pa2,000 © 20,000 3 2,000 3 r80,000Pst cctog 5. Damascus Company hed the following information relating to ‘e necounts eacenabe Accounts recewabe at 12/31/2010 1,300,000, Creat sales for 2011 -15/300,000 Steere trom customers for 2081, ‘scluding recovery 4,750,000 Anccounts wrten of 9730/3033 125,000 ‘Cotecon of accounts writen ef a yo {customer cet nas not reestablahed) 25,000 ciatea yea ecowabls Bora “W eceiables a 12/31/2012 (oy December 38, 2011, the amartzed cost of accounts Spe 00 1,635,009, pitsoa\a00. & 3,660,000 ovng eo eo epee Toe away “Iles for 2011 totaled 1,000,000, the doubts! accounts 23.000 Pos.no0 Bangkok Corpertion sold'a machine on July 1, 2084. THe lasactea payment contrate that provides fo w dann payment ‘in,t0 and an year ste beanng interes 1086. THE ‘re made on June 20 of each year, begonng ube 30, 2012 219 808 © i piesa “ P13. Prat ecntora one 4 “Qn January; 2007, Hanoi Company said s machine wth @ 1 ‘carrying amount ef P300,000 ond. accepted im excnange 3 romssory note witha face valve of PS0D,000, se oare ot i Becember'31, 2016, and a sisted rate ef #2) with tnerest | receivable atthe end of each year. The fa value of te _ macine snot rend dceetbe Ge eS fost orice nies creamer, Se ee ~ Gotideres wo have a ppronrate input ito sane 3%. . The anorze ast of he ete acaba f Deeb mis 2 9009 . 1 Pagsiao> 5 ere 420,154 9. OnJenuary t, 2011, Athens Company old eaulpmen: wi » Carrying amount of P300,000 to. Greece Company. Daymnert, Greece gave Athens Company © PODEOS sie ‘ne note beara interest rte of ve and isto coos four annua istaiments of 200,000 fous meres. or one ustancing bola). The fest payment mas rece we 98 December 31, 2011. The market price of the ecusment nat relgby coverrinable” The previing rte of nceras fo fetes of ts tyse 1388 ‘Te total mcera robe recognized n 201% proft or ass 2 pae8.197 ari! panne? 399,000 10, Borin Company 3019 tract of ad to Germany Co, ovr | 2610, for", 600,000 unr an crates sae cote Gemany co sgnee 4 sycir taco note fer PS 5 Gul on July 3010, Saaan tothe dow peymest of 82:490006 ‘ha eGual aonel payments of principal ano interes oh he te it be P1803000 poyable ah Dy 2. 3611, 20! 2oin,and 20.5. "Te tand'had on esabithad can bree of 6,000,000, one Ae eoe tothe company mas be 800g qo mrom mt ‘The callecion of the instalments on tis note I reesonably rere ‘The eurent panton of the Installment note receivable on December 32, 203118 : 3. P1805,000 | 5. P8.400;00| «81219730 Putes.ooe lon August 1, Buenos Aves Corporation assigned £20,000 ci fs pSe.000 ef accounts recawable. The finance company ‘nance 90% of the aengned seeounts less 2 P2,000 Tee Smerest 125 and. payable month the begining of Derod ton balance. A oon payment remifed at tne end of oth month. Eauh payment includes pemncipal and interes. ‘he armour of each isan poyment ecuats the cash coiectt Gn recotabiesgurmg. the month plus terest on the ian 00 wa cole on acu ae ira At, ete Inovns Expense of F180, Sotto cash a 800 feito fecurt Recovable Assigned of 000, Soot te Pye of 7,10. fers factors, °40,000_ of accounts recewaoe thi egure. ‘The factor agrees to promde financing based OF fee Feces, bik wipeses TO" fee. In eivon, che antenna ranstree ogee tat 3,000 of sles (turns ‘rd afowancs can be expected fam teas acct, What sro e” s.c00 4 Fo Pct Acer so Use the folowing information fr the next two questions. ‘he following data pertains ta Canberra Cos investments in ‘marketable equty secures! falcvatar cot alae traue Tong erisogoe Piss.0e” Fe, a00 Avatobetorsae ""25c00 "sean "720,000 14, wnat amount stole Cantera regan a8 ures bol gem in ts 2011 income statement, ” Sei peo00 - 8 ps8.00 Peston 14, wnat emount should Carbera report 8 net unceahed es 2 © f15000 2. Fto.000 3. Binion ina Company's Accounts Payable balance 2 Dscember 31 2011, was” P1,800,000 before consisereg. the folom S'Goods were Ia. transit from 9 vetsor to Vienna on December It, 2011. The invoice pie ts BLOD G09, on the goods weve shicped FOB shipping pont om Geacize 25, 2011. the goods were receved on Denuory #2012, (Goods shigped te Vienna FOB shipping sect 5° becerzer 20, 2044, from a vendor were lost in Garst, The mvece ice mas 950,000.07 January 5, 20:2) Vera "ea a 50,000 iar apainst the common carrer In is December 32, 2011, balance she, epon Acesunte Payabie ot 2.91.950,000 © P1.880,000 | 5 p1'se0;200 5 PLEO0.000 Qo tee16.The December 31, 2010, statement of financial pesiton of russes Ine reported tot assets of 1,050,000 end total baieas of 6660,000, The folowing Infamation relates to the year 201 5 + Brussels Inc. issued an additional 5,000 ordinary shares at DD per sare onl Brussels nc. pn siidende totaling 780,000. 1 Nerincome for 2011 wos P1:0,000 1 Nstotnerenangee eccured im stockelaers! eyuty cunng pout ‘ne equty secon of the December 31, 2021 stereos of ‘inane postion would reper» balance of b, 525,000 . P835,000, ljustng entry on December 31,2011 : repo ent ae 1,800 {Fannin rent i pat in advance every Btober 1, the nr tanmacton enty made was 1 "Bett Preps Ret a creda Cash, P20, 1 Davie Rem Expense and crest Cash, 07,200 Babi Rent Expenee ard creat Cash, 2,200 (2 BeblePrepad emt ana creat Cash, P7200, 8 ottana Blctones In. reported the following Roms on : ‘Sesember 31,2014, tal balance: ‘Accounts Payable Pins $00 += havances employees feo 3.500 Estimated Laity Unéer Worantes 2ea00 ‘Choh Surender Value of Ofcers Life insurance “+ “7/500, ~ ecm Snir Trader | Biloba i, aes Prasat Acting “sine Discount on Bonds Payable : The amount hat shoul be corded on tana statement financial postion att mpisceia Comes SEEM or esero0e ‘9703500 ob Pr0sto a pratano 19. The general ledger tal oalance of Bogota Corporation incudes tre along acount Becomes 2654 Sales revenue = 9.200.000, ‘ imeres came 34300 Proceeds on sl tf assets So/aca union son sncsoeg mcetmens $2808 Disdende fcrnes ° 7300 Cnet sas ~ a 83 mance expenses 181099 Sting an arturo exseses 7e09 Adminratve ewserss 33009 income tam expose 35399 How much should be reported as profit for the yeer ended 1, December 38,2083) 4 3 oe 000 . 200,000 5 piso,on0 a 193.000 34, 201%, 6 reseed by Havana's conten reponse tncome belore taxes #125,000" The autor quesconed the fotoming amounts tna: had bees nuded cone betore Unrealized gan on evaigoe-tor- sale nvestmes .o0a Ezury in eninge Cuba Co "oe Dividends recetves tn Cube 8.000 Pajustments ta prt of poe years for " ‘nthe! ers mn deprectton, (35,000)Havana owns 40% of Cuba's ordinary shares. Havana's December’, 2011 Income statemant shoul reper nceme oto eaves of pie 288,000 <)p12,000, 3 pu17.000 152,000 21. Budapest bought five ident plats of develeoment tad for Po man in 2009. On 2 Januaty 2031 Budepest 1) thre of ‘he plots of land to an savestment company, canebank, Tors total of 82.2 mala. Tae prea was aged 875% of the Foe ‘morist voive of 3-2 man ae datetmimed by an ncependent ‘Snover st the cate of sole, The terme oF he sala contanes + uaapost can repurchase the plots ef ane for te Fl for ~ Yoite sf 92.2 mion {the value etarmnoa ef the dots of "Bk ang tre ont 31 Devembre 91, ond + Op 1 January 2014, Landbank has the option 12 require Sueapest a e-prchase he popes fr P.2 milan You {9 tesubstonce, prof for 2033 wil be Bvetstaed hy 3 “hisao,o00 © P6a0,000| pii200.000 00,000 22, Dbl Corp pays commision ta ie sales a atthe rate of ken monchly advances of P20,000. Advances are charges onyniscions ae prepared quarterly. Net salts for the year frond Maren Si, 2011 were P30 milon. The unadjusee Balance in the commissions expence account on March 38, 2013,"tn te come stavemant torte year ended Maren 3 2013, shat amoune should Dubin report ae commana | Pct Acnitta sere 2.-6530,000 =. -Pa30.000 (8) p300,000 &. Pe0o.000 SS * 23.0 January 1, 2011, Dhaka, nc. contracted withthe Borge Gy Govarimert te provide custom-built esis for the CX foals. "The carect made Dhaka the ctys tle supper and reauied Shaka to supply no lees than 4,009 desi ar fo more then §,500, deste per year for 2 yeu tar, Bangs agreed to pay a feed price af PHIO oer desk. Durty 201, Draka produced 5,000 desks tor Bangs. at Decenter 3, 2011, 500 ofthese desks were segregated trom fhe {etular ventory and were accepted ate awating csp by Bangs. "Bags paid Ohoka P4S0,000 dung 294%. wnat amount houtd Daa reconize es revenue moi? 3) p580,000, © "Pas0.000, i 85.000 05.000 {-aa-rmwngny Corporation entered tea antag th @cstomer service the machine on 1 July 2011 and ¥ January 2022, The {oi of the machine tothe entity ss P80,600, ia ss le or @ eustomer to purehyce both the machine, ad the ne customer 1s comtractuaiy obliged ‘to pay in entty aio, 600 ont tanuary 2012, The cvoing rate for one-year creat graica te tase Experience has shawn tht she servicing of @ machine uf (ne imate! sold to the customer Is expected t cost "re snity 15,000 to perform the frst serice an P25,008 9 erm‘on 1 danuary 2011 the cosh telling price ofa machine of te ‘ode! said tte curtone 6125/68. ‘Te total ravenve tobe recogni by the eniy forthe Fc {earended Jone 30, 2011 6 PP piasiasa: B punazea 162,500 runes Company loving ters uncer vance for mater 200,000 {Googe n process ‘30,000 Chesed surance en ventoies ‘0.000 ‘vermngealsogs and StipNG Boxes 350,000, ‘ated goods faery 200,000, <0 goods company-owned eta Seca ee 750,000 fond goage = hana of eonignges ‘ies aO% pratt sles 00,000 a sgooes im. Rana 29 customers os 108 destination, a 250,000 vie gande aut om appeal Bt COs Sno00 ine habe S000 sree susokes 30.000 1 supe FOB shins ,excucing feign of 30.000 320.000 «Scctha on eansignment, at als ore, 51 8180,000| 200,000 ‘Conguie tne amount to be presented a “lneters” under > ps.s00,000 & 95,650,000 psia7a ooo 4, 5,700,000, satin = cre 28.qhe Phnom Penh Company sels Tvs. The pergetat inventory ‘nas stated 95 P305,000 on the Boots st December 31, 2011 tho cosa of the Year, a new pproea for comping inventory was used and aperentiy a sasfacory cutoft for proparaen of financial statements way not made. Some {vents thar oecurred are a flows 3) Ive shipped #09 customer lanusry 2, 20:2, casing 250,000 ware included in inventory ot Decemser 31, 20:1. The sale was recorded in 2032 Fefurbanee goods ats acount of 20% an tm normal seling pees the agent wil teceve a Comusnan of 19% oF the rosueas cling pce. In ristion to tre detective "Sond, the 98,000 cme B Pai500 oo28. Vitora Co, 2 manufacture’ had inventories at the Begining and end of current year a flows Fire mse aw materials ‘Workin process zaeno "24/000, Finished goods szs00 “S000, Dury the year, the folowing costa and expenses were aw materiale purchased 150,000 rec labor cost 60,900 Indirect factory labor 50.000 « Taxes ord ceprecation ca fectorybuiding «10.000 {exes and deprecation on soles fom and cftce "9599 © Sale slaies 20,000 Office salanes #23000 Lies (60% appieabe to factory, 20% to sales "oom and 2066 ta oie 25,000 tors cost of goods sald for the yesr is 3. 257,000 © re61,000, 5 360/800 4. Pees's0o % Je folowing date were taken tom the bocks of flew eh (co forthe year 2011 From ash records sh purchases » 30,000 ments to ade creditors for credit Durcheses 302,600 rom balance sheets ‘courts payable Tan 1 2084 37.500 Dec. 3x 2011 435300 Merchandise ventory, Jan. 1,201 12800 From ater record Purchase returns an allowances & 2500 est of goods for the yeor 438,000 aa ced ting : sero ‘The merchandise Inventory athe end of te year = a Pt6,200 © PIzEoO 8 15,00 8.) P23,700 Use the folowing information forthe next two questions. lara, sos the retail inventory method. The. following Informations uaiae for the eave you Resai Besiname inventory » 2,600,009 Purcnares 29.200,000 —Fregnee ‘30,000 Porchave returns £00,000 3,090,000 Putehare slcwances So0,d00 Deparementa transfer in 400.000 00,000 Net markups 600.090 Het markdowns 2.000.000 Sater 24.700. 005, Sa tums toon Employee dcounts eeeinno using te conventional (lowe cant or miter tee 203 700.000 ©. 83,250,000 > ¢5.000000 4 >3'360/000 2. Pa 00.000 73,250,008 5. ps.a00;000 4. P3'364/009acces re Proce 10 52. Th foonng pertains to Teton Comelnys Boop assets pipet ea n= P800 000 35 Tokyo Cameanymurerased ot of and for 72,000.00 ae {Sonat ca char ang dats = 53.00 olnt ste. There wos» ral fee bulsegeon we ak simatedrongport and ater Cot mcesary enserauvay aprasea st P0000 when Ne congnes Teper sents to tmemare -20.000 ‘rilcontue to uae mth some mouteston sna rence Sing cen a onding contract tose 300,000 The eamsany constncted » new th ‘he ety’ lon be valued at ‘acquired land. Below are tem that may be inched mth 9, P450,000 & P350,000 ‘property, plant and equipment accounts. " b p420,000) ao Materais and supelies 3,000.06 55. The Banned Company is purchased » second-hand posting er 900008 caine for cmpatr who has gone Sonne. Eesti ce ung 200.800 ‘greed pace pat to vendor 900,000 Iiputed interest on corporation own 100° Stmoning he machine atts ent eaton "a0 093 ' crore wt ing once 000 irraporotont Sogndad aay 5.003 (Gah eacountson aera purcce, wot ‘Noche refute eat BE re ‘ohn 000 instalation 17,500 ‘Supervision by management “0,00 Re-installation 12,500 Compensation Iasuronce prermiuin for im ‘under PAS16 Pronerty, plant and equipment, the total included at's om 'nncurent assets in respec ofthe machine shoud be Clercal and other expenses elated ta san an enacine so Satan 20.000 ° Bis 4 hisom pees a ‘34. Jerusalem Motor Sales exchanged a car for @ computer to be a ae for ejuries not coverec So eT noncient opting at The ees rsa 23008 ‘sformation relat to tus enchange that took place OF ult se ea Baeal seman os ng ott 2eoivay Coryng amount of the car 39000 tre acto audi neh reported at Ssteveieyprecortecr 48000 2a aoe 500,000 Faves lt computer So. 3 si3bo00 4 ben 00 Cran aierence pd ty essen, “#000 On July 31, 2011, how much profit should Jerussiern: = PSURs (erie Mean ceca ee com rates pao heaven oat vente eit oth am = piaooo wes ‘Bivitee nary 20. Curtin eae is ‘ ae Rese We enema