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Solutions - Quiz 09.10.18

Several company financial statements are presented related to income, expenses, assets, liabilities, and equity. Workback calculations are shown to solve for missing values.

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Rey Joyce Abuel
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54 views5 pages

Solutions - Quiz 09.10.18

Several company financial statements are presented related to income, expenses, assets, liabilities, and equity. Workback calculations are shown to solve for missing values.

Uploaded by

Rey Joyce Abuel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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9:00 AM 10:30 AM 1:30 PM 3:00 PM

ACB ACD ACA ACC


PASSED 5 8 6 17
FAILED 34 28 33 21
TOTAL 39 36 39 38
% passed 13% 22% 15% 45%

TOP SCORER/S:
REMOLE 42/50, 84%
CASAS 40/50, 80%
ABECIA 40/50, 80%
TEOPE 44/50, 88%
TRUE OR FALSE
1. TRUE 2 pts
2. FALSE 2 pts
3. TRUE 2 pts
4. FALSE 2 pts
5. FALSE 2 pts

A. KALOB COMPANY'S General and Administrative expenses

Telephone expense 95,000


Legal fees 74,000
Officers' salaries 115,000
Total G&A 284,000 5 pts

B. VOYAGER'S Selling expenses

Advertising 300,000
Freight out 160,000
Rent - half 220,000
Sales salaries & commissions 280,000
Total Selling expenses 960,000 5 pts

C. DIVINE COMPANY'S OCI

Unrealized gain on equity investment - FVOCI 1,000,000


Unrealized loss on debt investment - FVOCI (1,200,000)
Unrealized gain on futures contract designated
as a cash flow hedge 400,000
Translation gain on foreign operation 200,000
Net "remeasurement" gain on defined benefit plan 600,000
Loss on credit risk of a financial liability at FVPL (300,000)
Revaluation surplus during the year 2,500,000
Other comprehensive income 3,200,000 5 pts

D. EAGLE CO - Current liabilities

Current liabilities, unadj 200,000


Add:
Accounts payable 30,000
Bonds payable, due 2018 50,000
Less: Discount on bonds payable, due 2018 (6,000)
Dividends payable on Jan. 31, 2018 16,000
Current liabilities, adj 290,000 5 pts
E. RAINBOW CO. - NET INCOME

ASSETS RE, beg. -


Cash 142,500 Net income 480,000 workback
Accounts receivable (30,000) Less: Div (82,500)
Inventory 202,500 RE, end 397,500
Building & Eqpt 630,000
TOTAL ASSETS 945,000

LIABILITIES
Accounts payable (172,500)
Bonds payable 375,000
202,500
EQUITY
Capital stock 300,000
APIC 45,000
Retained earnings 397,500 workback
742,500 SOLUTION: (945,000 - 202,500)

TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS

F. IMPRESS COMPANY - COGS, CGM, GIP,END

SALES 100% 3,000,000 given


COGS 70% 2,100,000 workback; or solve for the 70% 5 pts
GROSS PROFIT 30% 900,000 solve for the 30%

RM, beg 300,000 given


+ Net Purchases 1,100,000
RMAFU 1,400,000
-RM, end (600,000) given
RMU 800,000
+DL 800,000 given
+MOH 400,000 50% of DL
TMC 2,000,000
+GPIP, beg 1,000,000 given
TCGPIP 3,000,000
-CGPIP, end (1,300,000) workback 5 pts
CGM 1,700,000 workback 5 pts
+FG, beg 1,400,000 given
GAFS 3,100,000 workback
-FG, end (1,000,000) given
CGS 2,100,000 as solved above
TRUE OR FALSE
1. FALSE 2 pts
2. TRUE 2 pts
3. FALSE 2 pts
4. FALSE 2 pts
5. TRUE 2 pts

A. KALOB COMPANY'S General and Administrative expenses

Telephone expense 90,000


Legal fees 80,000
Officers' salaries 110,000
Total G&A 280,000 5 pts

B. VOYAGER'S Selling expenses

Advertising 300,000
Freight out 160,000
Rent - half -
Sales salaries & commissions 280,000
Total Selling expenses 740,000 5 pts

C. DIVINE COMPANY'S OCI

Unrealized gain on equity investment - FVOCI 1,000,000


Unrealized loss on debt investment - FVOCI (1,200,000)
Unrealized gain on futures contract designated
as a cash flow hedge 400,000
Translation gain on foreign operation 200,000
Net "remeasurement" gain on defined benefit plan 600,000
Loss on credit risk of a financial liability at FVPL (300,000)
Revaluation surplus during the year 2,500,000
Other comprehensive income 3,200,000 5 pts

D. EAGLE CO - Current liabilities

Current liabilities, unadj 180,000


Add:
Accounts payable 30,000
Bonds payable, due 2018 50,000
Less: Discount on bonds payable, due 2018 (6,000)
Dividends payable on Jan. 31, 2018 16,000
Current liabilities, adj 270,000 5 pts
E. RAINBOW CO. - NET INCOME

ASSETS RE, beg. -


Cash 142,500 Net income 478,000 workback
Accounts receivable (30,000) Less: Div (80,500)
Inventory 202,500 RE, end 397,500
Building & Eqpt 630,000
TOTAL ASSETS 945,000

LIABILITIES
Accounts payable (172,500)
Bonds payable 375,000
202,500
EQUITY
Capital stock 300,000
APIC 45,000
Retained earnings 397,500 workback
742,500 SOLUTION: (945,000 - 202,500)

TOTAL LIABS & E 945,000 SHOULD BE SAME WITH TOTAL ASSETS

F. IMPRESS COMPANY - COGS, CGM, GIP,END

SALES 100% 3,000,000 given


COGS 60% 1,800,000 workback; or solve for the 70% 5 pts
GROSS PROFIT 40% 1,200,000 solve for the 30%

RM, beg 300,000 given


+ Net Purchases 1,100,000
RMAFU 1,400,000
-RM, end (600,000) given
RMU 800,000
+DL 800,000 given
+MOH 400,000 50% of DL
TMC 2,000,000
+GPIP, beg 1,000,000 given
TCGPIP 3,000,000
-CGPIP, end (1,600,000) workback 5 pts
CGM 1,400,000 workback 5 pts
+FG, beg 1,400,000 given
GAFS 2,800,000 workback
-FG, end (1,000,000) given
CGS 1,800,000 as solved above

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