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Quiz 1 - Solutions

The document contains financial information from multiple companies including income statements, balance sheets, manufacturing statements and calculations of costs, sales, expenses, profits and losses.

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Leah Mae Nolasco
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47 views3 pages

Quiz 1 - Solutions

The document contains financial information from multiple companies including income statements, balance sheets, manufacturing statements and calculations of costs, sales, expenses, profits and losses.

Uploaded by

Leah Mae Nolasco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

Retained earnings – January 1 Php 8,080,000


Income summary – credit balance 9,090,000
Dividends – ordinary share (4,400,000)
Dividends – preference share (1,600,000)
Retained earnings, December 31,2019 Php 11,170,000

2. Net income Php 2,014,000


Other comprehensive income:
Unrealized gain on derivative contract Php 507,000
Foreign currency translation loss (51,500)
Revaluation surplus 201,400 656,900
Comprehensive income Php 2,670,900

3. 7,500,000
SALES 100%
COGS 40% 3,000,000/40% = 7,500,000
GP 60%

4. 9,500,000
SALES 50,000,000
COST OF GOODS SOLD 30,000,000
GROSS PROFIT 20,000,000
INVESTMENT INCOME 3,000,000
GAIN 2,000,000
TOTAL INCOME 25,000,000
LESS: EXPENSES
DIST. COST (5,000,000)
GEN.AND ADMIN. (4,000,000)
FINANCE COST (1,500,000)
INCOME BEFORE TAX 14,500,000
INCOME TAX EXPENSE 5,000,000
NET INCOME AFTER TAX 9,500,000

5. 6,550,000

Sale 3,000,000
CA 5,000,000
LOSS (2,000,000)
OPERATING LOSS (1,500,000)
TOTAL LOSS (3,500,000)
TAX EFFECT 1,050,000
NET LOSS FROM DISCONT. (2,450,000)
INCOME FROM CONT. 9,000,000
TOTAL INCOME 6,550,000

6. Balance per books P2,000,000


Accounts payable 300,000
Bonds payable, due 2012 500,000
Discounts on Bonds payable ( 60,000)
Dividends payable 160,000
Bond issue costs (20,000)
Total P2,880,000
7. Cash
$11,000

Accounts receivable (net) 24,000


Inventory 30,000
Trading securities 6,000
Prepaid expenses 2,000
Total current assets $73,000

8. $60,000 + $10,000 + $20,000 + $8,000 + $12,000 + $13,000 = $123,000.


9. 26,500,000

CURRENT ASSETS 39,500,000


CURRENT LIAB 13,000,000
WORKING CAPITAL 26,500,000

10. 8,500,000
11. 1,890,000
12. 504,000

13. $60,000 + $10,000 + $20,000 + $8,000 + $12,000 + $13,000 = $123,000.


14. 28,000
15. 19,000,000
16. 150,000
17. Beginning raw materials 400,000
Purchases of raw materials 2,300,000
Raw materials available for use 2,700,000
Ending raw materials ( 340,000)
Raw materials used 2,360,000
Direct labor 1.980,000
Factory overhead:
Depreciation on factory building 320,000
Factory supervisor's salary 560,000
Indirect labor 360,000 1,240,000
Total manufacturing cost 5,580,000
Beginning goods in process 760,000
Total goods in process 6,340,000
Ending goods in process (1 ,000,000)
Cost of goods manufactured 5,340,000

18. 7,200,000
19. 800,000
20. 4,500,000
SALES 5,000,000
EST. RETURNS
10% 500,000
NET SALES 4,500,000

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