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IA 1 Quiz 2 Answer Key

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Franxene Kane Tagayun
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38 views20 pages

IA 1 Quiz 2 Answer Key

Uploaded by

Franxene Kane Tagayun
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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1 C Problem 1 6

2 C Problem 2 12
3 C Problem 3 9
4 D Problem 4 6
5 A Problem 5 4
6 C Problem 6 6
7 A Problem 7 3
8 C Problem 8 2
9 B Problem 9 2
10 A TOTAL 50
11 D
12 A
13 C
14 B
15 C
16 A
17 A
18 D
19 C
20 D
TOTAL 20
Book
July Receipts Disbursements
Unadjusted Balances 132,200 60,000 12,200
Notes collected by bank - July 10,000 (10,000)
Notes collected by bank - August 35,000
Debit Memos - July (7,800) (7,800)
Debit Memos - August 8,900
Understatement of book receipts - August 2,800
Adjusted Balances 134,400 87,800 13,300
Bank
August July Receipts
180,000 Unadjusted Balances 100,600 89,000
Deposit in Transit - July 45,000 (45,000)
35,000 Deposit in Transit - August 43,800
Outstanding checks - July (11,200)
(8,900) Outstanding checks - August
2,800 Adjusted Balances 134,400 87,800
208,900
Disbursements August
20,600 169,000

43,800
(11,200)
3,900 (3,900)
13,300 208,900
Book
May Receipts Disbursements
Unadjusted Balances 1,251,000 1,032,000 1,232,000
Collections by bank not recorded by company - May 125,000 (125,000)
Collections by bank not recorded by company - June 150,000
NSF check - May (110,000) (110,000)
NSF check - June 75,000
Erroneous check deposit - May 9,000 (9,000)
Adjusted Balances 1,275,000 1,316,000 1,197,000

Outstanding checks - May 150,000


Checks issued by entity
Book disbursements 1,232,000
NSF check - May (110,000)
1,122,000
Checks cleared by bank
Bank disbursements 1,300,000
Erroneous bank credit - May (45,000)
Erroneous bank charge - June (30,000)
NSF check - June (75,000)
1,150,000
Outstanding cheks - June 122,000
Bank
June May Receipts
1,051,000 Unadjusted Balances 1,250,000 1,400,000
Undeposited receipts - May 200,000 (200,000)
150,000 Undeposited receipts - June 153,000
Outstanding checks - May (150,000)
(75,000) Outstanding checks - June
Erroneous bank credit - May (45,000)
Erronous bank credit - June (17,000)
Erronous bank charge - May 20,000 (20,000)
Erroneous bank charge - June
Adjusted Balances 1,275,000 1,316,000
Disbursements June
1,300,000 1,350,000

153,000
(150,000)
122,000 (122,000)
(45,000)
(17,000)

(30,000) 30,000
1,197,000 1,394,000
Case 1: % of Sales Case 2: % of Accounts Receivable
Net Credit Sales 5,000,000 Accounts Receivable - end
Percentage 3.50% Percentage
Doubtful Accounts Expense 175,000 AFDA - end

AFDA - beg 40,000 AFDA - beg


Doubtful Accounts Expense 175,000 Doubtful Accounts Expense
AFDA - end 215,000 AFDA - end

Accounts Receivable - end 2,500,000 Accounts Receivable - end


AFDA - end (215,000) AFDA - end
Estimated Realizable Value 2,285,000 Estimated Realizable Value
Case 3: Aging of Receivables
2,500,000 Age Amount EBD
5% Less than one month 1,750,000 2%
125,000 More than one month but less than a year 500,000 10%
More than a year 250,000 20%
40,000 AFDA - end
85,000
125,000 AFDA - beg 40,000
Doubtful Accounts Expense 95,000
2,500,000 AFDA - end 135,000
(125,000)
2,375,000 Accounts Receivable - end 2,500,000
AFDA - end (135,000)
Estimated Realizable Value 2,365,000
35,000
50,000
50,000
135,000
Trade accounts receivable 3,500,000
Trade accounts receivable due from officers 150,000
Trade installments receivable 800,000
Trade accounts on which postdated checks 200,000
Trade accounts receivable 4,650,000
Advance payments to creditors 400,000
Subcription receivable 2,200,000
Interest receivable on bonds 400,000
Nontrade receivables - current 3,000,000
Advances to affiliated entities 1,000,000
Nontrade receivables - noncurrent 1,000,000
Accounts Receivable - 2016,end 5,250,000
NRV 5,100,000
AFDA - 2016, end 150,000

Accounts Receivable - 2015, end 4,800,000


NRV 4,725,000
AFDA - 2015, end 75,000

AFDA - 2015, end 75,000


Accounts written off (160,000)
Recovery 40,000
DAE 195,000
AFDA - 2016, end 150,000
Accounts Receivable 277,000
Credit card sale 150,000
Other trade receivables 70,000
Trade account receivables 497,000
Accounts Receivable 277,000
Credit card sale 150,000
Other trade receivables 70,000
Advances to or receivables from stockholders - current 80,000
Overpayment to suppliers 10,000
Debit balance in suppliers' accounts 30,000
Dividend receivable 15,000
Trade and other receivables 632,000
Special deposit in contract bids 110,000
Advances to or receivables from stockholders 220,000
Nontrade receivables 330,000
Cost of goods available for sale 460,000
Merchandise Inventory, end (100,000)
Cost of goods sold 360,000

Sales 450,000 100%


Cost of goods sold 360,000 80%
Gross Profit 90,000 20%

Accounts receivable - beg 80,000


Sales 450,000
Collection (430,000)
Accounts permanently uncollectible (5,000)
Recovery 3,000
Accounts receivable - end 98,000
List price 200,000
Trade Discount 1 40,000
160,000
Trade Discount 2 16,000
Invoice Price 144,000
Sales discount 2,880
141,120
Freight 3,000
Total collection 144,120
Accounts receivable - beg 250,000
Sales 1,567,000
Sales return and allowance (2,500)
Write-offs (26,000)
Collections (1,509,500)
Recoveries 1,000
Accounts receivable - end 280,000

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