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ACC 108 Quiz 1

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13 views1 page

ACC 108 Quiz 1

Uploaded by

marbhimabini26
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ACC 108 – Intermediate Accounting 3

Quiz 1

Provide the correct the answer.


1. Juan Makabayan’s business is selling native products. To increase its sales,
the company offered a premium to its customers. In every purchase of one
native product, one coupon is attached. One premium is equivalent to five
coupons. Below is the information regarding the 2023 sale:

Number of premiums redeemed


150
Cost per premium
250
Estimated Premium Liability, end
62,500
Estimated Number of premiums to be redeemed
40%

2. Compute the amount of financial liabilities

Advances from customer P35,000


Finance lease liability 125,500
Security deposit 15,000
SARs payable 50,000
Warranty Payable 125,300
Provision for warranties 75,600
Bond Discount 10,250

3. Compute the total current liabilities as of December 31, 2023

Bonds Payable issued Jan 1, 2022 – 5 years P500,000


Bonds Discount on the above 10,000
Accounts Payable 150,350
Share Dividend Payable 75,500
Bank Overdraft 10,500
Accrued Expenses 15,250
Income Tax Payable 25,300

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