P. 1
Midterm Exams Solution t2 2011_2012

Midterm Exams Solution t2 2011_2012

|Views: 9|Likes:
Publicado porChristine Reyes

More info:

Published by: Christine Reyes on Jan 08, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as XLS, PDF, TXT or read online from Scribd
See more
See less

01/08/2012

pdf

text

original

Mid-term Part 2

Test III. Problem Solving
1
Cost (Net of trade discount) 221,160.00
Discount (P221,160-100,000)* .01 (1,211.60)
Returns (P22,000 less .01) (21,780.00)
Insurance while in transit 4,000.00
Total 202,168.40
Accumulated depreciation 150,750.00
Carrying Value 51,418.40
Proceeds from sale 50,000.00
Loss on Sale 1,418.40
2
Cost (Net of trade discount) 190,120.00
Discount (P190,120-50,000)*.02 (2,802.40)
Freight 2,000.00
Cost 189,317.60
Accumulated Depreciation 150,317.60
Carrying value 39,000.00
Proceeds 50,000.00
Gain on Sale 11,000.00
3
Net Sales 150,000.00
Cost of sales (150,000/1.5) 100,000.00
Gross Profit 50,000.00
Expenses 15% of net sales 22,500.00
Net profit 27,500.00
4
Net Sales 600,000.00
Gross Profit (30%) 180,000.00
Administrative Expenses 230,000.00
Net Loss (50,000.00)
5
Beginning inventory 850,000.00
Purchases 2,650,000.00
Purchase discount (50,000.00)
Purchase returns (25,000.00) 2,575,000.00
Goods available for sale 3,425,000.00
Ending inventory 1,075,000.00
Cost of Goods Sold 2,350,000.00
Net Sales (160% of cost of goods sold) 3,760,000.00
Cost of Goods Sold 2,350,000.00
Gross Profit 1,410,000.00
Test IV-Functional Income Statement
Note
Net Sales 1 1,408,500
Cost of Goods Sold 2 (960,100)
Gross Profit 448,400
Other Income 3 21,840
MAYIKA GENERAL ENTERPRISES
INCOME STATEMENT
FOR THE PERIOD ENDING DECEMBER 31 2010
Total Income 470,240
Expenses
Distribution 4 247,500
Administrative 5 136,540
Financing 6 31,200 415,240
Net Income 55,000
Sechedules
Trial Balance Balance Sheet Income Statement Note 1
Accounts Payable 33,900
(33,900) Sales 1,465,460
Accounts Receivable 87,500
87,500 Sales Returns (36,060)
Accumulated Depreciation-Office
Equipment
28,100
(28,100) Sales Discounts (20,900) 1,408,500
Accumulated Depreciation-Store
Equipment
32,750
(32,750) Note 2
Advertising Expense 80,000
80,000 Cost of goods sold
Capital, Y Uson 200,000
(200,000) Beginning 143,040
Cash 63,150
63,150 Purchases 937,960
Depreciation Expense-Office Equipment 12,100
12,100 Purchase discount (3,800)
Depreciation Expense-Store Equipment 10,300
10,300 Purchase returns (6,800)
Discount Lost 20,000
20,000 Freight in 10,000 937,360
Doubtful accounts expense 10,000
10,000 1,080,400
Drawings, Y. Uson 50,000
50,000 Ending inventory (120,300)
Freight In 10,000
10,000 Cost of goods sold 960,100
Freight out 24,000
24,000
Gain on sale of equipment 15,000
(15,000.0) Gross Profit 448,400
Interest Expense 11,200
11,200 Note 3
Interest Income 6,840
(6,840) Other Income
Interest Payable 2,200
(2,200) Interest income 6,840
Merchandise inventory, January 1, 2010 143,040
143,040 Gain on sale of equipment 15,000 21,840
Notes Payable-due June 30, 2011 100,000
(100,000) 470,240
Office Furniture and Equipment 61,180
61,180 Distribution (Note 4)
Purchase Discounts 3,800
(3,800) Adverntising 80,000
Purchase Returns and Allowances 6,800
(6,800) Depreciation-Store 10,300
Purchases 937,960
937,960 Freight out 24,000
Rent Expense-Office 40,000
40,000 Rent-Store 52,000
Rent Expense-Store 52,000
52,000 Sales Salaries 41,200
Repairs and maintenance 29,840
29,840 Sales Commission 40,000
Office Salaries 32,000
32,000 247,500
Sales Salaries 41,200
41,200 Administrative (Note 5)
Salaries Payable 5,680
(5,680) Depreciation-Office 12,100
Sales 1,465,460
(1,465,460) Doubtul Accounts 10,000
Sales Commission Expense 40,000
40,000 Rent-Office 40,000
Sales Discount 20,900
20,900 Repairs and maintenance 29,840
Sales Returns and Allowances 36,060
36,060 Office Salaries 32,000
Store Furniture and Equipment 75,500
75,500 Supplies Expense 12,600
Supplies Expense 12,600
12,600 136,540
(65,300) 65,300 Financing
Beginning inventory
Discount lost 20,000
Ending inventory
120,300 Interest Expense 11,200
Revenue & Expense summary
(120,300) 31,200 415,240
55,000 (55,000) Net Income 55,000
Additional information: Merchandise inventory, December 31, 2010, P120,300
Post Closing Trial Balance
Cash 63,150
Accounts Receivable 87,500
Inventory 120,300
Furntiure & Equipment 61,180
Store furniture & equipment 75,500
Acc depreciation (28,100)
Acc depreciation (32,750)
Accounts Payable (33,900)
Notes Payable (100,000)
Salaries Payable (5,680)
Interest Payable (2,200)
Capital (200,000)
Drawings 50,000
Net Income (55,000)
-
Date of
Sales
Full Collection Amount of
2011 Customer/ Amount Trade/Credit Terms Freight Date Cash
Discount
Amount
Location Terms Collected
5-Sep Tropical Trading,
Manila
P100,000 P1,500.00 16-Sep-11 1) 2)
10-Sep Venus
Enterprises,
Muntinlupa
P200,000 2/10, 1/15. n/30 FOB
Muntinlupa,
Collect ±
P1,500.00
P1,800.00 24-Sep-11 3) 4)
15-Sep John Anda,
Alabang
P300,000 FOB, Alabang
Collect ±
P2,000.00
P2,000.00 5-Oct-11 5) 6)
P 1,200.00 6-Oct-11 7) 8)
27-Sep Talisay Trading,
Pasay City
P200,000 2/5, 1/10, n/30 FOB Laguna,
Collect ± P2,500
P1,000.00 7-Oct-11 9) 10)
Sept 5 Amount 100,000.00 Sept 20 Amount 400,000.00
Net of trade discount 95,060.00 Net of trade discount 368,600.00
Freight advanced by D Promize 3,200.00 Freight paid by seller
Returns (1,500.00) Returns (1,200.00)
No discount 0.00 Discount 0
Amount collected 96,760.00 Amount collected 367,400.00
Sept 10 Amount 200,000.00 Sept 27 Amount 200,000.00
Freight advanced by buyer (1,500.00) No freight
Returns (1,800.00) Returns (1,000.00)
Discount (1,982.00) Discount (1,990.00)
Amount collected 194,718.00 Amount collected 197,010.00
Sept 15 Amount 300,000.00
Net of trade discount 285,180.00
Freight advanced by buyer (2,000.00)
Returns (2,000.00)
Discount (2,831.80)
Amoutn Collected 278,348.20
FOB Pasig,
Prepaid ±
P3,000
20-Sep Olive Burkley,
Pasig
P400,000 Trade discount, 5-3;
1/15, n/30
Returns and
Allowances
Trade discount, 3-2;
Credit terms, 2/10,
n/30
FOB Laguna,
Freight prepaid
± P3,200
Trade discount 3-2;
Credit terms, 1/20,
n/30
Mid-term Pa
Test IV-Journ
1 1-Sep Mr. Cohen invested cash for P100,00 and some of his antique furniture and fixtures into the business worth P200,000, Sept 1
2 2-Sep Purchased merchandise from Antiques, Inc. , Manila, worth P200,000.00 plus VAT, credit terms: 2/eom. Freight cost for P5,000.00 was
agreed as FOB Manila, collect.
3 6-Sep Sold merchandise to Old Town, Inc., Taguig on account, list price P100,000.00 less 10, plus 12% Value added tax. Credit terms: 2/15,
n/30, Freight terms: FOB Taguig, freight collect, P5,000.
4 8-Sep Sold goods for cash, P168,000.00 inclusive of 12% VAT. Transportation cost to deliver the products for P3,000.00 was paid by C. Four
Trading.
Sept 2
5 10-Sep Sold merchandise to Home World for P134,400.00 inclusive of VAT, less 10-5; P40,000 down, balance, 2/10eon, n/60. FOB destination,
freight prepaid, P30,000.
6 15-Sep Issued credit memo to Old Town, Inc. for merchandise returned, P2,500.00 plus VAT.
7 16-Sep Issued debit memo for P5,600.00 VAT inclusive, to Antiques, Inc. for slight defects on furniture purchased on Sept 2.
8 20-Sep Collected in full the outstanding accounts of Old Town, Inc. ,
9 30-Sep Paid in full the accounts with Antiques, Inc.
10 30-Sep Paid BIR the Value added tax due for September 2011.
Sept 6
1
8-Sep Sold goods for cash, P168,000.00 inclusive of 12% VAT. Transportation cost to deliver the products for P3,000.00 was paid by C. Four
Trading.
Sept 8
10-Sep Sold merchandise to Home World for P67,200.00 inclusive of VAT, less 10-5; P20,000 down, balance, 2/10eon, n/60. FOB destination,
freight prepaid, P30,000.
Sept 10
15-Sep Issued credit memo to Old Town, Inc. for merchandise returned, P2,500.00 plus VAT. Sept 15
16-Sep Issued debit memo for P5,600.00 VAT inclusive, to Antiques, Inc. for slight defects on furniture purchased on Sept 2.
Sept 16
20-Sep Collected in full the outstanding accounts of Old Town, Inc. , Sept 20
30-Sep Paid in full the accounts with Antiques, Inc.
30-Sep Paid BIR the Value added tax due for September 2011.
Sept 30
Sept 30
Input Output
Cash 100,000.00
Merchandise Inventory 200,000.00
Cohen, Capital 300,000.00
Purchases 200,000.00
Input tax 24,000.00 24,000.00
Accounts Payab le-Antique 224,000.00
Freight in 5,000.00
Cash 5,000.00
Accounts Receivable-Old Town 100,800.00
Output tax 10,800.00 10,800.00
Sales 90,000.00
Freight out 5,000.00
Accounts Receivable-old Town 5,000.00
Cash 168,000.00
Output tax 18,000.00 18,000.00
Sales 150,000.00
Freight out 3,000.00
Cash 3,000.00
Cash 20,000.00
Accounts Receivable-Home 37,456.00
Output Tax 6,156.00 6,156.00
Sales 51,300.00
Sales returns 2,500.00
Output tax 300.00 (300.00)
Accounts Receivable - Old Town 2,800.00
Accounts Payable-Antiques 5,600.00
Input tax 600.00 (600.00)
Purchase returns 5,000.00
Cash 91,040.00
Sales discount 1,750.00
Output tax 210.00 (210.00)
Accounts Receivable 93,000.00
Accounts Receivable 93,000.00
Amount subject to discount 98,000.00
2% 1,960.00
1,750.00
210.00
91,040.00
Accounts Payable 218,400.00
Input tax 468.00 (468.00)
Purchase discount 3,900.00
Cash 214,032.00
Outstanding Payable 218,400.00
2% (4,368.00) (3,900.00)
214,032.00 (468.00)
Input 200,000.00 22,932.00 34,446.00
(5,000.00) 11,514.00 Excess of Output vs input
(3,900.00)
191,100.00 22,932.00
Output 90,000.00
150,000.00
51,300.00
(2,500.00)
(1,750.00)
287,050.00 34,446.00
Output Tax 34,446.00
Input tax 22,932.00
Cash 11,514.00

000) 61.200 31.800 937.960 40.300 Post Closing Trial Balance Cash Accounts Receivable Inventory Furntiure & Equipment Store furniture & equipment Acc depreciation Acc depreciation 63.800 6.100 10.300 24.500 Accounts Payable Accounts Receivable Accumulated Depreciation-Office Equipment Depreciation-Store Accumulated Equipment Expense Advertising Capital.200 6.150 87.200) 143.500 136.750) 80.000 (120.060) (20. 2010.600 136.840 32.000 41.000 52.500 (28. Y.465.100) (32. P120.300) 960.000) 63.000 11.100 32.240 55.750) .100 143.000 (15.300 20.040 100.600 Additional information: Merchandise inventory.000 937.200 143.408.840 15. January 1.840) (2.000 200.400 (120.240 448.500 120.000 29.500 Gross Profit Note 3 Other Income Interest income Gain on sale of equipment 6.000 10.000 (200.200 (5.900) 1.000 52.000 52.300) 12.000 24.400 Ending inventory Cost of goods sold Sales Sales Returns Sales Discounts Note 2 Cost of goods sold Beginning Purchases Purchase discount Purchase returns Freight in 937.840 2.180 75.180 3.000 63.000 20.000 10.840 32.150 12.960 40.200 415.200 5.680) (1.000 12.0) 11.900 87.500 28.040 1.060 75.000 50.680 1.000 10.080.900 36.460) 40.300 20.Total Income Expenses Distribution Administrative Financing Net Income 4 5 6 247.100) (32.000 40.540 Distribution (Note 4) Adverntising Depreciation-Store Freight out Rent-Store Sales Salaries Sales Commission 80.840 32.800) (6.150 12.200 470.300 61.000 10.600 65.100 10.750 80.000 41.465.000) Interest Expense Net Income 20.500 (65.900 36.360 1.000 24.100 10.060 75.800) (6.000 61.000 11.800) 937.000 50.465. December 31.540 31.000 Sechedules Trial Balance Balance Sheet Income Statement Note 1 (33.000 29.000 247.800) 10.240 55.000 21.000 20.000 41. Y Uson Cash Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Discount Lost Doubtful accounts expense Drawings.180 (3.300) (55.840 470. Uson Freight In Freight out Gain on sale of equipment Interest Expense Interest Income Interest Payable Merchandise inventory.200 40.000.300 55.460 40.300 Administrative (Note 5) Depreciation-Office Doubtul Accounts Rent-Office Repairs and maintenance Office Salaries Supplies Expense Financing Discount lost 120. 2010 Notes Payable-due June 30.040 (100.240 415.000 10.000 29.000 12.200 (6.000 15.500 (28.960 (3. 2011 Office Furniture and Equipment Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense-Office Rent Expense-Store Repairs and maintenance Office Salaries Sales Salaries Salaries Payable Sales Sales Commission Expense Sales Discount Sales Returns and Allowances Store Furniture and Equipment Supplies Expense Beginning inventory Ending inventory Revenue & Expense summary 33.460 (36.900) 87.500 12.

You're Reading a Free Preview

Descarga
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->