30 - 34 are based on the following information: The Dec. 31, 2019 balance sheet of De Jesus Inc. is presented below. These are the only accounts in its balance sheet. Amounts indicated by (?) can be calculated from the additional information given : Assets Cash P25,000 Accounts Receivable ? Inventory ? Property, Plant and Equipment 294,000 Total 432,000 Liabilities and Stockholders Equity Accounts Payable P ? Income Taxes Payable 25,000 Long-term debt ? Common Stock 300,000 Retained Earnings ? Total ? Additional-Information: ====== Current ratio (at year end) 1.5:1 Debt/ Equity ratio 0.8 Inventory turnover based on sales and ending inventory 15 times Inventory turnover based on cost of sales and Ending inventory 10.5 times Gross margin for 2019 P 315,000 1. The balance in trade accounts payable was: a. P67,000 b. P 92,000 c. P 182,000 d. P 207,000 2. The balance in Retained Earnings was: a. P(60,000) b. P60,000 c. P132,000 d. (P132,000 ) 3. The balance in Inventory account was: a. P 138,000 b. P 70,000 c. P43,000 d. P 135,000 4. The balance of accounts receivable was : a. P 138,000 b. P60,000 c. P43,000 d. P34,000 5. The balance of long-term debt was: a. P300,000 b. P192,000 c. P100,000 d. P230,000
30 - 34 are based on the following information:
The Dec. 31, 2019
Assets
Cash P25,000
Inventory ?
Property, Plant and Equipment 294,000
Total 432,000
Liabilities and
Accounts Payable P ?
Income Taxes Payable 25,000
Long-term debt ?
Common Stock 300,000
Total ?
Additional-Information: ======
Debt/ Equity ratio 0.8
Inventory turnover based on sales
and ending inventory 15 times
Inventory turnover based on cost of
sales and Ending inventory 10.5 times
Gross margin for 2019 P 315,000
1. The balance in trade accounts payable was:
a. P67,000 b. P 92,000 c. P 182,000 d. P 207,000
2. The balance in Retained Earnings was:
a. P(60,000) b. P60,000 c. P132,000 d. (P132,000 )
3. The balance in Inventory account was:
a. P 138,000 b. P 70,000 c. P43,000 d. P 135,000
4. The balance of accounts receivable was :
a. P 138,000 b. P60,000 c. P43,000 d. P34,000
5. The balance of long-term debt was:
a. P300,000 b. P192,000 c. P100,000 d. P230,000
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 5 images
