41)The total credits in the statement of financial position columns of a worksheet are P2,161,200, while the total debits in the income statement columns are P740,400. The total debits in the adjusted trial balance are P2,970,000. How much is the profit (loss) for the period? a. 68,400 b. 80,800 A company paid its property taxes on October 1 for the period October 1, year 1 to September 30, year 2 recorded using expense method. When the payment was made, the company debited property taxes expense and credited cash for P8,000. 42)The adjusting entry at December 31, year 1 would include which of the following: a. Dr. prepaid property taxes, P6,000. b. Cr. prepaid property taxes, P6,000. c. Cr. property tax expense, P2,000. d. Dr. property tax expense, P6,000. ABC Co. prepared its unadjusted trial balance and determined that the totals of debits and credits do not equal. Further investigation revealed the following: (a) The debit posting for a cash sale was omitted. (b) The balance of Inventory was listed as a credit instead of debit (c) The balance of Insurance expense was listed as Rent expense (d) Unearned interest income was listed as a debit instead of credit 43) How much is the difference between the total debits and total credits in the trial balance? a. 16,000 excess debits b. 16,000 excess credits On January 1, 2020 the adjusted balance of cash is P100,000. During the year the following transaction occurred: Receipts: Cash sales Collection of receivable Proceeds from sale of PPE P100.000 Total 44)On December 31,2020, how much is the adjusted balance of cash? a. 100,000 b. 200,000 On December 31, 2021, West Company had the following cash balances: Cash in banks Petty cash funds (all funds were reimbursed on 12/31/21) Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements at December 31, 2021. The compensating balances are not legally restricted as to withdrawal by West. 45)In the current assets section of West's December 31, 2021, balance sheet (statement of financial position), what total amount should be reported as cash? a. 1,200,000 b. 1,250,000 At December 31, 2023, ABC Co. had the following balances in the accounts it maintains at XYZ Bank: c. (68,400) d. (80,800) 2,000 12,000 3,000 5.000 c. 22,000 excess debits d. 22,000 excess credits Disbursements: Payment of payables Purchase of inventories Payment of expenses total P50,000 P30,000 P20.000 P100,000 P200,000 P50,000 P350.000 c. 350,000 d. 250,000 P1,800,000 50,000 c. 1,800,000 d. 1,850,000 PNB -Checking account #101 PNB -Checking account #201 Money market account 90-day certificate of deposit, due 2/28/24 180-day certificate of deposit, due 3/15/24 ABC Co. cassifies debt securities acquired three months or less before maturity date as cash equivalents. 46)what amount should ABC Co. report as cash and cash equivalents? a. 330,000 b. 250,000 ABC Company is preparing its March 31, 2021 bank reconciliation. The following information was 175,000 (10,000) 25,000 50,000 80,000 c. 240,000 d. 225,000 determined: The cash balance per books is P280,000, while the cash balance per bank is P320,000. • Credit memo - P20,000 Debit memo - P15,000 Deposits in transit - P5,000 Outstanding 47)How much is the adjusted balance of cash? a. 370,000 b. 330,000 C. 285,000 d. 320,000 Well Co. has the following information on Feb 28,2021: Balance per books Credit memos Debit memos Payment of liabilities was recorded by Well Co. as P200 instead of P20 380 670 400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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41)The total credits in the statement of financial position columns of a worksheet are
P2,161,200, while the total debits in the income statement columns are P740,400. The total
debits in the adjusted trial balance are P2,970,000. How much is the profit (loss) for the
period?
a. 68,400
b. 80,800
A company paid its property taxes on October 1 for the period October 1, year 1 to September
30, year 2 recorded using expense method. When the payment was made, the company debited
property taxes expense and credited cash for P8,000.
42)The adjusting entry at December 31, year 1 would include which of the following:
a. Dr. prepaid property taxes, P6,000.
b. Cr. prepaid property taxes, P6,000.
c. Cr. property tax expense, P2,000.
d. Dr. property tax expense, P6,000.
ABC Co. prepared its unadjusted trial balance and determined that the totals of debits and credits
do not equal. Further investigation revealed the following:
(a) The debit posting for a cash sale was omitted.
(b) The balance of Inventory was listed as a credit instead of debit
(c) The balance of Insurance expense was listed as Rent expense
(d) Unearned interest income was listed as a debit instead of credit
43)How much is the difference between the total debits and total credits in the trial balance?
a. 16,000 excess debits
b. 16,000 excess credits
On January 1, 2020 the adjusted balance of cash is P100,000. During the year the following
transaction occurred:
Receipts:
Cash sales
Collection of receivable
Proceeds from sale of PPE P100.000
Total
44)On December 31,2020, how much is the adjusted balance of cash?
a. 100,000
b. 200,000
On December 31, 2021, West Company had the following cash balances:
Cash in banks
Petty cash funds (all funds were reimbursed on 12/31/21)
Cash in banks includes P600,000 of compensating balances against short-term borrowing
arrangements at December 31, 2021. The compensating balances are not legally restricted as
to withdrawal by West.
45)In the current assets section of West's December 31, 2021, balance sheet (statement of
financial position), what total amount should be reported as cash?
a. 1,200,000
b. 1,250,000
At December 31, 2023, ABC Co. had the following balances in the accounts it maintains at XYZ
Bank:
PNB -Checking account #101
PNB -Checking account #201
Money market account
90-day certificate of deposit, due 2/28/24
180-day certificate of deposit, due 3/15/24
ABC Co. dassifies debt securities acquired three months or less before maturity date as cash
equivalents.
46)what amount should ABC Co. report as cash and cash equivalents?
a. 330,000
b. 250,000
ABC Company is preparing its March 31, 2021 bank reconciliation. The following information was
determined:
The cash balance per books is P280,000, while the cash balance per bank is P320,000.
Credit memo - P20,000
Debit memo - P15,000
Deposits in transit - P5,000
Outstanding checks -
47)How much is the adjusted balance of cash?
a. 370,000
b. 330,000
c. (68,400)
d. (80,800)
2,000
12,000
3,000
5,000
c. 22,000 excess debits
d. 22,000 excess credits
Disbursements:
Payment of payables
Purchase of inventories
Payment of expenses
total
P200,000
P50,000
P50,000
P30,000
P20,000
P100,000
P350.000
c. 350,000
d. 250,000
P1,800,000
50,000
c. 1,800,000
d. 1,850,000
175,000
(10,000)
25,000
50,000
80,000
c. 240,000
d. 225,000
000
c. 285,000
320,000
d.
Well Co. has the following information on Feb 28,2021:
Balance per books
Credit memos
Debit memos
Payment of liabilities was recorded by Well Co. as P200 instead of P20
380
670
400
Collection of P50 was recorded by Well as P5.
48)How much is the adjusted cash balance at the end of the month?
a. 830
b. 875
c. 515
d. 785
Transcribed Image Text:41)The total credits in the statement of financial position columns of a worksheet are P2,161,200, while the total debits in the income statement columns are P740,400. The total debits in the adjusted trial balance are P2,970,000. How much is the profit (loss) for the period? a. 68,400 b. 80,800 A company paid its property taxes on October 1 for the period October 1, year 1 to September 30, year 2 recorded using expense method. When the payment was made, the company debited property taxes expense and credited cash for P8,000. 42)The adjusting entry at December 31, year 1 would include which of the following: a. Dr. prepaid property taxes, P6,000. b. Cr. prepaid property taxes, P6,000. c. Cr. property tax expense, P2,000. d. Dr. property tax expense, P6,000. ABC Co. prepared its unadjusted trial balance and determined that the totals of debits and credits do not equal. Further investigation revealed the following: (a) The debit posting for a cash sale was omitted. (b) The balance of Inventory was listed as a credit instead of debit (c) The balance of Insurance expense was listed as Rent expense (d) Unearned interest income was listed as a debit instead of credit 43)How much is the difference between the total debits and total credits in the trial balance? a. 16,000 excess debits b. 16,000 excess credits On January 1, 2020 the adjusted balance of cash is P100,000. During the year the following transaction occurred: Receipts: Cash sales Collection of receivable Proceeds from sale of PPE P100.000 Total 44)On December 31,2020, how much is the adjusted balance of cash? a. 100,000 b. 200,000 On December 31, 2021, West Company had the following cash balances: Cash in banks Petty cash funds (all funds were reimbursed on 12/31/21) Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements at December 31, 2021. The compensating balances are not legally restricted as to withdrawal by West. 45)In the current assets section of West's December 31, 2021, balance sheet (statement of financial position), what total amount should be reported as cash? a. 1,200,000 b. 1,250,000 At December 31, 2023, ABC Co. had the following balances in the accounts it maintains at XYZ Bank: PNB -Checking account #101 PNB -Checking account #201 Money market account 90-day certificate of deposit, due 2/28/24 180-day certificate of deposit, due 3/15/24 ABC Co. dassifies debt securities acquired three months or less before maturity date as cash equivalents. 46)what amount should ABC Co. report as cash and cash equivalents? a. 330,000 b. 250,000 ABC Company is preparing its March 31, 2021 bank reconciliation. The following information was determined: The cash balance per books is P280,000, while the cash balance per bank is P320,000. Credit memo - P20,000 Debit memo - P15,000 Deposits in transit - P5,000 Outstanding checks - 47)How much is the adjusted balance of cash? a. 370,000 b. 330,000 c. (68,400) d. (80,800) 2,000 12,000 3,000 5,000 c. 22,000 excess debits d. 22,000 excess credits Disbursements: Payment of payables Purchase of inventories Payment of expenses total P200,000 P50,000 P50,000 P30,000 P20,000 P100,000 P350.000 c. 350,000 d. 250,000 P1,800,000 50,000 c. 1,800,000 d. 1,850,000 175,000 (10,000) 25,000 50,000 80,000 c. 240,000 d. 225,000 000 c. 285,000 320,000 d. Well Co. has the following information on Feb 28,2021: Balance per books Credit memos Debit memos Payment of liabilities was recorded by Well Co. as P200 instead of P20 380 670 400 Collection of P50 was recorded by Well as P5. 48)How much is the adjusted cash balance at the end of the month? a. 830 b. 875 c. 515 d. 785
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