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