52. How much is the total expense for the month of February 2022 P103,001 P105,235 P107,253 P103,253 53. How much is the balance of Accounts Receivable on February 28, 2021?
52. How much is the total expense for the month of February 2022 P103,001 P105,235 P107,253 P103,253 53. How much is the balance of Accounts Receivable on February 28, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:52. How much is the total expense for the month of
February 2022
O P103,001
P105,235
O P107,253
O P103,253
53. How much is the balance of Accounts Receivable
on February 28, 2021?
O P45,456
O P43,413
O P46,856
P44,256
54 What is the Accounts Pavable Balance on Februay
28, 2021?
O P295,200
O P287,500
O P285,500
O P286,800
55. How much is the balance of Loans Payable on
February 28, 2021
O P800,000
O P850,000
O P750,000
O P700,00
56. What is the balance of cash at the end of February
20217
O P1,267,487
O P1,276,478
O P1,257,487
P1,275,478
Transcribed Image Text:51. Use the following information to question 51 to
56.
Mr. Epson Brother started a printing supplies
merchandising business on February 1, 2021. He
invested P500,000 cash to start the business.
Mr. Epson paid the following fees for Business
Permit:
Mayor's Permit P36,345
BIR Registration Fee P1,000
Cedula P500
DTI Certificate P2,500
All permits and licenses to operate the business is
approved and released February 2, 2021.
On February 3, 2021 Mr. Epson received a sales
invoice from Mr. Divi, a supplier, for the initial
inventory of the business. The total amount of the
sales invoice is P250,500. Mr. Divi gave Mr. Epson
30-days term for the payment of the inventory.
On February 4, 2021 Mr. Epson started the
operation of the business.
The records of cash sales as follows:
February 8 - P50,232
February 9 - P12,523
February 10 - P25,423
February 11 - P14,256
February 12- P8,756
February 13- P2,235
The records of sales on account as follows:
February 8 - P14,256
February 9 - P2,856
February 10-P8,789
February 11 - P10,256
February 12 - P3,253
February 13- P5,566
On February 15, Mr. Epson paid P25,000 cash for
the salary of the staff. He also paid P15,000 for
the rent of the printing shop. He also paid utilities
amounting to P12,456. Mr. Epson also paid for the
meals of the staff from February 4 to 13 2021
amounting to P10,200.
On February 16, Mr. Epson collected a total of
P8,650 of his Accounts Receivable from
customers. Also on this day, Ms. Chi, a friend,
purchased printing supplies to Mr. Epson for
P50,500. Mr. Epson gave Ms. Chi a 30-days term.
Mr. Epson delivered the items on the same day.
On February 17, Mr. Epson received P1,000,000
cash from the bank. the term of the Bank Loan is 6
years.
On February 20. Mr. Epson paid P45,000 as
advance payment of Rent for 3 months and
acquired a Canon Printer worth P100,000 for the
business. Mr. Epson used cash for the 2
transactions.
On February 25, 2021 Mr. Epson paid 15% of the
total principal of his loan to the bank. On this day
he also purchased a cutting machine amounts to
P35,000 on credit.
On February 28 Mr. Epson received 50% of the
remaining accounts receivable from the customer.
the cash was deposited to his bank account.
How much is the total Sales for the month of
February 2021?
O P207,589
O P208,901
O P209,256
P208,903
O O O O
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