7. The trial balance of Davao Corporation at the end of its operation for 2014 is given below: DAVAO CORPORATION TRIAL BALANCE December 31, 2017 P 180,000 450,000 Cash Accounts Receivable Estimated Uncollectible Accounts Inventory, January 1 Investment in Available for Sale Pepsico Shares Land Building Accumulated Depreciation, Building Furniture & Equipment Accumulated Depreciation, Furniture & Equipment Accounts Payable Ten-Year Mortgage Payable (18% payable P25,000 every January 1) 12% Preference Share Capital, par P100 Ordinary Share Capital - par P100 Share Premium - Ordinary Unrealized Gain on Revaluation of Land Treasury Shares- Ordinary, 100 shares Retained Earnings Sales Sales Discounts Purchases Purchase Discounts P 23,000 220,000 200,000 800,000 350,000 35,000 210,000 42,000 380,000 250,000 400,000 800,000 80,000 20,000 150,000 -303,800 3,800,000 94,000 3,446,000 171,200 Freight-In Office Salaries Sales Salaries 24,000 36,000 72,000

7. The trial balance of Davao Corporation at the end of its operation for 2014 is given below: DAVAO CORPORATION TRIAL BALANCE December 31, 2017 P 180,000 450,000 Cash Accounts Receivable Estimated Uncollectible Accounts Inventory, January 1 Investment in Available for Sale Pepsico Shares Land Building Accumulated Depreciation, Building Furniture & Equipment Accumulated Depreciation, Furniture & Equipment Accounts Payable Ten-Year Mortgage Payable (18% payable P25,000 every January 1) 12% Preference Share Capital, par P100 Ordinary Share Capital - par P100 Share Premium - Ordinary Unrealized Gain on Revaluation of Land Treasury Shares- Ordinary, 100 shares Retained Earnings Sales Sales Discounts Purchases Purchase Discounts P 23,000 220,000 200,000 800,000 350,000 35,000 210,000 42,000 380,000 250,000 400,000 800,000 80,000 20,000 150,000 -303,800 3,800,000 94,000 3,446,000 171,200 Freight-In Office Salaries Sales Salaries 24,000 36,000 72,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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